The latest Provincial Policy Statement, which governs land use planning throughout Ontario, came out in the beginning of April 2023. The statement, unfortunately, eases many restrictions to develop ‘greenfields’ passed by the Liberals in 2017. It also waters down the density requirements of the Growth Plan for the Greater Golden Horseshoe. Many municipalities fought for these changes and the Provincial government relented.
The good news is that the statement continues to mandate the density requirements in Toronto of at least 200 people and jobs per hectare within 500 to 800 metres of a subway station. The Eglinton Crosstown, SmartTrack and Ontario Line will be adding a number of transit stations throughout the central regions of Toronto which will have to meet the density requirement. In addition, many transit stations along the Danforth and Bloor W do not meet the density requirements. The City will have no choice but to implement a plan to increase density in these areas. Here is a link to their action plan. This could have a huge impact on real estate values near existing and planned transit hubs. Here is a link to a recent Globe & Mail article on the subject.
