Tall & Urban News

The Government in Ontario led by Premier Doug Ford, recently voted down Bill 102, the "Commercial to Residential Conversion Act, 2024," which sought to simplify commercial-to-residential conversions by removing regulatory barriers. Proposed by Liberal MPP Karen McCrimmon in response to high office vacancy rates, the bill aimed to cut red tape by amending the Environmental Protection Act, potentially speeding up conversions by up to two years.

McCrimmon expressed disappointment in the decision, noting broad support from groups like the Ontario Real Estate Association and the Ontario Society of Professional Engineers, and even alignment with the government’s own Housing Affordability Task Force recommendations.

The rejection comes amid Toronto’s high 18.1% office vacancy rate and persistent housing supply issues. City staff are currently conducting an "Office Space Needs Study" to guide future policies, considering amendments to the Office Replacement Bylaw to address the balance between office and residential needs.

According to a JLL report, Toronto alone has 73 sites slated for redevelopment into approximately 51,398 residential units—potential housing for thousands of residents amid the housing crisis.

Learn more about this at Storeys.