Sidewalks to Skylines: Toronto unveils 10-year strategy

Key Takeaways:

• Toronto’s new 10-year economic plan, Sidewalks to Skylines focuses on improving transit, enhancing public safety, and increasing affordable housing, with a goal of building 285,000 new homes by 2031, particularly near transit hubs to create sustainable communities.
• The plan emphasizes revitalizing Toronto’s main streets by supporting small businesses through initiatives like the Main Street Resiliency Fund. Additionally, it seeks to create quality jobs by investing in high-growth sectors such as technology, life sciences, and creative industries to bolster the city’s global competitiveness.
• Recognizing the need for cooperation, the plan stresses the importance of collaboration between the City, provincial and federal governments, the private sector, and community leaders to achieve its goals. This includes securing long-term funding agreements to address infrastructure needs and economic development while fostering an inclusive, equitable economy.

The Whole Story:

Toronto is setting its sights on a future defined by inclusivity and economic growth with Mayor Olivia Chow’s newly unveiled Sidewalks to Skylines: An Action Plan for Toronto’s Economy. The 10-year roadmap aims to tackle some of the city’s biggest challenges: traffic congestion, housing affordability, and growing inequality.

The plan’s vision is this: Toronto must strengthen its economic foundation and leverage its assets to remain competitive globally.

“Toronto is now at a crossroads,” the report states. “Prosperity and wealth creation have not been equitably distributed, with significant disparities emerging.”

The report calls for action to address these challenges, emphasizing the need to “Get the Basics Right” by focusing on housing affordability, public safety, and efficient transit. According to the plan, failure to act now could lead to “losing our global position as the best place to live and invest.”

Tackling Congestion and Improving Transit

One of the most pressing issues the plan seeks to address is traffic congestion, which has long plagued Toronto. The Congestion Management Plan outlined in the action plan includes improving enforcement of bylaws that slow traffic, using new technologies, and creating strategic traffic mitigation measures.

According to the report, “we must tackle congestion head-on,” highlighting how transportation inefficiencies are draining both time and productivity in the city.

Housing Affordability Front and Centre

With Toronto’s housing market increasingly out of reach for many residents, the action plan focuses heavily on increasing the supply of affordable homes. The City aims to build 285,000 new homes by 2031, prioritizing affordable housing units near major transit hubs to create “complete communities.”

The report acknowledges that housing costs have become a severe issue, threatening Toronto’s ability to retain and attract talent.

“The average cost of a home in Toronto in 2023 was more than $1.1 million,” the report notes, underscoring the urgency of addressing this crisis. The city will work with provincial and federal governments to ensure housing developments are prioritized, while streamlining approval processes to get homes built faster.

Strong Main Streets and Quality Jobs

The action plan also stresses the importance of revitalizing Toronto’s main streets, which are crucial to the city’s economic vitality.

“Toronto’s unique small business neighbourhoods are vital anchors for vibrant, prosperous communities city-wide,” the report says. To support local businesses, the City will introduce a Main Street Resiliency Fund to help mitigate the impacts of rising rents and construction disruptions.

Additionally, the plan sets its sights on creating quality jobs and fostering a more inclusive economy. Investing in high-growth sectors like technology, life sciences, and creative industries is a priority, with the goal of making Toronto a top global competitor. “Investing in an inclusive economy that adds good jobs and leverages the diverse talent… of people who live here” is central to the strategy.

Collaboration with All Levels of Government

The plan makes it clear that the City cannot succeed alone. “This Action Plan is the City’s, but the City cannot do it alone,” the report states. Chow and her administration are calling on the provincial and federal governments, as well as the private sector and community leaders, to collaborate on efforts to make Toronto’s vision a reality. A long-term funding agreement with these partners will be crucial for addressing infrastructure needs, housing shortages, and economic development.

Path to Global Competitiveness

Ultimately, the goal of Sidewalks to Skylines is to make Toronto a more prosperous, inclusive city that can compete globally.

“It is our ultimate aspirational goal that, taking all these actions together, Toronto will be on a path to double its GDP in 25 years,” the report says.

With annual progress reports planned, Toronto’s leadership is set to provide regular updates on key outcomes.