Toronto Community Housing’s 2024 Budget Backgrounder

Tenant service delivery is at the core of Toronto Community Housing’s (TCHC) 2024 Budget, which was approved by Toronto City Council this week. 

TCHC successfully delivered a balanced operating budget for 2024 that ensures the continuity of tenant service delivery, supported by the City’s Finance Team and Housing Secretariat, as well as Toronto Seniors Housing (TSHC).

Year-over-year comparison (2024 vs. 2023)

Item	2024 Budget (projected)	2023 Budget
Operating	$749.9 million	$696.1 million
Building renewal capital	$332.8 million	$350 million
Development capital	$135.4 million	$88.5 million

Budget overview

The 2024 Budget provides for a tenant-centric approach to tenant service delivery and building renewal and repair. Like many organizations in 2024, TCHC faces both short- and long-term financial sustainability pressures. These are a result of market conditions, such as inflation and rising costs for utilities and contracts, as well as the realities of working within a complex operating environment.

TCHC’s 2024 Budget incorporates recommendations from its 2023 Financial Sustainability Strategy, enabling continued service delivery to tenants and moving to capitalize on the areas of investment that the Strategy identified as potentially leading to long-term efficiencies and cost savings.

Priority actions for 2024

• Continue the study and improvement of TCHC’s service delivery model, transforming service delivery to meet changing needs and expectations of our residents.  
• Continue to execute on planned building renewal and capital repairs, as well as in-flight revitalization projects. 
• Grow and develop TCHC’s business intelligence and data analytics skill-base to enable more timely and nimble decision making.  
• Prepare for participation in the City’s ModernTO program, modernizing the working environment for hybrid TCHC staff. 
• Align TCHC’s development mandate and staff expertise with the City’s affordable housing strategy to maximize TCHC’s impact in creating new housing units. 

Operating Budget highlights 

• $749 million for operations and maintenance services, utilities, taxes, and mortgages. 
• Balanced by $749 million in revenue from City subsidies, residential and commercial rents, as well as fees for parking, laundry and cable. 
• A $40 million increase to TCHC’s base subsidy and $33 million in one-time funding from the City. This is approximately 17 per cent higher than the 2023 operating budget, acknowledging TCHC’s ongoing operating cost pressures.

Building Renewal Capital Budget highlights 

• $332 million for capital repairs across the portfolio, including retrofitting and energy efficiency work that will improve the day-to-day quality of life for tenants, increase the number of units available for occupancy, and create long-term cost savings through energy cost reduction.

Development Capital Budget highlights  

• $131 million to fund the creation of new affordable housing units, helping the City and Mayor Olivia Chow deliver on Toronto’s new housing strategy.  
• Enables continued progress on TCHC’s revitalization communities, such as Alexandra Park, Lawrence Heights, and Regent Park.

Quote:

“We’re grateful to the City for their collaborative approach during the 2024 Budget development process. This budget demonstrates true partnership and a commitment to delivering affordable housing and supportive services to tenants across Toronto. It allows us to maintain continuity of services for our tenants, while addressing short- and long-term financial pressures through the implementation of our new Financial Sustainability Plan.”

– Tom Hunter, Interim President and Chief Executive Officer

About Toronto Community Housing  

Toronto Community Housing is Canada's largest social housing provider, with more than 20 years of service to the community. Named a Greater Toronto Top Employer annually, TCHC provides supportive housing to nearly 43,000 low- and moderate-income households in neighbourhoods all across the City.