A motion filed by Councillor Brad Bradford earlier this month is asking the City to consider an office conversion incentive program like that of Calgary.As the largest metropolitan cities in North America continue to face the dual problems of uncertainty around office assets and a shortage of housing, more of them are taking a serious look at office-to-residential conversions, with the City of Toronto set to be the latest to do so.
The Planning and Housing Committee will now bring these recommendations to Council, which will make a decision on Wednesday, November 8. If approved, findings and further recommendations are expected to be revealed in Q3 2024 as part of theToronto's decision to explore office conversions comes at a time when interest in office conversions is as high as it has ever been — in Canada and beyond.
For cities, office conversions help solve multiple problems at once: removing excess office space and creating more housing. Furthermore, conversion projects typically create less waste due to less demolition, and housing that's created through conversions is usually delivered much faster than new projects — two results few people would argue against.
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