Galleria

For an affordable rental in this new build, people need to win a lottery

Low-income individuals looking for an affordable place to rent might want to consider joining a lottery draw hosted by Galleria on the Park.

Galleria on the Park is a redevelopment of the Galleria Mall at 1245 Dupont St.. It consists of eight residential buildings, an eight-acre park, about 3,000 residential units, a 90,000-square-foot community centre, and 300,000 square feet of retail space.

As part of a partnership with the City of Toronto, they have introduced 150 affordable rental units that will be available later this summer through a random public draw.

About 135 of the rental suites are one-, two-, and three-bedroom units, ranging in size from 549 sq. ft. to 1123 sq. ft. These smoke-free units are located in buildings one and two of the master-planned community.  Another 15 suites will be allocated to a local non-profit agency addressing specific demographic needs.

Amenities include a grand lobby, parcel storage, bike storage, movie theater/video gaming room, kids playroom, kitchenette, social lounge, dining room with chef’s kitchen, outdoor terrace with BBQ area and dining, pet corner, outdoor swimming pool and outdoor terrace, yoga studio, fitness area, cardio zone, and his and hers change rooms with sauna.

To qualify for the draw, all tenants must have status in Canada, meaning each member of the household has to either be a Canadian citizen, a permanent resident of Canada (or has applied for permanent resident status), or a refugee claimant or convention refugee.  Claimants must also meet the following criteria:

  • For a 1-bedroom unit (max. 2 occupants), monthly rent will be approximately $1,589, and the initial annual household income can’t exceed $81,984.
  • For a 2-bedroom unit (max. 2 occupants per bedroom), monthly rent will be $1,828, and the initial annual household income can’t exceed $95,616.
  • For a 3-bedroom unit (max. 2 occupants per bedroom), monthly rent will be $2,050, and the initial annual household income can’t exceed $107,568.

Rents are subject to the provincial rent increase guidelines and utilities are not included.

According to Rentals.ca’s national rental report for March, Toronto’s rental prices for a one-bedroom apartment dropped by 0.6% to a monthly average of $2,495 (it was $2,511 last month). One-bedroom rental prices only decreased by 0.2% year-over-year. Toronto has the second-priciest rent in the country—the average one-bedroom in Vancouver is $2,653. The asking rents for all residential property types in Canada averaged $2,193 in February, increasing 10.5% year-over-year — the fastest rate of annual growth since September 2023.

Visit the Galleria on the Park Affordable Rental Portal for more information and to enter the draw. The application deadline is on April 30, 2024, at 8 p.m. EST.

Article exclusive to STREETS OF TORONTO