Repeal Toronto’s Office Replacement Bylaw to boost housing

JLL's report on Toronto's Office Replacement Bylaw advocates for its repeal to enhance housing supply and support the struggling office sector. The firm argues that eliminating the bylaw would encourage developers to redevelop outdated office buildings, potentially creating over 51,000 new residential units. With office vacancies rising from 6.4% to 18.1% since 2020, JLL emphasizes the need for immediate action, suggesting that the current bylaws are outdated and hinder necessary redevelopment efforts.