2024 ANNUAL REPORT
JANUARY - DECEMBER 2024
Mission Statement: PAL Toronto is a charitable or ganization that provides and actively advocates for affordable housing for longstanding members of the professional performing arts industry
Vision Statement: To ensure members of our professional performing arts industry can attain affordable housing with a creative community
A MESSAGE FROM THE EXECUTIVE DIRECTOR
2024 has been a pivotal year—an opportunity to reflect on where we’ve been, where we’re headed, and how PAL Toronto is perceived by government, our neighbourhood, and our valued partner organizations. What’s truly exciting is the growing recognition of PAL Toronto’s role and impact.
When I attend meetings on affordable housing and say I’m representing PAL, the response is overwhelmingly positive: “We’re so glad to have you at the table.”
Developers like Tricon and Daniels have said, “If you want a reliable, values-aligned partner, talk to PAL.” Our reputation is opening new doors, and that momentum is something we can build on.
However, some financial decisions made over a decade ago—in particular, keeping rents low—have limited our revenue growth. This has created a Catch-22 situation: our ability to fix and maintain the building is heavily dependent on government subsidies, which are calculated based on rental income. As a result, PAL’s revenues have not kept pace with the building’s growing needs and the scope of necessary renovations and repairs have been restricted.
To Read PAL’s 2024 Annual Report Click Here