As urbanization continues to accelerate globally, cities like Toronto face mounting challenges related to housing affordability, social equity, and environmental sustainability. Housing is a key issue, particularly for low- and middle-income families, who struggle to access affordable, quality housing within the city. This paper explores innovative and sustainable housing strategies that could address these challenges, drawing on both global and local best practices. Through a rapid review methodology, the study investigates diverse approaches such as mixed-use developments, inclusionary zoning, green building practices, and technological innovations like 3D printing and modular construction. These strategies are analyzed in terms of their economic viability, social equity, and environmental impact. The findings highlight that, while Toronto has made progress through initiatives like affordable housing policies and green building standards, there is still much to be done. Strategies like community-led housing along with integrated smart technologies, offer significant potential for addressing the city’s housing crisis. Moreover, the review emphasizes the importance of considering regulatory and socio-economic constraints, public-private partnerships, and community engagement to foster the successful implementation of sustainable and affordable housing solutions. This paper contributes to the ongoing discourse on housing in Toronto by providing actionable recommendations for policymakers, urban planners, and developers. It underscores the need for a holistic approach that combines economic, social, and environmental considerations to create inclusive, resilient, and sustainable urban communities. Future research should further explore how specific strategies can be tailored to Toronto’s unique urban landscape, ensuring long-term housing affordability, social justice, and environmental sustainability.