About 70 Bay Street executives will be sleeping outside in the cold winter to raise money for youth experiencing homelessness in Toronto.
The initiative, led by Covenant House Toronto, is in its 13th year. The non-profit holds annual sleep outs for youth who are homeless, trafficked or at risk. Over the years, it raised $15 million.
On Thursday, its executive edition will raise money for its 24/7 shelter, sanctuary and support services.
“There’s a really illustrious history here of Bay Street getting behind a really important issue in this city,” Mark Aston, CEO of Covenant House Toronto told BNN Bloomberg in a Thursday interview
The fundraiser has generated $1.106 million of its goal of $1.225 million from 2966 donors and 66 participants as of press time.
Executives from CIBC, Scotiabank, IG Wealth Management, Canaccord Genuity Group Inc and Mastercard Foundation Asset Management have donated.
“Proceeds from the event have supported a very wide range of services that have really helped young people transform their lives,” said Aston.
About 658 youth stayed in residential housing programs, 458 youth access mental health services on site, 31,856 students participated in homelessness and trafficking awareness presentations and 387 youth received support to find stable housing opportunities in 2024.
Aston has seen the impact the event had on past participants.
“It has really personally impacted them and changed their perceptions of the issue of homelessness, and really given them the motivation and determination to help young people in our city,” said Aston.
The latest City of Toronto Street Needs Assessment Survey suggests that more than 1,500 young people aged 16 to 24 experience homelessness on any given night in Toronto.
(With files from BNN Bloomberg’s Julia Stratton)