Tory says the corporation, which oversees community housing buildings across the city and is facing a major repair backlog, should have sold off its prime 931 Yonge Street building space and moved.
"I wouldn't be renovating that building, I would be moving the head office that organization to a place much closer to where a lot of their tenants are residents," Tory said.
The mayor said he'd actually like to see the TCH headquartered in one of the buildings where its tenants live.
TCH officials, meanwhile, say the investment makes good business sense and that they do plan on selling the building eventually.
"Management would like to sell this building and move to somewhere else that's more in keeping with our mission, however this is our asset," said TCH spokesperson Lisa Murray.
She said she expects the renovations, which also included some $200,000 spent on used furniture to add workstations, will eventually net the company some money.
"We'll be able to get more money for it and put that money back in the company," she said.