Feds commit $1.2B in loans to build 2,600 rental units in Toronto
The federal government is doubling down on financing rental construction projects.
On November 14, Finance Minister and Deputy Prime Minister Chrystia Freeland announced $1.2 billion in funding to build 2,644 rental homes across seven new projects in Toronto. The money is being provided as fully repayable low-interest loans through the Rental Construction Financing Initiative.
The seven projects announced today will build:
- 855 rental homes at 373 Front Street East, with an investment of $444 million;
- 484 rental homes at 94 Eastdale Avenue, with an investment of $215 million;
- 389 rental homes at 55 Broadway Avenue, with an investment of $165.4 million;
- 390 rental homes at 325 Moriyama Drive, with an investment of $130 million;
- 233 rental homes at 1555 Queen Street East, with an investment of $126 million;
- 225 rental homes at 610 Martin Grove Road, with an investment of $93.7 million; and,
- 68 rental homes at 650 Kingston Road, with an investment of $34.1 million.
“With today’s investment through the Rental Construction Financing Initiative, our government is taking concrete action to help the citizens of Toronto access the rental housing they need,” Freeland said. “We will continue to do everything we can to make housing more affordable for Canadians from coast to coast to coast.”
Valued at more than $25 billion, the Rental Construction Financing Initiative provides fully repayable low-cost financing to encourage the construction of more purpose-built rental housing.
The program is now on track to create more than 71,000 new rental housing units across Canada by 2027–28.
“We need to boost housing supply. This is why we are making strategic investments, through programs like the Rental Construction Financing Initiative, to build much-needed rental units across the country,” said Housing Minister Sean Fraser.
The federal government says it will continue working with provincial, territorial, municipal, and Indigenous governments to build more homes, faster, to make housing more affordable for all Canadians.