Mississauga has awarded $44 million in funding to eight projects that will support the construction of over 1,400 new rental units.

The funding was announced on March 24, and is being provided through the city’s Affordable Rental Housing incentive program, which itself is funded in part through the federal Housing Accelerator Fund.

“This funding represents a transformative step forward in addressing Mississauga’s housing crisis,” said Mayor Carolyn Parrish. “By creating over 1,400 new rental units – including 400 with more affordable rent prices – we’re providing real solutions for residents struggling to find secure and affordable housing.”

Approved in July 2024, the city’s incentive program is designed to help quickly increase Mississauga’s supply of affordable and below-market rental units.

The funding is designed for shovel-ready projects that have demonstrated they are ready to start construction within the next two years.

Successful applicants will receive a set grant of $130,000 per affordable unit or $60,000 per below-market unit. They will also receive waivers and grants for certain municipal fees and charges, and the funding will be issued approximately one month after a building permit is issued, provided all eligibility requirements are met.

Units that are funded through the program must meet minimum unit sizes and remain affordable for a minimum of 25 years.

Since 2005, just 2,200 rental units have been constructed in Mississauga.

This funding will immediately unlock more than 1,400 shovel-ready rental units including almost 400 with more affordable rents.

The city says it received 12 applications from a variety of non-profit and private sector developers during an open call for applications. The eight successful developments will bring: 1,450 new purpose-built rental units including 384 units with more affordable rents, 261 units with affordable rents, 123 units with below-market rents, and a variety of unit sizes including 200 with two or more bedrooms.

“The strong interest in this program from both non-profit and private sector developers shows that financial incentives can be a powerful tool to stimulate construction during a housing crisis,” said commissioner of planning and building Andrew Whitmore. “We’re thrilled to help get these projects across the finish line and bring much-needed, stable and more affordable rental housing to Mississauga as quickly as possible.”

The approved projects are:

• 4150 Westminster Place (70 affordable units)
• 3233 Brandon Gate Drive (85 below-market units)
• 6020 Winston Churchill Boulevard (14 affordable units; 8 below-market units)
• 45 Agnes Street/3051 Cook Street (30 below-market units)
• 4094 Tomken Road (78 affordable units)
• 2512 Argyle Road (7 affordable units)
• 5034, 5054, and 5080 Ninth Line (65-100 affordable units)
• 596 Lolita Gardens (27 affordable units)

Purpose-built rentals are built specifically for the rental market – unlike private condominiums which are often used as rentals but offer fewer protections for tenants.

In recent years, Mississauga’s development has been almost entirely comprised of market condominiums. In the Toronto Census Metropolitan Area, which includes Mississauga, approximately 60 percent of apartment condominium units built between 2016-2021 were occupied by renters.

City staff will work with successful applicants as their projects move towards building permit issuance to ensure they continue to meet all necessary eligibility requirements.