Toronto to Get $2.7B for Affordable Housing

The federal government is committing $2.7 billion over the next three years to support more than 18 housing projects in Toronto, Prime Minister Mark Carney announced on Wednesday.

This initiative will provide 5,600 rental homes, with 1,800 designated as “deeply affordable,” supportive or rent-controlled, according to Carney. He mentioned that construction on 4,500 new homes is expected to begin by the end of the year.

The projects will focus on neighborhoods most affected by rising rents and evictions, including a 16-story building in Parkdale and another at 158 Borough Drive in Scarborough.

“For generations people have come from every single corner of the earth to build a life here in Toronto,” Carney said at a news conference Wednesday afternoon. “Crucial to this is to build a healthy rental market for every kind of renter.”

Mayor Chow stated that these developments will provide housing stability for thousands of individuals.

“If you work here, you should be able to afford to live here,” she said.  

“If your rent is too high, if you’re looking for more space to raise a family, if you’ve been waiting for affordable housing for years – it’s coming.”

Funding split into two streams

Carney explained that projects would be divided into two funding streams.

The first stream focuses on non-market, non-profit housing through Build Canada Homes, a federal agency dedicated to constructing affordable housing. This includes over $310 million allocated for nine projects on city-owned land, resulting in 1,900 homes with more than 700 categorized as affordable housing.

The second stream involves market-rate housing-homes developed by the private sector supported by “attractive” financing options, Carney noted. This includes over $1.8 billion in federal funding aimed at providing low-cost financing for nine projects that will produce 3,700 new homes, with more than 1,000 being affordable.

“All of these projects had been approved in the past … all of them were stalled for want of financing until today,” Carney said.

The prime minister highlighted that these buildings will offer security in housing for thousands and described them as “not luxury condos but rather places people can afford.”

“The fact is that too many Torontonians have been struggling to afford their rent,” Carney said.

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