- What The federal government committed $2.55bn to fund rental development in Toronto
- Why It will support seven city-initiated developments
- What next All projects are set to start construction by the end of 2026
The federal government is providing $2.55bn in low-cost financing to fund the construction of nearly 5,000 purpose-built rental homes in Toronto.
The funds, supplied via the Apartment Construction Loan Program, will support seven city-initiated projects. As part of the agreement, the City of Toronto will provide roughly $234.8m in financial incentives through relief from development charges, fees and property taxes.
The seven projects are all on city-owned land, with partners contracted to carry out development. They are set to start construction by the end of 2026, and at least 20% of the 4,831 units will be dedicated to affordable housing.
The projects receiving funding are:
Quayside
- 333 Lake Shore Boulevard East
- Developed by Dream Unlimited and Great Gulf
- Master-planned mixed-use community on Toronto’s waterfront that will be built out in phases, with seven buildings and 4,634 residential units. The funding will support the construction of 1,267 of those units.
49 Ontario
- 49 Ontario Street
- Developed by Dream Unlimited
- Two-tower development in the St. Lawrence neighbourhood with 1,226 residential units as well as office and retail space. Funding will support the development of all units.
50 Wilson Heights
- 50 Wilson Heights Boulevard
- Developed by Tridel Builders and Greenwin Holdings
- Under-construction mixed-use community near the Wilson subway station in North York. A total of 1,484 units are planned, with the funding supporting construction of 767 of those.
777 Victoria Park
- 777 Victoria Park Avenue
- Developed by Alterra Group of Cos. and Mahogany Management
- Mixed-use development on the site of the Victoria Park TTC bus terminal and parking lot. Plans include 705 residential units, retail and a childcare centre. Funding will support the development of all units.
Richview Square
- 250 Wincott Drive
- Developed by Trinity Development Group and CreateTO
- Multi-phase project across two parcels, one owned by Trinity and the other by CreateTO. It includes a mix of condominiums and rentals, with the funding supporting the development of 370 rental homes.
26 Gilder
- 26 Gilder Drive
- Developed by the Rose Corp.
- A 27-storey, 341-unit tower near the Kennedy GO station in Scarborough. Funding will support the development of all units.
Greencedar Commons
- 3379-3385 Lawrence Avenue East
- Developed by Kindred Works and United Property Resource Corp.
- An 11-storey, 155-unit building at the intersection of Lawrence Avenue East and Greencedar Circuit in Toronto’s Woburn neighbourhood. Funding will support the development of all units.
