The federal government is promising billions in low-cost financing to help build thousands of rental homes in Toronto, including more than a thousand affordable units.
Ottawa says it will provide $2.55 billion in financing through its Apartment Construction Loan Program, to be administered by the Canada Mortgage and Housing Corporation.
The city says the money will go toward building more than 4,800 rental homes, of which at least 1,075 will be affordable housing.
Toronto, meanwhile, says it will offer nearly $235 million in financial incentives such as relief from development charges, fees and property taxes.
Get daily National news
The city says the newly announced low-cost loans will allow it to speed up seven rental housing projects that are set to be under construction by the end of next year.
- Quebec election leaders’ debates approach as campaigns wrap up 3rd week
- Calgary councillor seeks provincial probe into closed-door meetings after document leak
- Mark Carney meets with ‘Forever Canadian’ campaigners in Banff
- Nova Scotia to expand protections for people affected by AI-generated intimate images
-
![]()
Majority of Canadians support Carney’s handling of trade war, polls show -
![]()
‘We need all of our allies on board’: US ambassador on Canada’s role in confronting terrorism -
![]()
‘Cyclists aren’t secondary’: Toronto riders protest Ford’s bike lane removal plan -
![]()
Trump suggests Canada-U.S. trade deal could happen ‘fairly soon’
It says those projects are expected to include at least 20 per cent affordable rental homes.
Toronto Mayor Olivia Chow said the “landmark agreement” will help reduce barriers to build housing and help secure affordable homes “for generations to come.”
Comments
Want to discuss? Please read our Commenting Policy first.