Canada announces investment of around $2.7B for 18 housing projects in Toronto

VIDEO: Prime Minister Mark Carney and Toronto Mayor Olivia Chow are expected to announce new measures to build affordable housing at 2:30 p.m. in Toronto.

Prime Minister Mark Carney announced Wednesday a new $2.7 billion investment for 18 housing projects in the City of Toronto.

The Canadian government is partnering with the city to deliver over 5,600 rental homes across Toronto, including affordable, rent-geared-to-income and rent-controlled housing.

The partnership is advancing the projects through two federal housing streams: Build Canada homes and Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program (ACLP).

More than $310 million in federal funding through Build Canada Homes will go towards nine projects on city-owned land.

Over $1.8 billion will be invested in low-cost financing through the ACLP for nine purpose-built rental projects.

Up to $600 million in additional ACLP financing will be allocated for future Toronto projects that meet program requirements.

Construction is expected to begin on more than 4,500 homes before the end of 2026.

The Build Canada Homes portfolio is expected to reach substantial completion by March of 2031.

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