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Canada and Toronto Launch $2.55 Billion Housing Initiative to Tackle Rental Shortages

The partnership will accelerate the construction of over 4,800 rental units, including affordable housing, while addressing homelessness and urban revitalization needs.

Toronto says nearly all its recreation centres and all its 39 city-operated child care centres will close if workers strike next week. The Toronto skyline is seen on Monday, Aug. 5, 2024. THE CANADIAN PRESS/Chris Young
A new condo development is constructed in Toronto, Friday, Feb. 23, 2023. THE CANADIAN PRESS/Chris Young

Overview

  • The Government of Canada is providing $2.55 billion in low-cost loans through the Apartment Construction Loan Program (ACLP) to build more than 4,800 rental units in Toronto, with at least 1,075 designated as affordable housing.
  • The City of Toronto is contributing $234.83 million in financial incentives, including relief from development charges and property taxes, to support these projects.
  • Seven housing projects under this initiative are expected to begin construction by the end of 2026, with at least 20% of the units designated as affordable rentals.
  • Additional funding includes $62.7 million from the federal government through the Reaching Home program and $425.8 million from both governments under the Unsheltered Homelessness and Encampments Initiative (UHEI) to combat homelessness.
  • The initiative is part of broader urban revitalization efforts, including a $200 million federal investment in the Broadview Eastern Flood Protection project and ongoing projects under the National Housing Strategy.