Canada and Toronto Announce Investment for Rental Housing Projects
- brg_news_room
- 12 minutes ago
- 1 min read
Canada: The Government of Canada and the City of Toronto have announced a partnership to support the construction of more than 5,600 rental homes across over 18 housing projects during the next three years. Under the initiative, the federal government will invest more than CAD 2.7 billion (approximately USD 1.97 billion), with construction on more than 4,500 homes expected to begin before the end of 2026. The programme includes affordable, supportive, rent-geared-to-income and rent-controlled housing.
The initiative comprises two funding streams. Through Build Canada Homes, more than CAD 310 million (approximately USD 226 million) will be invested in nine non-market housing projects, delivering nearly 1,900 rental homes. The City of Toronto will contribute public land and more than CAD 530 million (approximately USD 387 million) in capital funding and financial incentives. In addition, the Canada Mortgage and Housing Corporation's Apartment Construction Loan Program will provide more than CAD 1.8 billion (approximately USD 1.31 billion) in financing for nine market housing projects, delivering over 3,700 rental homes, with up to CAD 600 million (approximately USD 438 million) allocated for future eligible developments.
Source: Government of Canada