Today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and the Honourable Arif Virani, Minister of Justice and Attorney General, announced a federal investment of $1.2 billion to build 2,644 rental homes across seven new projects in Toronto, provided as fully repayable low-interest loans through the Rental Construction Financing Initiative.
The seven projects announced today will build:
- 855 rental homes at 373 Front Street East, with an investment of $444 million;
- 484 rental homes at 94 Eastdale Avenue, with an investment of $215 million;
- 389 rental homes at 55 Broadway Avenue, with an investment of $165.4 million;
- 390 rental homes at 325 Moriyama Drive, with an investment of $130 million;
- 233 rental homes at 1555 Queen Street East, with an investment of $126 million;
- 225 rental homes at 610 Martin Grove Road, with an investment of $93.7 million; and,
- 68 rental homes at 650 Kingston Road, with an investment of $34.1 million.
Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home. With today's announcement, the Rental Construction Financing Initiative is on track to create more than 71,000 new rental housing units across Canada by 2027-28.
Today's announcement is only the latest set of projects moving forward thanks to low-cost financing provided by the federal government, and is the next step in the federal government's plan to make housing more affordable. The government will continue working with provincial, territorial, municipal, and Indigenous governments to build more homes, faster, to make housing more affordable for all Canadians, and to ensure everyone, including those most vulnerable, can find a safe and affordable place to call home.
