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City of Toronto Media Relations has issued the following:
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News Release

March 19, 2025

City of Toronto and Government of Canada enter $2.55 billion landmark agreement in principle to build more rental homes faster

Today, Mayor Olivia Chow was joined by the Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities, Julie Dabrusin, Member of Parliament for Toronto-Danforth and Deputy Mayor Ausma Malik (Spadina-Fort York) to announce federal commitments to build more homes and address homelessness in Toronto.

Building more rental homes faster

In a landmark partnership with the City of Toronto, the federal government has announced $2.55 billion in low-cost financing to unlock 4,831 rental homes including a minimum of 1,075 affordable rental homes. The City is also investing approximately $234.83 million in financial incentives such as relief from development charges, fees and property taxes.

The financing, delivered through the Apartment Construction Loan Program (ACLP) and administered by the Canada Mortgage and Housing Corporation (CMHC), responds to requests from Toronto City Council that the federal government provide the City with low-cost loans to support the delivery of a range of affordable and purpose-built rental homes.

The federal government has set aside up to $7.3 billion in ACLP low-cost financing over three years, conditional on securing required financial support from the Government of Ontario. The City has requested the provincial government to partner on expanding the Purpose-built Rental Housing Incentives stream and support more rental homes get built faster.

Through the newly announced ACLP low-cost loans, the City will be able to advance the delivery of seven rental housing projects that are set to start construction by the end of 2026 and have at least 20 per cent affordable rental homes. This includes several projects approved in December 2024 under the Purpose-Built Rental Housing Incentives stream as well as Housing Now projects that create mixed-used housing on transit-oriented, City-owned land. The financing will support:
- 1,267 rental homes at Quayside. This complements the recent $975 million federal, provincial and City investment to complete enabling infrastructure to support 14,200 new homes along Toronto’s waterfront at Quayside and Ookwemin Minising.
- 1,226 rental homes at 49 Ontario St.
- 767 rental homes at 50 Wilson Heights Blvd.
- 705 rental homes at 777 Victoria Park Ave.
- 370 rental homes at 250 Wincott Dr.
- 341 rental homes at 26 Gilder Dr.
- 155 rental homes at 3379-3385 Lawrence Ave. E.

The City is committed to working with other orders of government to achieve its 10-year goal of approving 65,000 rent-controlled homes by 2030. This includes 41,000 affordable rental, 6,500 rent-geared-to-income (RGI) and 17,500 rent-controlled homes. More information can be found on the City’s website: https://www.toronto.ca/community-people/community-partners/housing-partners/housingto-2020-2030-action-plan/?accordion=progress-reports.

Enhancing homelessness supports

Today, the City also reaffirmed continued collaboration with the Government of Canada to address the needs of people experiencing homelessness in Toronto.

As part of the Unsheltered Homelessness and Encampments Initiative (UHEI), the federal government has committed $25.8 million over two years to support the City’s immediate needs related to encampments. This complements the City’s contribution of $400 million secured through a partnership with the Province of Ontario.

The City will use this funding to expand outreach work and enhance shelter services that support people to transition from encampments to homes. Planned initiatives include:
- Leveraging partnerships with health, mental health and addictions services providers to support people with complex needs living in encampments.
- Hiring and training up to 20 additional front-line City staff to support encampments, along with partner agencies to provide additional street outreach. Together, these staff will allow the City to expand the Enhanced Outreach Model, which has seen great success in reducing large encampment sites in the last 18 months by moving people into shelter and housing.
- Supporting Indigenous-led, culturally-appropriate projects that help people from those communities who are disproportionately affected by homelessness.

This funding will assist the City in delivering person-centered, outcome-focused care to help improve the well-being of individuals experiencing homelessness and help them find stable housing as quickly as possible.   

Quotes:

“Every Torontonian deserves an affordable place to call home. Today’s landmark housing agreement will reduce barriers so more than 4,800 homes will be built faster. By working together with our federal partners, we are securing affordable homes in Toronto for generations to come.”
– Mayor Olivia Chow

“Building more homes requires working together, and this partnership with the City will bring down costs and deliver more homes for Toronto.”
– The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities

“The impact of the housing crisis is felt in communities across our city. Today’s commitment is a transformative investment in affordable and rental housing in our growing waterfront neighbourhoods and a welcome boost to support Torontonians in their housing journey. Across all levels of government, housing is our highest priority, and the partnership of the federal Housing ministry is deeply appreciated. This announcement is evidence that when we work together, we meet our goals to build more homes.”
– Deputy Mayor Ausma Malik (Spadina-Fort York)

“Today’s announcement will support the delivery of 1,267 purpose-built rental homes on Toronto’s waterfront at Quayside. This is in addition to the 550 affordable rental homes that are being accelerated as part of phase one of this development. When complete, Quayside will be home to 7,500 people and host 1,600 jobs. We are working hard to have shovels will be in the ground in 2026 and to welcoming residents in 2030.”
– George Zegarac, President and CEO, Waterfront Toronto

Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture, innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit www.toronto.ca or follow us on X at www.x.com/cityoftoronto, on Instagram at www.instagram.com/cityofto or on Facebook at www.facebook.com/cityofto.

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Media contact: Media Relations, media@toronto.ca

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