Federal government promises $2.55B in low-cost loans to help Toronto build rental homes
The federal government says it will offer billions in low-cost, long-term financing to help build thousands of rental units in Toronto, including more than a thousand affordable homes.
The $2.25 billion will be provided through Ottawa's Apartment Construction Loan Program. It comes after Toronto city council passed a package of financial incentives for rental builders that includes relief from development charges and a reduction in property taxes, so long as 20 per cent of new units are rented at discounted prices.
The financing will go toward seven rental development projects selected by the city that could be under construction by the end of next year.
In all, it is expected to help deliver 4,831 rental homes, with at least 1,075 of those being offered at below-market rents, according to the city.
At a news conference Wednesday morning, Toronto Mayor Olivia Chow said the "landmark agreement" will reduce barriers to build housing and help secure affordable homes "for generations to come."
Chow was joined by Liberal MPs Nate Erskine-Smith, the federal minister of housing, and Julie Dabrusin, who represents Toronto–Danforth. The announcement comes with recently sworn-in Prime Minister Mark Carney expected to call a snap federal election within the coming days or weeks.
"This agreement says together we are stronger. Partnership is what it takes," Chow said. She added the agreement is "historic" because it's the first time the federal government has been "willing to batch of all the projects together and say to Toronto, 'we trust you deliver them.'"
Building has slowed, Chow says
Chow noted that a prolonged period of elevated interest rates and now deepened economic uncertainty around U.S. tariffs has resulted in many housing projects in the city stalling out.
The seven developments to be supported with the financing include several approved in December and others being built under the city's Housing Now program, which aims to build mixed-use communities on city-owned land.
The projects are:
1,267 rental homes at Quayside.
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.
Chow said there is another $4.5 billion low-cost financing the city could access in partnership with Ottawa, but it is contingent on matching funding from the provincial government that has not yet materialized.
Tuesday's announcement also included a promise of $25.8 million over two years from the federal government to help Toronto with its "immediate needs related to encampments."
According to the city, the funding will be used to expand outreach to homeless people and enhance shelter services, specifically those that help connect people in encampments and shelters to permanent housing.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBC
5 hours ago
- CBC
Toronto officials raise Progress Pride flag at city hall to kick off month of festivities
Toronto officials raised the Progress Pride flag at city hall on Monday to kick off a month of festivities celebrating the city's 2SLGBTQ+ community. Mayor Olivia Chow said it's more important than ever to support Toronto's 2SLGBTQ+ community. Chow was joined by Coun. Chris Moise, chair of the Two-Spirit, Lesbian, Gay, Bisexual, Transgender and Queer Advisory Committee, and city staff. "It's not a choice. It is who we are. It's in the city's DNA that we will always support the LGBTQ community," Chow said in an interview after the flag-raising. "We know that when we come together, we're stronger. We will not be divided and we'll stand shoulder to shoulder with the community and supporting it every way. I invite all Torontonians to enjoy Pride Month." Those involved, including drag performer Sanjina DaBish Queen, said Pride started as a protest and it's important to support the transgender community "The light just needs to be on trans people right now. It does. We're very important to the community. We're important to this world. And we just want to live. We just want to breathe." Pride Toronto recently reported two of its largest sponsors, Home Depot and Google, have said they no longer want to sponsor the festival, but executive director Kojo Modeste said the withdrawal of support won't affect this year's festivities. "We already have contracts that we are obligated to. Where we might feel it, it's next year. But I do believe that all three levels of government will come on board. We're going to have more sponsors." City representatives said they'll continue to support Pride in Toronto in whatever ways they can. "At the end of the day, it's their loss," Chow said. "And if American companies want to pull out from supporting Pride, we will step in, Canadian companies will step in, the government will step in." Throughout the month of June, Pride events will be held across Toronto. Pride culminates with the festival weekend that runs June 27 to 29. That includes Toronto's Pride Parade, which is the second largest in the world.
CTV News
5 hours ago
- CTV News
Toronto raises Pride Flag at city hall to mark start of Pride Month
The City of Toronto officially marked the start of Pride Month on Monday, raising the Pride Flag outside City Hall. (CP24) Toronto officially marked the start of Pride Month on Monday, with the raising of the Pride Flag outside City Hall. Mayor Olivia Chow was joined by several city councillors and members from Pride Toronto for the ceremony, which kicks off a month of activities and events leading up the official four-day festival from June 26 to 29. 'Pride Month is both a celebration and call to action,' Chow said ahead of the official flag raising. 'A reminder of the ongoing work needed to make sure that we have equality, safety and belonging for everyone, no matter gender identity [or] sexual orientation.' This year's Pride Toronto theme is 'All In. The raising of the Pride Flag comes just days after the organization lost two major corporate sponsors, Google and Home Depot, following a number of other corporate sponsorship losses and/or funding reductions in recent months. The non-profit in charge of the 2SLGBTQ+ festival is facing a shortfall of around $700,000 as a result. 'We've all seen the depressing news,' Chow said. 'Pride Toronto has lost some corporate sponsors because they just don't know who they are. They're short sighted… don't shop at Home Depot, guys.' The city has increased it's funding for the festival this year, providing $350,000 and committing to increased funding for the next two years. 'You cannot be supporting pride only when it's convenient to do so,' Toronto Centre Coun. and chair of the 2SLGBTQ+ Advisory Committee, Chris Moise, said at the flag raising ceremony. 'I would encourage all of our true allies to step up and continue to support Pride Toronto in their mission. Show us the money. Put your money where your mouth is.' Home Depot provided a written statement to CP24 over the weekend, writing in part, 'We continually review our nonprofit giving and decided not to contribute to this event this year with no agreement in place to do so.' 'We continue to participate in Pride activities throughout Canada and look forward to working with Toronto Pride on future opportunities.' At today's ceremony, Pride Toronto's executive director Kojo Modeste said they will not be quick to forgive sponsors that pulled out of this year's festival. 'I am very sorry to say that if at this point in time you're turning your back on us, when you come back, the locks of the house will be changed and the key that you have will not work,' he said. With files from CP24's Joanna Lavoie and CTV's Aarjavee Raaj
Calgary Herald
6 hours ago
- Calgary Herald
Bell: Smith vows to work with Carney, says he is way better than Justin Trudeau
Article content Truth be told this is not a column where the headline is shouting outrage, where Alberta against Ottawa sounds like an old-school wrestling cage match. Article content Article content You know the headline. DANIELLE SMITH SLAMS MARK CARNEY. Alberta premier says Prime Minister Carney is just another Justin Trudeau. Article content Canada's premiers met with Carney Monday and Smith came out of the gabfest … very encouraged. Article content Article content She wasn't gushing like Ontario Premier Doug Ford who sung Love Is In The Air and compared Carney to Santa Claus. Article content Article content We still have no idea whether or not Smith's idea of an oil pipeline to the west coast will be fast-tracked as a nation-building project by the Carney government but the Alberta premier is very encouraged. Article content We still have no idea whether what Smith calls the Nine Terrible Laws, Liberal anti-oil policies, are going to be killed or rewritten by Carney. Article content You know, the cap on oil and gas emissions and the No More Pipelines law and the tanker ban off the B.C. coast and the net-zero electricity regulations and the list goes on. Article content Despite what the future may hold, Smith is happy to tell you she feels Carney is way better than former prime minister Justin Trudeau. Article content When asked by this scribbler how she rates Monday's meeting — 10 means bring out the champagne and one is a sit-down with Steven Guilbeault, Trudeau's green guru — Smith put it as a five. Article content Article content Article content The premier says Carney is a 'dramatic improvement' over Trudeau since he recognizes the value of Alberta oil and wants to get it to market and get it to Asia.
