Federal government loans $650M to build nearly 1,300 rental units near Scarborough Town Centre
The units will be located in three residential towers built on the west side of the Scarborough Town Centre shopping mall, according to a news release Tuesday by Oxford Properties, the real estate developer that is building the property.
268 units, or about 21 per cent, will be designated as affordable housing.
"Scarborough is growing and is thriving. It's a place where more and more people are choosing to work, study, live and raise families," said Michael Coteau, MP for Scarborough-Woburn, speaking at a news conference Tuesday.
"But families are having hard times finding homes that meet their needs and finding homes they can afford."
He said the project will give families "a fresh start" and help them build a stronger future.
The announcement comes as Ontario's housing starts for the first quarter of this year reached the lowest levels since 2009, according to a report by the province's financial accountability officer.
Toronto Deputy Mayor Paul Ainslie, who represents Scarborough-Guildwood said the rental supply needs to be increased in Scarborough as it undergoes a "transit transformation."
The Scarborough subway line has been under construction since 2021 for a three-stop extension. It's currently set to open in 2030.
Ainslie said the City of Toronto is supporting the rental unit project through its Rental Housing Supply Program, which provides financial contributions including capital funding and relief from development fees and charges.
Units will be unaffordable for OMERS members: expert
Oxford Properties is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees.
But one housing expert said the project is unlikely to benefit the workers whose pension fund is backing it.
Carolyn Whitzman, senior housing researcher at the University of Toronto's school of cities, said said the planned units — other than the 268 designated as affordable — will be too expensive for most OMERS members.
"If you are a firefighter, child-care worker [or] seniors care worker, you would not be able to afford the apartments that are going to be created," she said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Cision Canada
an hour ago
- Cision Canada
Turnkey Communications Expands Capabilities Via WYRED and KYRO Private Network Platform Acquisition
THUNDER BAY, ON, July 29, 2025 /CNW/ - Turnkey Communications has acquired WYRED, including its flagship private network platform, KYRO, from SMPH Consulting Inc. This strategic acquisition significantly expands Turnkey's capabilities to deliver rugged, on-demand connectivity to industrial, mining, energy, and remote infrastructure environments—both in Canada and internationally. KYRO is a private cellular network platform that includes KYRO+, a portable LTE/5G private network solution purpose-built for the critical infrastructure sector. Designed for rapid deployment in harsh and remote environments, it delivers secure, resilient, and autonomous connectivity precisely where it's needed most. "This deal allows us to accelerate the growth and reach of KYRO while deepening our ability to deliver smart, secure communications in the most challenging environments," said Terry Joseph, CEO of Turnkey Communications. "It significantly strengthens our portfolio with cutting-edge IP, and positions us to scale future-ready connectivity solutions." The deal brings two experienced leaders onto Turnkey's team: Paul Howarth and Shaun Mohammed. Paul joins Turnkey as Chief Technology & Innovation Officer (CTIO). With over 40 years of experience designing and deploying advanced telecommunications and industrial automation systems, Paul has been instrumental in driving innovation across mining and mission-critical industries. He also played a leading role in launching private cellular network initiatives for a major Canadian telecommunications provider. Shaun takes on the role of Chief Revenue Officer (CRO) for the Turnkey Group of Companies. He brings a wealth of experience leading global business development initiatives across Canada, the Caribbean, and the Middle East, with a strong focus on the mining and industrial sectors. Shaun also previously played a pivotal role in launching private cellular network initiatives for one of Canada's major telecommunications providers. The transaction is anticipated to close later this year, with Turnkey and WYRED actively preparing for a smooth integration and aligned go-to-market strategy.
National Post
3 hours ago
- National Post
Almonty Appoints Respected U.S.-Based Financial Executive Brian Fox as Chief Financial Officer
Article content Mr. Fox Brings Over 25 Years of U.S.-Based Operational Leadership to Almonty's Global Team Article content TORONTO — Almonty Industries Inc. (' Almonty ' or the ' Company ') (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1), a leading global producer of tungsten critical to the U.S. defense and technology sectors, today announced the appointment of Brian Fox, CPA as Chief Financial Officer, succeeding Mark Gelmon, CPA,CA, effective August 25, 2025. Article content Mr. Fox most recently served as Chief Financial & Operating Officer at CBIZ Marks Paneth, a top-tier U.S. accounting and advisory firm, where he played a key role in strategic growth initiatives and post-merger integration. His prior experience includes leadership roles at Loureiro Engineering and United Subcontractors, as well as senior audit work at Arthur Andersen. He holds a Master's degree in Management from Harvard University and a Bachelor of Science in Accounting from the University of Connecticut. Article content Mr. Gelmon, who joined Almonty in 2015 through its acquisition of Woulfe Mining Corp. (former owner of the Sangdong Mine Project) and became CFO in 2017, will remain involved with the Company as a financial consultant. The Company thanks Mr. Gelmon for his unwavering dedication and years of service. Article content Lewis Black, Chief Executive Officer of Almonty, commented: 'As Almonty advances its U.S. redomiciling strategy following our successful US$90 million public offering and Nasdaq listing, the appointment of a U.S.-based executive with deep financial and operational acumen was a deliberate and strategic move. Brian brings exactly the type of disciplined execution and institutional-grade financial leadership we need as we scale operations and align with U.S. capital markets. His track record in guiding complex organizations through growth and transformation will prove invaluable. We thank Mark for his years of dedication and are thrilled to welcome Brian to the team.' Article content About Almonty Article content Almonty (NASDAQ: ALM) (TSX: AII) (ASX: AII) (Frankfurt: ALI1) is a leading supplier of conflict-free tungsten – a strategic metal critical to the defense and advanced technology sectors. As geopolitical tensions heighten, tungsten has become essential for armor, munitions, and electronics manufacturing. Almonty's flagship Sangdong Mine in South Korea, historically one of the world's largest and highest-grade tungsten deposits, is expected to supply over 80% of global non-China tungsten production upon reaching full capacity, directly addressing critical supply vulnerabilities highlighted by recent U.S. defense procurement bans and export restrictions by China. With established operations in Portugal and additional projects in Spain, Almonty is strategically aligned to meet rapidly rising demand from Western allies committed to supply-chain security and defense readiness. To learn more, please visit Article content Legal Notice Article content The release, publication, or distribution of this announcement in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this announcement is released, published, or distributed should inform themselves about and observe such restrictions. Article content Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. Article content Cautionary Note Regarding Forward-Looking Information Article content This news release contains 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws. Article content All statements, other than statements of present or historical facts, are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements are typically identified by words such as 'plan', 'development', 'growth', 'continued', 'intentions', 'expectations', 'emerging', 'evolving', 'strategy', 'opportunities', 'anticipated', 'trends', 'potential', 'outlook', 'ability', 'additional', 'on track', 'prospects', 'viability', 'estimated', 'reaches', 'enhancing', 'strengthen', 'target', 'believes', 'next steps' or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking statements in this news release include, but are not limited to, statements concerning the completion of the Offering, the Company's redomiciling initiatives, the Company's position as a leading supplier of tungsten to the U.S. and its allies, the timing of any listing of the Common Shares on the Nasdaq, the continued listing of the Common Shares on the TSX and the ASX and trading on the Frankfurt Stock Exchange, and the use of proceeds of the Offering. Article content Forward-looking statements are based upon certain assumptions and other important factors that, if untrue, could cause actual results to be materially different from future results expressed or implied by such statements. There can be no assurance that forward-looking statements will prove to be accurate. Key assumptions upon which the Company's forward-looking information is based include, without limitation, the absence of market conditions that could adversely impact the Offering or the intended listing of the Common Shares on the Nasdaq; the satisfaction of all listing requirements of the Nasdaq and continued listing requirements of the TSX and ASX; the achievement of any closing conditions to the Offering; and the absence of material adverse changes in the Company's industry or the global economy including interest rates, inflationary pressures, supply chain disruptions, and commodity market volatility. Article content Forward-looking statements are also subject to risks and uncertainties facing the Company's business, including, without limitation, the risks and uncertainties identified in the Registration Statement; risks relating to the Offering not being completed in a timely manner or at all, including due to unfavourable market or other conditions or factors; the possibility that the required approvals for or conditions to the Offering will not be received or satisfied on a timely basis or at all; changes in the anticipated timing for closing the Offering; business disruption during the pendency of or following the Offering; diversion of management time on Offering-related issues; the ability to retain members of Almonty's management team; the impact of the Offering on relationships with customers, suppliers, employees and other business counterparties; risks related to the reaction of customers, shareholders and members of the public to the Offering; and other events that could adversely impact the completion of the Offering, including industry or economic conditions outside of Almonty's control. Any of these risks could have a material adverse effect on the Company's business, financial condition, results of operations and growth prospects. Readers should consider reviewing the detailed risk discussion in the Company's Registration Statement, the most recent Annual Information Form and the amended Management Discussion and Analysis for the three months ended March 31, 2025 filed on SEDAR+, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations. Article content Although Almonty has attempted to identify important factors that could cause actual results, level of activity, performance or achievements to differ materially from those contained in forward-looking statements, there may be other factors that cause results, level of activity, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate and even if events or results described in the forward-looking statements are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, Almonty. Accordingly, readers should not place undue reliance on forward-looking statements and are cautioned that actual outcomes may vary. Article content Investors are cautioned against attributing undue certainty to forward-looking statements. Almonty cautions that the foregoing list of material factors is not exhaustive. When relying on Almonty's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Almonty has also assumed that material factors will not cause any forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Article content Article content Article content Article content Company Article content Article content Lewis Black Article content Article content Article content (647) 438-9766 Article content Article content info@ Article content Article content
National Post
3 hours ago
- National Post
CIBC Innovation Banking Provides Growth Capital to Ripple Operations
Article content VANCOUVER, British Columbia — CIBC Innovation Banking announced today it is providing growth capital financing to Ripple Operations, the leading Crew Success platform serving the global maritime industry. This financing will support Ripple's ongoing platform modernization and global growth initiatives – including the Company's upcoming Crew Success Summit in October. Article content Ripple Operations has emerged as a modern force in maritime HR and crew management, uniting four legacy businesses under one global platform. Its Crew Success solutions help cruise lines, ferries, and maritime operators manage complex workforce logistics—including scheduling, compliance, and operations—across ship and shore operations. Article content Article content Ripple is evolving its Crew Success Platform into a next-generation crew operations platform built on a scalable, cloud-optimized architecture. Efforts will focus on modernizing the user experience and improving performance, while enabling modular delivery, mobile access, and deeper integration across the maritime workforce lifecycle. Article content 'As Ripple modernizes the technology behind its Crew Success platform, we're proud to support their vision for the future of maritime workforce operations,' said Joe Timlin, Managing Director, CIBC Innovation Banking. 'The team's domain expertise, strong customer base, and ambition to scale globally position them well for continued success.' Article content Today's announcement reinforces CIBC Innovation Banking's continued commitment to working with high-growth technology companies across North America. Article content 'We are thrilled to work with CIBC Innovation Banking as we take this next step in Ripple's evolution,' said Heather Combs, CEO of Ripple Operations. 'This financing fuels our efforts to modernize our platform, grow globally, and bring the maritime community together for our 2025 Crew Success Summit this fall. We're building momentum—and working with CIBC strengthens our trajectory.' Article content About CIBC Innovation Banking Article content CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC Innovation Banking now has over $11 billion in funds managed including life sciences, health care, cleantech companies, investors, and entrepreneurs, and has assisted over 700 venture and private equity-backed businesses over the past six and a half years. The bank operates out of 14 global locations in San Francisco, Menlo Park, New York, Toronto, London, Austin, Boston, Chicago, Seattle, Vancouver, Montreal, Atlanta, Reston, and Durham. Connect with us today to start the conversation. About Ripple Operations Ripple Operations has rapidly grown into a key technology partner for cruise lines, ferries, and maritime companies around the globe, delivering mission-critical solutions for crew scheduling, compliance, and performance. Backed by Bleecker Street Group, Ripple combines deep maritime expertise with scalable innovation. Learn more at Article content Article content
