Federal government promises $2.55B in low-cost loans to build Toronto rental homes
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$0 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*No charge for 4 weeks then price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 19/03/2025 (265 days ago), so information in it may no longer be current.
TORONTO – The federal government is promising billions in low-cost financing to help build thousands of rental homes in Toronto, including more than a thousand affordable units.
Ottawa says it will provide $2.55 billion in financing through its Apartment Construction Loan Program, to be administered by the Canada Mortgage and Housing Corporation.
The city says the money will go toward building more than 4,800 rental homes, of which at least 1,075 will be affordable housing.
Toronto, meanwhile, says it will offer nearly $235 million in financial incentives such as relief from development charges, fees and property taxes.
The city says the newly announced low-cost loans will allow it to speed up seven rental housing projects that are set to be under construction by the end of next year.
It says those projects are expected to include at least 20 per cent affordable rental homes.
Toronto Mayor Olivia Chow said the “landmark agreement” will help reduce barriers to build housing and help secure affordable homes “for generations to come.”
This report by The Canadian Press was first published March 19, 2025.