Remarks by the Deputy Prime Minister announcing $1.2 billion to build over 2,600 new rental homes in Toronto

November 14, 2023 - Toronto, ON

Thank you very much for that warm introduction and the warm welcome.

I also want to start by really recognizing and thanking the skilled tradespeople whose hands and brains are building these homes that Toronto desperately needs.

So thank you very much everyone.

I would like to start by acknowledging that we are gathered on the traditional territories of many nations, including the Mississaugas of the Credit, the Anishinaabeg, the Chippewa, the Haudenosaunee, and the Wendat Peoples.

I am thrilled to be in Toronto today with my friend, our Justice Minister Arif Virani and my friend, the Mayor of our amazing city – Mayor Olivia Chow - for this terrific announcement.

Our government’s economic plan is delivering real, concrete action to build more homes, faster – we can hear those homes being built right now – and to make housing more affordable.

This fall alone, we have taken action to remove the GST on the construction of new rental housing. I’ve already heard from the developers here how much that’s going to let you guys build more.

We have announced plans to unlock $20 billion in new, low-cost financing to build up to 30,000 more new rental apartments per year.

We have helped more than 250,000 Canadians save for their first down payment, tax-free, with the new tax-free First Home Savings Account;

We have taken steps to unlock surplus federal land in Calgary, Edmonton, St. John’s, and Ottawa to build more than 2,800 new homes. And we are going to be doing more work on federal lands across the country.

Next Tuesday, I will be delivering our government’s Fall Economic Statement.

Our Fall Economic Statement is based on a responsible fiscal plan that allows us to invest in what Canadians need right now.

That is why the Fall Economic Statement will be focused on two key challenges: making life more affordable for Canadians; and taking further concrete action on housing.

We know this is an urgent priority for Canadians — and we believe that at the heart of this issue is supply, supply, supply.

This is especially true for the people of Toronto. That’s why we know we need to keep acting every single day, every single week.

And why again, I am so grateful to the skilled tradespeople who are building the homes we need.

And that is why today, I am delighted to announce that we are building 2,644 new rental units across Toronto, including:

• 389 new rental units right here at Yonge and Eglinton, at 55 Broadway Avenue;
• 855 rental homes at 373 Front Street East;
• 484 rental homes at 94 Eastdale Avenue;
• 390 rental homes at 325 Moriyama Drive;
• 233 rental homes at 1555 Queen Street East;
• 255 rental homes at 610 Martin Grove Road; and
• 68 rental homes at 650 Kingston Road.

I insisted on reading out that list because each one of those is a really significant announcement, and almost each one of those is hundreds and hundreds of homes at specific locations across our city.

Together, these seven great new rental projects across Toronto amount to a $1.2 billion investment through the Rental Construction Financing Initiative.

This is an investment in the city of Toronto, and in the people who rent homes in this great city.

The Rental Construction Financing Initiative is now on track to build 71,000 new rental housing units across Canada by 2027-2028.

That is getting homes built for Canadians, getting exactly the kind of housing Canadians need the most.

These new homes will be located close to transit, work, and school—homes for people getting started in their careers, homes for people raising a family, and homes that people of all ages will be proud to call their own.

Today’s announcement is proof that our economic plan is delivering on our promise to build more homes, faster. And we will continue to deliver on that promise in our Fall Economic Statement, which will be tabled next week.

I look forward to working with our partners from the City of Toronto and the Government of Ontario to build more projects, like this one, for the people of Toronto.

Thank you very much.