Backgrounder: Canada and Toronto announce new partnership to build thousands of new homes
Backgrounder
Today, Canada and the City of Toronto announced a new partnership to unlock 18 housing projects that will deliver more than 5,600 rental homes across Toronto, including affordable, supportive, rent-geared-to-income and rent-controlled housing.
This partnership advances projects through two federal housing streams:
- Build Canada Homes, which supports non-market housing projects on City-owned land; and
- Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program (ACLP), which provides low-cost financing for purpose-built rental housing.
Partnership overview
- More than $310 million in federal funding through Build Canada Homes for nine projects on City-owned land.
- More than $1.8 billion in low-cost financing through the ACLP for nine purpose-built rental projects.
- Up to $600 million in additional ACLP financing for future Toronto projects that meet program requirements.
- Construction expected to begin on more than 4,500 homes across the partnership portfolio before the end of 2026.
Build Canada Homes portfolio
The Build Canada Homes portfolio supports nine projects on City-owned land through more than $310 million in federal funding. The projects will deliver 1,885 rental homes, including nearly 740 affordable homes.
Key features include
- Projects are located throughout downtown Toronto, Scarborough, Etobicoke,Parkdale and the waterfront.
- They range from supportive, deeply affordable housing, and mixed-income developments with long-term rent-controlled homes on City-owned sites that will contribute to creating complete and inclusive communities for existing and future residents.
- Several developments will use innovative construction approaches, including volumetric modular, panelized modular and mass-timber construction methods.
Project |
Total Units |
Affordable / Supportive Units |
Key Features |
|---|---|---|---|
805 Wellington Building A |
81 |
81 (Supportive) |
Supportive housing project delivered in partnership with Homes First using volumetric modular construction. |
15 Denison Avenue |
100 |
100 (Supportive) |
Indigenous-led supportive housing development using panelized construction. |
150 Queen's Wharf Road |
268 |
84 (Affordable) |
Mixed-income redevelopment led by Toronto Community Housing Corporation on a vacant site. |
405 Sherbourne Street |
301 |
100 (Affordable) |
Affordable housing development led by Toronto Community Housing Corporation that repurposes a City parking lot. |
1113–1125 Dundas Street West |
74 |
17 (Affordable) |
City of Toronto mass timber and low-carbon pilot project. |
158 Borough Drive |
425 |
118 (Affordable) |
Largest project in portfolio; transit-oriented development adjacent to the Scarborough Civic Centre and Scarborough Town Centre. |
Bloor-Islington |
301 |
78 (Affordable) |
Transit-oriented community integrated with the future Islington TTC station |
C1 Bayside |
160 |
50 (Affordable) |
Waterfront development supporting Toronto's sustainability objectives. |
Parkdale Hub |
175 |
111 (Affordable) |
Community hub redevelopment led by the Parkdale Neighbourhood Land Trust, combining new housing with enhanced community services. |
Total |
1,885 |
739 |
Apartment Construction Loan Program portfolio
Nine projects are supported through more than $1.8 billion in low-cost financing under CMHC’s Apartment Construction Loan Program. Together, they are expected to deliver more than 3,700 rental homes, including 1,079 affordable homes.
Up to $600 million in additional financing capacity will also be available for future Toronto housing projects that meet program requirements.
Key features include
- Projects located across downtown Toronto, Leaside, Flemingdon Park, the Junction Triangle, Scarborough and Weston.
- A mix of large-scale purpose-built rental developments, affordable housing and redevelopment projects.
- Low-cost financing intended to help housing projects move forward as they become ready.
Project |
Total Units |
Affordable Units |
Key Features |
|---|---|---|---|
49 Ontario Street, East Tower |
601 |
191 |
Large scale project – One of two towers delivering more than 1,200 new rental homes in downtown Toronto. |
49 Ontario Street, West Tower |
625 |
190 |
Large scale project – One of two towers delivering more than 1,200 new rental homes in downtown Toronto. |
55-75 Brownlow Avenue |
733 |
184 |
The project will transform an underutilized parcel of land into 733 rental units, which will include 121 replacement units, that are currently in an existing building on an adjacent site that will also eventually be redeveloped. |
Toronto Coach Terminal, 130 Elizabeth Street |
547 |
144 |
Former Toronto Coach Terminal lands being transformed into housing in the heart of downtown. This building will also include innovation space being developed in partnership with the University Health Network. The space is being developed as state-of-the-art non-patient medical facility that will prepare organs for transplant. |
Toronto Coach Terminal, 610 Bay Street |
280 |
74 |
Former Toronto Coach Terminal lands being transformed into housing in the heart of downtown. This project will also include a Paramedics Hub that will be transferred back to the ownership of the City. |
7 St. Dennis Drive |
474 |
95 |
ACLP loan only for Phase 1 of a 3-phase masterplan redevelopment. All 3 Phases will be about 2300 units. |
72 Perth Avenue |
255 |
104 |
The 51 affordable units required under the Rental Housing Supply Program, will be managed and operated by Woodgreen Community Housing. |
Greencedar Commons, 3385 Lawrence Avenue East |
155 |
47 |
The project will transform an underutilized parcel of land owned by the United Church of Canada. |
1552 Weston Road |
50 |
50 |
All 50 units have a 40-year affordability requirement under the Housing Agreement. 20 of these units will also have deeper affordability (lower rent paid by the tenant) due to a City provided rent supplement subsidy. |
Total |
3,720 |
1,079 |
Delivery timelines and conditions
Construction is expected to begin on more than 4,500 homes across the partnership portfolio before the end of 2026. The Build Canada Homes portfolio is expected to reach substantial completion by March 2031.
Build Canada Homes investments remain subject to satisfactory due diligence, applicable program requirements and the negotiation and execution of definitive agreements. Apartment Construction Loan Program financing remains subject to underwriting, credit approval, applicable program requirements and the execution of loan agreements.