🍁🏙️ 💵 767 new homes coming to Toronto 🏠

Thursday, 13 March 2025 12:00.PM

- The federal government announced more than $365 million to build 767 new homes in Toronto -

The announcement was made by The Honourable Ya'ara Saks, Minister of Mental Health and Addictions and Associate Minister of Health, alongside James Pasternak, Toronto City Councillor for York-Centre, Vic Gupta, CEO of CreateTO, and Kevin Green, President and CEO of Greenwin Corp.

The project's first phase, currently under development on an eight-acre, transit-oriented site owned by the City of Toronto at 50 Wilson Heights Boulevard, will be an integral part of a complete community, featuring new housing, a park, a childcare center, community space, and improvements to the public realm. Of the 767 new rental homes, 384 will be affordable. The design of the project also adheres to the City's affordable housing design guidelines, ensuring compliance with minimum accessibility requirements. Access to the project and its common areas will be barrier-free, and at least 20% of the units will meet accessibility standards. The property is located directly adjacent to the Wilson Subway Station, at the northwest corner of Wilson Avenue and Wilson Heights Boulevard.

Funding provided for this project is as follows:

• $350 million in fully repayable, low interest loan from the federal government, through the Apartment Construction Loan Program (ACLP)
• $15.3 million from the federal government's Affordable Housing Fund (AHF)
• $13.5 million from the City of Toronto (in credits for Housing Now initiative, development charge waivers and land lease payment deferral)

Through investments like this, the federal government is working to end the housing crisis, so that everyone has a safe and affordable place to call home today – and so future generations have the same opportunity to rent or own a place of their own as generations that came before them.

"Our Government is providing Canadians not only with safe, affordable housing, but also with the jobs and opportunities they need, so they can strengthen and contribute to our communities. We are proud to support the creation of these new affordable housing units which will contribute to improve the overall well-being of people in Toronto." – The Honourable Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities

Quick Facts

• Announcement follows the Honourable Nathaniel Erskine-Smith's, Minister of Housing, Infrastructure and Communities, January 26 announcement of more than $2.1 billion in contributions and low-cost repayable loans to build and repair 22,417 homes across different municipalities in Ontario.
• The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
• As of December 2024, the federal government has committed $60.09 billion to support the creation of over 156,000 units and the repair of over 298,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence.
• The Affordable Housing Fund (AHF) provides funding through low-interest and/or forgivable loans or contributions to partnered organizations for new affordable housing and the renovation and repair of existing, affordable and community housing. This is a $14.6 billion program under the National Housing Strategy (NHS) that gives priority to projects that help people who need it most, including women and children fleeing family violence, seniors, Indigenous Peoples, people living with disabilities, those with mental health or addiction issues, Veterans, and young adults.
• As of December 2024, the Government of Canada has committed $10.87 billion to support the creation of almost 42,000 units and the repair of over 168,000 units through the Affordable Housing Fund.
• Budget 2024 announced enhancements to the AHF which includes the program being extended from 2025 – 2026 to 2028 – 2029. The existing New Construction Stream is now divided into two dedicated sub-streams: a Rapid Housing Sub-Stream for the creation of shelters, supportive and transitional housing for those in greatest need, and a dedicated Community Housing Sub-Stream to support affordable and mixed-market housing where there are both affordable and market rent units in a project. The Repair and Renewal Stream has replaced minimum requirements with an approach where projects supporting accessibility and energy efficiency will be prioritized.
• The $55 billion Apartment Loan Construction Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
• The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
• A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs
• As of December 2024, CMHC has committed $21.76 billion in loans through ACLP to support the creation of more than 56,000 rental homes.
• It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
• It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
• Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes

SOURCE: Canada Mortgage and Housing Corporation (CMHC)