Carney pledges $2.7B for new affordable housing measures in Toronto
The Canadian government and the City of Toronto have announced a $2.7 billion partnership to build 5,600 new rental homes. The initiative aims to address the housing crisis by focusing on affordable and rent-controlled units.
Why it matters
This represents a significant public-private investment strategy to combat urban housing shortages and rising costs of living in major metropolitan areas.
The partnership between the government of Canada and city of Toronto includes 5,600 rental homes, 1,800 of which will be "deeply affordable," supportive or rent-controlled, Carney said at a news conference Wednesday. He said 4,500 new homes — 80 per cent of the total — will be under construction by year's end.
"For generations people have come from every single corner of the earth to build a life here in Toronto," Carney said. "Crucial to this is to build a healthy rental market for every kind of renter."
He said the projects will take place in neighbourhoods hardest hit by rising rent and evictions, and will include a 16-story complex in Parkdale and another in Scarborough at 158 Borough Drive.
Mayor Chow said the buildings will bring housing security to thousands of people: "If you work here, you should be able to afford to live here," she said.
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