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Federal government announces over $230 million in financing for new rental homes in Toronto

Jan 18, 2024 | Featured, Politics

Canada Mortgage and Housing Corporation.

The federal government has announced $235.9 million to build 494 rental apartments in Toronto. The funding will come as fully repayable low-interest loans through the Apartment Construction Loan Program.

The announcement was made by Yvan Baker, Member of Parliament for Etobicoke Centre, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities, and by James Maloney, Member of Parliament for Etobicoke—Lakeshore.

Located at 300 the East Mall, the Valhalla Village Phase 1 project is a two-tower development containing 494 rentals for middle class families and individuals. Through geothermal heating, the towers will have net zero carbon emissions once complete. They will also have multiple amenity spaces that are designed to be communal, inclusive, accessible, and suitable for shared use by all residents.

The project is expected to be completed by May 2027.

Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. To tackle this issue, the federal government introduced the Apartment Construction Loan Program to help build more rentals across the country. Increasing the overall supply of rental housing is crucial to creating stronger and more vibrant communities that Canadians can feel proud to call home.

“Too many Canadians are struggling to find somewhere to rent and to call home, especially here in Toronto. That’s why the federal government is seized with reversing this trend, and through the Apartment Construction Loan Program, we are incentivizing the development of much-needed rental units in the whole country. Investments like the one announced today in Etobicoke Centre will help to increase the supply of housing and create a huge difference in strengthening our communities,” said Yvan Baker, Member of Parliament for Etobicoke Centre.

Yvan Baker, MP (Etobicoke Centre)

James Maloney, Member of Parliament for Etobicoke—Lakeshore, said: “This important investment from the federal government demonstrates our strong commitment to working with all communities to meet the challenge of building more rental housing. This important investment in housing will soon create thousands of safe, well-built homes for hardworking, middle-class Canadians and add much needed supply to the rental market here in Toronto.”

James Maloney, MP (Etobicoke—Lakeshore)

Mayor Olivia Chow noted: “The 172 affordable rental housing opportunities at 300-304 The East Mall are a testament to what can be achieved when different orders of government and developers work together. As Mayor, I am determined to create more affordable housing options so more people can continue to call Toronto home.”

Toronto Mayor Olivia Chow

Through the City of Toronto’s Open-Door program, City Council approved approximately $9.87 million in financial incentives – including property tax and development charge exemptions and permit fee waivers – to support the Valhalla Village project.

The Apartment Construction Loan Program – previously known as the Rental Construction Financing Initiative (RCFi) – is part of the Government of Canada’s National Housing Strategy (NHS), an $82+ billion plan to give more Canadians a place to call home.

As of September 30, 2023, the Government of Canada has committed over $38.89 billion to support the creation of over 151,803 units and the repair of over 241,133 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 Apartment Construction Loan Program 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.

o It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
o It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
o Through the program, the federal government is encouraging the construction of more than 71,000 rentals.
o A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.

On December 21, 2023, the Government of Canada announced an agreement of over $471 million with the City of Toronto, to fast-track nearly 12,000 new housing units over the next three years through the Housing Accelerator Fund. The work will also help spur the construction of 53,000 homes over the next decade.

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