Carney announces $2.7 billion for low-income rental housing in Toronto

Construction is expected to begin on more than 4,500 of the homes by the end of this year and the remaining rentals to meet “substantial completion” by 2031.

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Prime Minister Mark Carney announced plans to spend at least $2.7 billion to construct 18 low-income housing projects across Toronto, with $310 million in funding supplied through Ottawa’s Build Canada Homes initiative.

The combined projects are expected to produce more than 5,600 homes, nearly 2,000 of which will be rent-controlled or “affordable,” with nine being built on city-owned land. All of which will be on a rental basis. The remaining cost will be financed under the CMHC’s Apartment Construction Loan Program.