
Toronto Star: Carney promises Toronto $2.7 billion to build thousands of new rental homes
The City of Toronto will see $2.7 billion in funding from the federal government to build 18 housing projects over the next three years, as the city’s construction market continues to suffer from a condo crash.
It’s the latest move aimed at injecting life in the housing sector, along with the recent HST rebate on new homes, and the reduction of development charges in Toronto.
“Every home in this portfolio will be a rental. And together they span the entire continuum, from supportive housing to affordable homes,” said Prime Minister Mark Carney, speaking at a construction site in Scarborough for new co-op housing, Wednesday.
“For decades, Toronto simply did not build enough homes, and too much of what was built was unaffordable for most Torontonians,” he added.
The funding will create more than 5,600 new rental homes, and more than 1,800 of them will be deeply affordable, supportive or rent controlled, Carney said.

