Toronto to see “significant” rise in rental housing

Six new rental housing buildings will be built in Toronto to boost the availability of affordable rental housing.

The federal government and City of Toronto will provide 916 new units in the project which will be developed by Westbank Corp. and Peterson Group.

The project is receiving $200 million in financing through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC.

Of the 916 units, 366 will be provided at rents at or below 30% of median household income with 100 of those secured at 80% of Average Market Rent for the City of Toronto, as published by CMHC.

“This funding for the Mirvish Village will help us preserve a historic and vibrant community in our city,” said Mayor John Tory. “Honest Ed’s was a beloved part of our city and by creating affordable housing on this vacant land we are able to address the housing challenges our city faces. I want to thank the federal government for providing this important funding. This $200 million commitment demonstrates the importance of all levels of government working together to address issues that impact Torontonians.”