Carney pledges $2.7B to build thousands of Toronto rentals
“Too many Torontonians have been struggling to afford their rent,” Carney said. “Today’s announcement is part of changing that.”
Two channels, two markets
The funding flows through two distinct streams. The first is non-market, non-profit housing delivered through Build Canada Homes (BCH), a federal agency created to finance and catalyse affordable supply.
The agency’s mandate spans non-market housing, prefabricated construction, and public-land development. Under this channel, more than $310 million will advance nine projects on city-owned land, producing approximately 1,900 homes, over 700 of which will be affordable, defined as rent not exceeding 30% of household income.
The second channel covers market-rate housing backed by low-cost federal financing. More than $1.8 billion, drawn from the Canada Mortgage and Housing Corporation’s (CMHC) Apartment Construction Loan Program (ACLP), will support nine private-sector projects producing 3,700 homes, with more than 1,000 designated as affordable.
Of the 5,600 rental homes in total, 1,800 will be deeply affordable, supportive, or rent-controlled. The City of Toronto is contributing $530 million, including 99-year exemptions from municipal and school property taxes.
