Wednesday, April 30, 2025
The federal government announced up to $2.55 billion in low-cost loans through the Apartment Construction Loan Program (ACLP) to help the City of Toronto build more than 4,800 rental units, including at least 1,000 affordable rental units.
The City will provide approximately $234.83 million in estimated value of City benefits for these affordable and purpose-built rental homes. This ambitious partnership will drive down the cost of building by providing low-cost federal financing, conditional on the City of Toronto providing relief on development charges, fees and property taxes, to help build more homes, faster.
“Every Torontonian deserves an affordable place to call home. Today’s landmark housing agreement will reduce barriers so more than 4,800 homes will be built faster. By working together with our federal partners, we are securing affordable homes in Toronto for generations to come,” said Olivia Chow, Mayor of Toronto.
The announced funding is in addition to the recent $975 million investment, which includes $325 million from the Government of Canada, to accelerate the delivery of Waterfront Toronto’s revitalization plan that will contribute to creating over 14,000 new homes along Toronto’s Waterfront at Quayside and Ookwemin Minising.
“Today’s announcement will support the delivery of 1,267 purpose-built rental homes on Toronto’s waterfront at Quayside. This is in addition to the 550 affordable rental homes that are being accelerated as part of phase one of this development. When complete, Quayside will be home to 7,500 people and host 1,600 jobs. We are working hard to have shovels will be in the ground in 2026 and to welcoming residents in 2030,” said George Zegarac, President and CEO, Waterfront Toronto.
Through the newly announced ACLP low-cost loans, the City will be able to advance the delivery of seven rental housing projects that are set to start construction by the end of 2026 and have at least 20 per cent affordable rental homes. This includes several projects approved in December 2024 under the Purpose-Built Rental Housing Incentives stream as well as Housing Now projects that create mixed-used housing on transit-oriented, City-owned land. The financing will support:
- 1,267 rental homes at Quayside
- 1,226 rental homes at 49 Ontario St.
- 767 rental homes at 50 Wilson Heights Blvd.
- 705 rental homes at 777 Victoria Park Ave.
- 370 rental homes at 250 Wincott Dr.
- 341 rental homes at 26 Gilder Dr.
- 155 rental homes at 3379-3385 Lawrence Ave. E.
“Building more homes requires working together, and this partnership with the City will bring down costs and deliver more homes for Toronto,” said Nathaniel Erskine-Smith, Minister of Housing, Infrastructure and Communities.
Subject to final approvals, seven selected projects will receive up to $2.55 billion in Apartment Construction Loan Program (ACLP) financing and $234.83 million in estimated value of financial incentives through City of Toronto programs for the construction of approximately 4,831 purpose-built rental units, include at least 1,075 affordable rental units.
Featured image: (City of Toronto)
