Funding will support the construction of nearly 500 new apartment units in the city
The federal government has announced a massive $235.9 million in fresh funding to build close to 500 new apartment units in Toronto.
The earmarked amount will support the construction of 494 rental apartments tailored for middle-class families and individuals. The units will be spread across two towers in the Valhalla Village Phase 1 project, situated at 300 the East Mall.
The government said that the allocated funds will be provided in the form of fully repayable low-interest loans through the Apartment Construction Loan Program. The program, which was formed in response to Canada’s longstanding challenge in keeping up with the demand for rental homes, aims to stimulate the construction of more rental properties nationwide.
Yvan Baker, Member of Parliament for Etobicoke Centre, announced the financial commitment on behalf of Sean Fraser, Minister of Housing, Infrastructure and Communities.
“Too many Canadians are struggling to find somewhere to rent and to call home, especially here in Toronto,” Baker said. “That’s why the federal government is seized with reversing this trend, and through the Apartment Construction Loan Program, we are incentivizing the development of much-needed rental units in the whole country.”
“Investments like the one announced today in Etobicoke Centre will help to increase the supply of housing and create a huge difference in strengthening our communities.”
Greater Toronto sees an 11.5% year-on-year surge in home sales for December 2023, signaling a potential rebound in 2024.
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Joining Baker in the announcement was James Maloney, Member of Parliament for Etobicoke—Lakeshore.
“This important investment from the federal government demonstrates our strong commitment to working with all communities to meet the challenge of building more rental housing,” Maloney said. “This important investment in housing will soon create thousands of safe, well-built homes for hardworking, middle-class Canadians and add much needed supply to the rental market here in Toronto.”
The project is scheduled for completion by May 2027.
