The federal government has announced a partnership with the City of Toronto which will see $1.3 billion invested to support the renovation of more than 58,000 affordable housing units.
It’s the largest federal housing investment with a municipal partner in Canadian history.
The work will begin this spring and will ensure that these units remain available to those who need an affordable place to live, while improving living conditions, safety, accessibility, and comfort for tenants, and making the units more energy efficient.
“All parents want to give their children the best possible start in life, and that starts with making sure they have a safe and comfortable home,” said prime minister Justin Trudeau. “[The] announcement is about investing in the people of Toronto and giving them the opportunity they deserve to build bright futures for themselves, their families, and their communities."
The investment in Toronto is part of CMHC's $13.2 billion National Housing Co-Investment Fund, an initiative under the National Housing Strategy and the Investing in Canada Plan, and the largest program of its kind in Canadian history.
"I want to thank Prime Minister Trudeau and Minister Duclos for the $1.3 billion commitment to Toronto Community Housing repairs in 1,500 buildings across the city,” said Toronto mayor John Tory. “This investment will ensure more families have access to good homes and it will help make so many communities across Toronto even stronger.”