Federal government to finance new rental housing project in Toronto

Federal government to finance new rental housing project in Toronto

Federal government to finance new rental housing project in Toronto

The federal government is financing a new rental housing project in Toronto.

Canada Mortgage and Housing Corporation (CMHC) has announced that it is financing more than $147 million to help construct 514 residential units at 3415 Weston Road in North York.

The project, by real estate developer Medallion Corporation, is receiving financing through CMHC's Rental Construction Financing initiative (RCFi), a National Housing Strategy program delivered by CMHC that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets and those families looking to join them.

Read more: Long-term demand for Toronto's rental market all but certain

“Canada's middle class and those looking to join them will benefit from the construction of new rental housing,” said Ahmed Hussen, minister responsible for CMHC. “Through new investments, our government is taking action to increase the supply of new rental developments, providing housing options that are closer to services hard-working Canadian families need.”

“I want to thank the federal government for providing a $147 million financing commitment towards the creation of new rental housing for our residents,” said Toronto mayor John Tory. “Today's announcement is a reflection of the importance of private and public partnerships and the impactful work that can be done.”

"We applaud CMHC for introducing the innovative RCFI program which is encouraging Medallion to immediately proceed with the construction of much needed, high quality new purpose built apartment buildings for Canadians and their families,” said Peter Grater, chief financial officer at Medallion Corporation.