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Carney Promises $2.7 Billion to Build Rental Homes in Toronto
The housing plan comes as Toronto Community Housing faces a $4.5 billion investment need and Ontario trails its 1.5 million-home target.
- On Wednesday, Prime Minister Mark Carney and Toronto Mayor Olivia Chow announced a $2.7 billion federal investment to build more than 18 housing projects across Toronto, creating more than 5,600 new rental homes over three years.
- Toronto Community Housing faces a $1.5 billion funding gap that could leave 54 per cent of its portfolio in critical condition, necessitating $4.5 billion in required investments between 2026 and 2035.
- Of the more than 5,600 planned rental homes, at least 1,800 will be affordable or rent-controlled; the announcement coincides with Ontario falling behind its stated goal of building 1.5 million homes by 2031.
- Later today, Carney will join Ontario Premier Doug Ford to tour a transit site, marking their first in-person meeting since the federal government rejected Ford's proposal to expand Billy Bishop Airport.
- Tensions persist between the federal government and Ford over the "multi-planed fight" regarding airport expansion, while Transport Minister Steven MacKinnon remains focused on safety upgrades at Billy Bishop.
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43 Articles
Ottawa Announces $2.7 Billion Housing Partnership With Toronto
The federal government has announced a partnership with Toronto to build more than 5,600 new rental units across the city. Prime Minister Mark Carney said on Aug. 5 that the Liberal government was pledging $2.7 billion over the next three years to build more than 18 housing projects in Toronto. He said that 1,800 of these 6,500 units will be “deeply affordable, supportive, or rent-controlled.” Carney added that 4,500 units, or 80 percent, will b…
·New York, United States
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Canada to invest C$2.7 billion to build rental housing in Toronto
·London, United Kingdom
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Coverage Details
Total News Sources43
Leaning Left23Leaning Right1Center12Last UpdatedBias Distribution64% Left
Bias Distribution
- 64% of the sources lean Left
64% Left
L 64%
C 33%
Factuality
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