Canada Housing received a major boost after Prime Minister Mark Carney announced a C$2.7 billion ($1.9 billion) investment to expand rental housing in Toronto over the next three years.
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Carney unveiled the funding package during a news conference. He said the agreement with the City of Toronto will support the construction of more than 18 housing projects.
Thousands of New Rental Homes
The investment will deliver more than 5,600 new rental units across Toronto.
Moreover, the plan includes around 1,800 affordable, supportive or rent-controlled homes. The government said these units will help residents cope with rising housing costs.
Addressing Housing Affordability
Toronto, Canada’s largest city and financial hub, remains one of the country’s most expensive housing markets. The metropolitan area is home to more than seven million people.
Therefore, the federal government said the investment aims to improve housing affordability and increase the supply of rental homes.
Carney Pledges Support
Speaking at the announcement, Carney acknowledged the financial pressure facing many residents.
“Too many Torontonians have been struggling to afford their rent. Today’s announcement is part of changing that,” he said.
The federal government said the initiative forms part of its broader strategy to expand housing supply and make rental accommodation more affordable across Canada.
