18 Toronto Developments Via $2.7B Federal-City Partnership

Earlier this month, the Government of Canada and City of Toronto announced a $2.7 billion partnership that will advance 18 housing projects, which will together deliver over 5,600 new rental homes. Construction is set to begin on approximately 4,500 of those units by year’s end.

“In Toronto, thousands of new homes have already been planned, permitted, and approved, but lack the financing to begin construction,” said Prime Minister Mark Carney in a press release on August 5.

The partnership between the two governments thus provides the financing that will allow those projects to advance, and the portfolio of 18 projects is entirely rental, including a mix of affordable, supportive, rent-geared-to-income, and rent-controlled housing.

“Toronto is becoming a model for how a great city can build its way forward,” said Carney. “Together with the City of Toronto, we are getting thousands of new rental homes built, across every part of the housing system, in strong, safe communities that people can afford. This is what is possible when governments build together.”

The partnership is split into two major categories: Nine projects led by non-profit organizations that will receive a total of $310 million from Build Canada Homes and deliver 1,885 units (including 739 affordable units), and nine projects led by private developers that will receive $1.8 billion in low-interest financing from the Canada Mortgage and Housing Corporation (CMHC) and deliver 3,720 units (including 1,079 affordable units), for a grand total of 5,605 new rental homes.

The City of Toronto is contributing the land at nominal values, plus over $530 million in capital funding and financial incentives, including exemptions from municipal and school property taxes for up to 99 years.

The 18 projects are as follows.

Build Canada Homes - $310M In Funding

1. 805 Wellington West - Building A

Owner: CreateTO
Units: 81 (Supportive)
Details: An 8-storey building that will utilize volumetric modular construction. The supportive housing program will be operated by the Homes First Society.

2. 15 Denison Avenue

Owner: Unnamed Indigenous housing provider
Units: 100 (Supportive)
Details: The City of Toronto, per a motion by then-Mayor John Tory, conveyed the land to the Indigenous housing provider in June 2022 and the project will utilize panelized construction.

3. 150 Queens Wharf Road

Owner: Toronto Community Housing Corporation
Units: 268 (85 Affordable)
Details: The project is set for a vacant site and is part of the Housing Now Initiative. The previous plan was a 29-storey tower with 282 units before the project was revised to a 37-storey tower.

4. 405 Sherbourne Street

Owner: Toronto Community Housing Corporation
Units: 301 (100 Affordable)
Details: The site is currently a parking lot and will be redeveloped into a single building articulated as one 26-storey tower and one 35-storey tower.

5. 1113–1125 Dundas Street West

Owner: CreateTO
Units: 74 (17 Affordable)
Details: The project will utilize low-carbon mass timber construction and energy-efficient design to deliver 74 rent-controlled homes. The City broke ground on the project this week.

6. 158 Borough Drive

Owner: CreateTO
Units: 425 (118 Affordable)
Details: The transit-oriented development is set for a site adjacent to the Scarborough Civic Centre and Scarborough Town Centre and it’s the largest project of the portfolio.

7. 3326 Bloor Street West

Owner: CreateTO
Units: 301 (78 Affordable)
Details: This is Building A of the four-tower project planned at Bloor-Islington, which will include a total of 1,145 units and will be directly integrated with a new Islington TTC station.

8. C1 Bayside

Owner: Waterfront Toronto
Units: 160 (50 Affordable)
Details: This is one of the buildings within Waterfront Toronto’s Bayside development, which is being led by American real estate firm Hines.

9. Parkdale Hub

Owner: CreateTO
Units: 175 (111 Affordable)
Details: This is the revitazliation of a cluster of facilities and community spaces the City says is in need of significant capital investment, including the Masaryk-Cowan Community Recreation Centre and Parkdale Library Branch. The project is led by the Parkdale Neighbourhood Land Trust.

Total: 1,885 Units (739 Affordable Units)

CMHC - $1.8B In Financing

1. 49 Ontario Street - East Tower

Owner: Dream + CentreCourt Developments
Units: 601 (191 Affordable)
Details: Dream formed a joint venture with CentreCourt Developments last year, continuing their long-running relationship. The project consists of a 45-storey tower and a 49-storey tower that will together deliver 1,226 units.

2. 49 Ontario Street - West Tower

Owner: Dream + CentreCourt Developments
Units: 625 (190 Affordable)
Details: Dream formed a joint venture with CentreCourt Developments last year, continuing their long-running relationship. The project consists of a 45-storey tower and a 49-storey tower that will together deliver 1,226 units.

3. 55-75 Brownlow Avenue

Owner: Menkes Development
Units: 733 (184 Affordable)
Details: This is the first tower of Menkes’ two-tower development that was originally proposed as condos. Last fall, however, Menkes revised the application to change Tower One to purpose-built rental. The rental tower includes 121 units replacing those on an adjacent site that will be redeveloped.

4. 130 Elizabeth Street (Toronto Coach Terminal)

Owner: CreateTO
Units: 547 (144 Affordable)
Details: This is the redevelopment of the decommissioned Toronto Coach Terminal that CreateTo chose Kilmer Group and Tricon Residential to lead. This is the first of two buildings, which will rise 43 storeys and include a state-of-the-art non-patient medical facility developed in partnership with the University Health Network that will prepare organs for transplant.

5. 610 Bay Street (Toronto Coach Terminal)

Owner: CreateTO
Units: 280 (74 Affordable)
Details: This is the second building of the Toronto Coach Terminal redevelopment. This will be a 16-storey building with a Paramedics Hub that will be transferred back to the ownership of the City.

6. 7 St. Dennis Drive

Owner: Osmington Gerofsky and WJ Properties
Units: 474 (95 Affordable)
Details: This is a three-phase master plan project in Flemingdon Park that will altogether include 2,300 homes. Finacing being provided by the CMHC is only for Phase One.

7. 72 Perth Avenue

Owner: Castlepoint Numa + Hazelview Investments
Units: 255 (104 Affordable)
Details: This is an 18-storey tower originally conceived by Castlepoint Numa. Hazelview was brought on as a partner later on and the project kicked off construction earlier this year.

8. 3385 Lawrence Avenue East (Greencedar Commons)

Owner: United Church of Canada
Units: 155 (47 Affordable)
Details: Also known as Greencedar Commons, the project will be an 11-storey mid-rise building that will see the demolition of the Scarborough branch of Destiny and Dominion World Ministries, a pentecostal church, and the retention of an existing six-storey apartment building.

9. 1552 Weston Road

Owner: Mahogany Management
Units: 50 (50 Affordable)
Details: All 50 units have a 40-year affordability requirement under the Housing Agreement and 20 units will also have deeper affordability that’s made possible by a City-provided rent supplement subsidy.

Total: 3,720 Units (1,079 Affordable Units)

A map of the 18 projects. (Gregor Robertson, LinkedIn)

Development Projects

The 18 Toronto Developments Supported By $2.7B Federal-City Partnership

Build Canada Homes is providing $310 million towards 9 projects on City-owned land, while CMHC is providing $1.8 billion in financing towards 9 other projects.​

Build Canada Homes - $310M In Funding

CMHC - $1.8B In Financing

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Build Canada Homes is providing $310 million towards 9 projects on City-owned land, while CMHC is providing $1.8 billion in financing towards 9 other projects.

"The people still waiting tend to want certainty as much as a deal. They are already watching stocks, bonds, oil, inflation, jobs, population growth, and a trade war. Housing could help by becoming the boring chart."

In a market where rental projects routinely spend years in rezoning, moving from purchase to shovels in under five months is the point.

New listings fell for a third straight month in July, tightening the national sales-to-new listings ratio to 51.3%, within the range CREA considers balanced.

The agreement marks Grosvenor's second major industrial lease on the island this year, and doubles Doka's Metro Vancouver footprint.

The joint venture is a 50/50 partnership between Boardwalk REIT (TSX: BEI.UN) and Desjardins Global Asset Management (DGAM) with an initial portfolio of 4 assets.

Allied Properties REIT (TSX: AP.UN) has set a disposition target of approximately $500 million, and is about halfway to that target through two quarters.

The buyer group includes GO REIT, Blackstone Real Estate, Crestpoint Real Estate Investments, PSP Investments, and CRAL.

Built in 1924 for the founder of Canada Metal Co., this fully renovated High Park-Swansea estate is listed at $6,750,000, and comes complete with an entertainment lounge in the three-bay garage.

Overall, there were reportedly 8,410 new home sales in Ontario in the second quarter of 2026, 4765 of which were incremental and attributable to the HST rebate program.

The sale of Turnagain Island is the highest-value residential property transaction ever recorded on the Sunshine Coast, according Sotheby's International Realty Canada.