It goes without saying that affordable housing is an issue in Toronto. So it’s a good thing the federal government is prepared to invest $89 million into the city to help solve that problem.
On Thursday, Canada's Minister Of Families Jean-Yves Duclos announced the million-dollar funding would be put towards a 16-storey building in Etobicoke.
READ: CMHC Plans To Have All Canadians In Affordable Homes By 2030
The project, called the Terraces of Princess Gardens, will have 259 affordable one- and two-bedroom units. Of that number, roughly 207 will have rents “at or below 30 per cent” of median income in the Etobicoke Centre area, which is around $69,000 before taxes, CBC reports. Additionally, 10 per cent of the units will be accessible.
“More middle-class Canadians — and those working hard to join it — will find safe, accessible and affordable homes in communities where their families can thrive, children learn and grow, and have the stability and opportunities they need to succeed,” Duclos said in a statement.
READ: The Most Affordable Toronto Neighbourhoods To Buy In Right Now
“Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today.”
As part of Canada's $40 billion, 10-year National Housing Strategy, the federal government has given the Rental Construction Financing Initiative (RCFI) money to fund the Terraces of Princess Gardens project.
READ: Should You Rent Or Buy Your Apartment?
RCFI is a program that offers low-cost loans to developers in order to encourage them to build affordable housing. The RCFI is overseen by the Canada Mortgage and Housing Corporation, who revealed earlier this month that they plan to have all Canadians in affordable homes by 2030.
The Terraces of Princess Gardens project is notable not just because it’s offering affordable units. The building is also in an ideal location, close to public transit, schools, and local businesses.
READ: This Is The Average Cost Of Rent In 10 Cities Across Canada
“This is a major win for affordable housing in Etobicoke,” Borys Wrzesnewskyj, Etobicoke Centre MP, said in a press release. “This $89 million federal government commitment to our community will make a significant difference in providing a home and hearth for those worried that they can't afford a roof over their heads.”
Mayor John Tory also praised the project. On Twitter, he wrote:
Considering Toronto is the most expensive city in Canada to rent in, this $89 million investment in the city is certainly a welcome one.
In March, a one-bedroom unit in Toronto cost approximately $2,260 on average, according to Padmapper. A two-bedroom unit averaged at $2,850.
