Hundreds of new rental units will soon spring up in Etobicoke as construction gets underway on Valhalla Village.
Located at 300-304 The East Mall, Phase 1 of the mixed-income, mixed-use development will consist of 494 rental units across two towers, 172 of which will be affordable units.
Comprised of studios, one-bedroom, two-bedroom, and three-bedroom apartments, the affordable units will offer space for families and individuals alike. They will remain affordable for a minimum of 40 years, with rents set at 100% of the Average Market Rent as reported annually by the Canada Mortgage and Housing Corporation (CMHC).
Occupancy of Phase 1 is expected in the third quarter of 2026, and construction on Phase 2 will begin at a later date. In addition to the two aforementioned towers, the development includes a third tower and one mid-rise building, bringing the total unit count to 1,135. A new public park and community agency space are on tap, too, and the project will be net-zero thanks to geothermal heating.
Valhalla Village (KingSett Capital)
Valhalla Village is the result of a successful collaboration between the City of Toronto, the Government of Canada, and the private sector. Led by KingSett Capital, with a project team that includes BDP Quadrangle and Reliance Construction Group, the project is the first ground-up, purpose-built housing development from the KingSett Affordable Housing Fund.
"Breaking ground at Valhalla Village is a critical first step in KingSett’s ambitious goal of developing a portfolio of affordable housing that leads the industry in terms of depth, product design, and sustainability," said Jeff Thomas, Group Head, Development at KingSett Capital.
"The location and scale of Valhalla Village presents a compelling opportunity to create purpose-built affordable housing at a critical time for the local community. We are very excited to be moving ahead with this extraordinary development."
Valhalla Village (KingSett Capital)
Through CMHC’s Apartment Construction Loan program, the federal government has provided $235.9M in fully repayable low-interest loans to finance Phase 1 of the project.
Toronto City Council has approved approximately $9.87M in financial incentives through the City’s Open Door program, including permit fee waivers and property tax and development charge exemptions, to support the construction of affordable units at the site.
"The 172 affordable rental housing opportunities at 300-304 The East Mall are a testament to what can be achieved when different orders of government and developers work together," said Toronto Mayor Olivia Chow. "As Mayor, I am determined to create more affordable housing options so more people can continue to call Toronto home."
