Ottawa promises $2.55B in low-cost loans to build Toronto rental homes
Global News
The federal government is promising billions in low-cost financing to help build thousands of rental homes in Toronto, including more than a thousand affordable units.
The federal government is promising billions in low-cost financing to help build thousands of rental homes in Toronto, including more than a thousand affordable units.
Ottawa says it will provide $2.55 billion in financing through its Apartment Construction Loan Program, to be administered by the Canada Mortgage and Housing Corporation.
The city says the money will go toward building more than 4,800 rental homes, of which at least 1,075 will be affordable housing.
Toronto, meanwhile, says it will offer nearly $235 million in financial incentives such as relief from development charges, fees and property taxes.
The city says the newly announced low-cost loans will allow it to speed up seven rental housing projects that are set to be under construction by the end of next year.
It says those projects are expected to include at least 20 per cent affordable rental homes.
Toronto Mayor Olivia Chow said the “landmark agreement” will help reduce barriers to build housing and help secure affordable homes “for generations to come.”
Ontario Premier Doug Ford says Donald Trump’s threat to make Canada the 51st U.S. state is a “compliment,” but it’ll never happen.
With allergy season lasting longer and pollen levels rising, it's more important than ever to manage your symptoms and find relief as the season ramps up.
As Hudson's Bay announces it's closure this week Saskatchewan people are worried for the future of in-store retail. Experts wonder what could be next for the massive spaces.
OPP officers helped deliver a baby girl on Highway 12 early this morning after the mother unexpectedly gave birth en route to the hospital.
Consumer prices in Canada went up by 2.6 per cent in February, up from 1.9 per cent the month before, Statistics Canada reported Tuesday.
Prime Minister Mark Carney will be in Iqaluit in a bid to reassert Canada’s sovereignty in the Arctic. He is also set to meet with Nunavut Premier P.J. Akeeagok.
Immigration lawyers say the case of a Vancouver woman detained in the United States over a denied visa is a warning to other Canadians that it's no longer business as usual when crossing the border for work.
Home sales in Canada declined 9.8 per cent annually in February, data from the Canadian Real Estate Association showed. Is there a silver lining for buyers and sellers?
Friends and family are remembering Minetta Norrie as an adventurous woman who loved life. Norrie was killed Friday in an avalanche west of Calgary.
It goes a long way to demonstrating to us that yes, there are tons of people in our community who support the work that we're doing," the CEO of SACE, told Global News on Monday.
Climate change has been eclipsed by the cost of living and Donald Trump in terms of Canadians top concerns. Will the Conservatives’ plans matter?
Toronto police have charged a man with 29 offences, including two 'rarely laid' charges, in an extensive hate crime investigation.
As layoff fears rise across Canada amid U.S. President Donald Trump's trade war, many may be wondering: what should you do in those first days after a layoff if it happens to you?