Canada's Department of Finance is investing $1.2 billion in building new rental homes in Toronto to address the housing crisis.

The funds, provided as low-interest loans through the Rental Construction Financing Initiative, will be distributed across seven new projects.

This joint announcement by Deputy Prime Minister Chrystia Freeland and Attorney General Arif Virani aims to build 2,644 new rental homes.

Toronto, the largest city in Ontario, is the country’s main destination for immigrants, making this move significant for newcomers.

The government aims to create over 71,000 new rental housing units across Canada by 2027-28 to enhance community vibrancy.

This is part of Canada's ongoing efforts to tackle housing availability and affordability issues nationwide.

#Housing_crisis, #Rent, #Toronto

https://www.canada.ca/en/department-finance/news/2023/11/deputy-prime-minister-announces-12-billion-to-build-over-2600-new-rental-homes-in-toronto.html