Hard working middle-class families in Toronto deserve a safe and affordable place to call home where they can thrive and spend more time with their children.
The Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development and the Minister responsible for Canada Mortgage and Housing Corporation (CMHC), today, announced the construction and funding of 259 new rental housing units in Toronto so that more middle-class families have an affordable place to live.
Through CMHC’s Rental Construction Financing initiative (RCFi), the federal government is investing $89 million for the construction of Terraces of Princess Gardens, a 16-storey building that will provide safe and affordable homes to 259 families.
The majority of the units will have rents at or below 30% of median household income in the area and at least 10% of the units will be accessible.
Located in the west end of the city of Toronto, this project will provide affordable housing options close to public transit, schools and services for middle-income families.
As a result, they can enjoy better social outcomes and contribute to vibrant and socially inclusive neighbourhoods.
“Through the National Housing Strategy, 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.Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today.”
“This is a major win for affordable housing in Etobicoke. 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.
I want to thank Minister Duclos for coming to Etobicoke with the great news of this incredible investment in our community. By increasing access to affordable housing, we are building stronger and healthier communities in a difficult Toronto housing market.This investment provides more affordable housing options for middle-class families right here in Etobicoke Centre, close to public transit and our great local schools.”
“Princess Management is happy to be able to participate with CMHC in this initiative to bring 259 superior housing units to this neighbourhood, in addition to the 467 units the company manages on this site. Princess Management looks forward to future opportunities within this initiative.”