Building 341 new homes in Toronto
TORONTO, May 28, 2026 /CNW/ - Far too many Canadians are struggling to find homes they can afford. Solving Canada's housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. The Government of Canada is stepping up with a bold new approach to build affordable housing across the country.
Central to that work, the Government of Canada has launched Build Canada Homes, which is helping increase the pace of affordable homebuilding. Build Canada Homes is also helping fight homelessness by building transitional and supportive housing – working with provinces, territories, municipalities, and Indigenous communities. It is building deeply affordable and community housing for low-income households and partnering with private market developers to build affordable homes for the Canadian middle class.
As part of the Government of Canada's broader efforts to respond to the housing crisis, investments are being made across the housing continuum to respond to the needs of communities across Canada.
Today, the federal government, along with the City of Toronto announced over $160 million in combined funding to help build 341 rental homes in Toronto. The twenty-seven-storey building, located at 26 Gilder Drive, is being developed by The Rose Corporation. The development features a thoughtfully designed, purpose-built rental apartment complex offering individuals and families secure tenancies in a modern, energy-efficient, and professionally managed environment. The site is located close to green spaces, schools, and transit.
The announcement was made by Michael Coteau, Member of Parliament for Scarborough--Woburn on behalf the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Olivia Chow, Mayor of Toronto.
The Government of Canada is making the housing investments that will help strengthen Canadian supply chains and create good jobs at every step of the homebuilding process – helping to build more homes and a stronger Canadian economy at the same time.
Quotes:
"We need to build more, build better and build bolder. Through investments in rental housing, our government is supporting those who need it most, here in Toronto and across the country. We are committed to strengthening communities through initiatives like this one." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
"It's clear that housing is one of the top priorities for people in Scarborough. Our federal government is delivering on its commitment to build more homes through strategic investments like this one. Housing supports individuals and families, strengthens communities, and creates jobs. The more homes we build, the more opportunities we create for people across our community." – Michael Coteau, Member of Parliament for Scarborough-Woburn
"Every Torontonian deserves a safe, affordable place to call home close to transit, jobs and the services they rely on. This new rental housing in Scarborough will deliver hundreds of new homes, including 80 affordable units, helping families, workers, seniors and young people stay in the city they love. By partnering with other levels of government and the private sector, we are cutting red tape and moving faster to build the homes Toronto needs near transit and essential services." – Olivia Chow, Mayor of Toronto
"The Rose Corporation is proud to deliver these affordable and market rental homes to help address the evolving housing needs of the Scarborough community. The Glenview is a strong example of what can happen when the private and public sectors work together to make much-needed housing possible. This project simply would not have happened without the support and partnership of CMHC and the City of Toronto, and we're grateful for their commitment to the delivery of purpose-built rental housing during a very challenging market." – Daniel Berholz, President, The Rose Corporation
Quick Facts:
- The $55 billion Apartment Construction Loan Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
- The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
- A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
- As of December 2025, CMHC has committed $29.45 billion in loans through ACLP to support the creation of more than 74,600 rental homes.
- It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
- It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
- Funding provided for 26 Gilder Drive is as follows:
- $149 million in fully repayable loans from the federal government, through the Apartment Construction Loan Program.
- $11.4 million from City of Toronto's Rental Housing Supply Program.
Additional Information:
- Visit canada.ca/housing for the most-requested Government of Canada housing information.
- Build Canada Homes is ready to partner with organizations committed to increasing the supply of affordable housing across Canada. Learn more about the portal and the Investment Policy Framework.
- CMHC plays a critical role as a national convenor to promote stability and sustainability in Canada's housing finance system. CMHC's mortgage insurance products support access to home ownership and the creation and maintenance of rental supply. CMHC research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, CMHC contributes to advancing housing affordability, equity, and climate compatibility. CMHC actively supports the Government of Canada in delivering on its commitment to make housing more affordable.
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SOURCE Canada Mortgage and Housing Corporation (CMHC)
Contacts: Mohammad Hussain, Office of the Minister of Housing and Infrastructure, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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