TORONTO, July 15, 2025 /CNW/ - Solving Canada's housing crisis requires immediate action to bring down costs. To provide Canadians with increased access to affordable and sustainable housing, the government is supporting the construction of 1,285 new rental homes with an investment of over $650 million through the Apartment Construction Loan Program (ACLP).
The announcement was made by Michael Coteau, Member of Parliament for Scarborough-Woburn, on behalf of the Honourable Gregor Roberston, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada, alongside Deputy Mayor Paul Ainslie, Scarborough-Guildwood.
The 1,285 rental units will be comprised of three 45, 35, and 41-storey residential towers, located at 25 Borough Drive, and will be developed by Oxford Properties Group, the global real estate arm of OMERS. The development will feature residential and retail space and will offer a broad unit mix of 51 studios, 693 one-bedrooms, 411 two-bedrooms and 130 three-bedroom units, including 23 townhomes for people from various economic backgrounds, age demographics, and family structures. The site is located close to Scarborough Town Centre Shopping mall and will be near Scarborough Centre TTC station, which include GO Transit, and the future Scarborough Subway Expansion.
As we build a strong Canadian housing sector, purposeful collaboration will be essential. That means working hand-in-hand with our partners to bring down costs and build homes at a scale and speed not seen since the Second World War.
Quotes:
"Our government is committed to driving housing supply to bring down costs. This project will create more rental homes for people living and working in Scarborough and is an example of what's possible when we work together in partnership with the private sector. This is another step forward in our bold, ambitious plan to build Canada strong." – The Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada
"We are building more affordable homes to address the housing crisis. The project at 25 Borough Drive will create 1,285 new homes for Torontonians, including studios, one-bedroom, two-bedroom and three-bedroom apartments and townhomes. The City of Toronto is proud to support this project through the Rental Housing Supply Program. We are stronger together, working with the Government of Canada to create more affordable homes in Scarborough to meet the needs of our growing city."" – Olivia Chow, Mayor of Toronto
"Oxford is a high-conviction investor in the living sector, and we're proud to leverage our strong development expertise in Canada to help address our nation's housing crisis. The ACLP loan allows us to accelerate our plan to intensify the lands at our Brimley site to deliver much-needed housing solutions in Scarborough. Our partnership with CMHC is a tremendous example of how a public-private solution can drive transformative, meaningful impact for communities." – Daniel Fournier, Executive Chair at Oxford Properties
Quick Facts:
- The National Housing Strategy (NHS) is a 10+ year, $115+ billion plan to give more Canadians a place to call home. Progress on programs and initiatives are updated quarterly on the Housing, Infrastructure and Communities Canada (HICC) website. The Housing and Infrastructure Project Map shows affordable housing projects that have been developed.
- As of March 2025, the federal government has committed $65.84 billion to support the creation of over 166,000 units and the repair of over 322,000 units. These measures prioritize those in greatest need, including seniors, Indigenous Peoples, people experiencing or at risk of homelessness, and women and children fleeing violence
- NHS is built on strong partnerships between the federal, provincial, and territorial governments, and continuous engagement with others, including municipalities, Indigenous governments and organizations, and the social and private housing sectors. This includes consultations with Canadians from all walks of life, and people with lived experience of housing need.
- All NHS investments delivered by the federal, provincial, and territorial governments will respect the key principles of NHS that support partnerships, people, and communities
- The $55 billion Apartment Loan Construction 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 March 2025, CMHC has committed $23.35 billion in loans through ACLP to support the creation of more than 59,000 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.
- Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes.
- Funding provided for 25 Borough Drive is as follows:
- $650 million in fully repayable loans from the federal government, through the Apartment Construction Loan Program
- $2.5 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.
- CMHC plays a critical role as a national facilitator to promote stability and sustainability in Canada's housing finance system. Our mortgage insurance products support access to homeownership and the creation and maintenance of rental supply. We also actively support the Government of Canada in delivering on its commitment to make housing more affordable. Our research and data help inform housing policy. By facilitating cooperation between all levels of government, private and non-profit sectors, we contribute to advancing housing affordability, equity, and climate compatibility. Follow us on X, YouTube, LinkedIn, Facebook and Instagram.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
Contacts: Renée LeBlanc Proctor, Office of the Minister of Housing and Infrastructure, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]
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