Mayor Olivia Chow, alongside PM Justin Trudeau, Chrystia Freeland, deputy PM, and Sean Fraser, Minister of Housing, Infrastructure and Communities, have announced an allocation of $471 million in funding through the Housing Accelerator Fund (HAF), which will go towards an additional 11,780 homes in Toronto over the next three years.

HAF is delivered by the Government of Canada through the Canada Mortgage and Housing Corporation as part of the National Housing Strategy. HAF’s current goals include achieving 100,000 new homes across Canada over the next three years. These include net new rent-geared-to-income (RGI), affordable and market rental homes located within mixed-income, mixed-use and transit-oriented communities.

Alleviating rental supply pressure

According to the City of Toronto, the funding can increase the supply of rental homes, protect existing rental homes, and revitalize neighbourhoods across Toronto.