Toronto – The City of Toronto announced the ground-breaking of 172 affordable rental homes at 300-304 The East Mall, also known as Valhalla Village. This housing project is the result of a successful collaboration between the City, Government of Canada and private sector partners led by KingSett Capital Affordable Housing LP. This partnership demonstrates a shared commitment to delivering affordable housing within inclusive and mixed-income communities.
The development will include three towers and one mid-rise building, with a total of 1,135 homes including 963 market and 172 affordable rental homes. Affordable homes will consist of studios, one-bedroom, two-bedroom and three-bedroom apartments. The site will include 158 parking spots and offer 988 square feet of indoor amenity space and a public park. This site will also feature a community agency space, with the specific agency to be selected and announced at a later day.
The new affordable rental homes at 300-304 The East Mall will remain affordable for a minimum of 40 years and be part of a larger mixed-income and mixed-use development. Affordable rents will be set at 100 per cent of the Average Market Rent as reported annually by the Canada Mortgage and Housing Corporation (CMHC), providing much-needed affordable housing options for low- and moderate-income households.
The development is led by KingSett Capital Affordable Housing LP and BDP Quadrangle is the architect for this project. Toronto City Council approved the zoning amendment for construction in September 2020. The building is estimated to be completed in 2026.
Investments
Through the City’s Open Door program, City Council approved approximately $9.87 million in financial incentives – including property tax and development charge exemptions and permit fee waivers – to support the delivery of affordable homes at this site. The Government of Canada provided $235.9 million in fully repayable low-interest loans through CMHC’s Apartment Construction Loan program.
HousingTO 2020-2030 Action Plan
This housing project advances the HousingTO 2020-2030 Action Plan (HousingTO Plan) which includes a target of the approval of 65,000 new rent-controlled homes across the city to help increase housing stability for Toronto residents over the next 10 years.
While the City has committed approximately $2 billion in land value, capital funding and incentives towards 65,000 rent-controlled homes, achieving this goal is contingent on enhanced collaboration and investments from all levels of government and not-for-profit and private sectors. Strong partnerships, particularly with the federal and provincial governments, are crucial for the City to fulfill the HousingTO Plan targets successfully.
More information is available on the City’s HousingTO 2020-2030 Action Plan webpage.
“The 172 affordable rental housing opportunities at 300-304 The East Mall are a testament to what can be achieved when different orders of government and developers work together. As Mayor, I am determined to create more affordable housing options so more people can continue to call Toronto home.” – Mayor Olivia Chow