Toronto – Chrystia Freeland, Deputy Prime Minister and Minister of Finance, and Marci Ien, Minister for Women and Gender Equality and Youth, visited Canary Landing in Toronto to highlight how Canada’s economic plan is putting homeownership back within reach and building more homes, faster.
The federal government’s economic plan is supporting the construction of new homes at Canary Landing, which will create 2,510 new rental homes, including 685 new affordable homes at below market rates. These affordable homes will be dedicated towards families, victims of domestic violence, seniors, people with disabilities, artists, and Indigenous people.
The construction of these new rental homes is made possible by significant federal support:
- 761 new rental homes at Maple House (125 Mill Street), which received $357 million through the Apartment Construction Loan Program and welcomed its first residents in October 2023; and,
- 855 new rental homes at Cherry House, formerly known as Block 8 (373 Front Street East), which received $444 million through the Apartment Construction Loan Program and is expected to be completed in June 2025.
These investments to build more homes, faster, in Toronto are in addition to the federal government’s recent $471 million Housing Accelerator Fund agreement with the City of Toronto. This will fast-track the construction of nearly 12,000 new homes in Toronto over the next three years, and spur the construction of more than 53,000 new homes over the next decade.
The Deputy Prime Minister and Minister Ien also highlighted that the federal government’s economic plan is putting homeownership back within reach for the more than 500,000 Canadians who have already opened a Tax-Free First Home Savings Account. To help more Canadians—especially young Canadians— get those first keys of their own, the Tax-Free First Home Savings Account allows Canadians to contribute up to $40,000 for their first downpayment—tax-free in; tax-free out. To find out how much you could save, visit the new Tax-Free First Home Savings Account Estimators.
“We know that housing is the top priority for millions of Torontonians. Making housing more affordable for the people of Toronto—and Canadians across the country—is at the heart of our economic plan. And our plan is working. Already, in the eight months since we launched the Tax-Free First Home Savings Account, more than half a million Canadians have opened an account to save for their first downpayment with the help of tax relief. Our government will continue working with all orders of government to build more homes, faster—in this city and from coast to coast to coast.” – Chrystia Freeland, Deputy Prime Minister and Minister of Finance