Carney promises $2.7 billion to build rental homes in Toronto

14-Aug-2026

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The federal government is investing at least $2.7 billion to build more than 18 housing projects across Toronto.

At a media event with Toronto Mayor Olivia Chow on August 5, Prime Minister Mark Carney said the federal government will be investing the funds over the next three years.

He said more than 5,600 new rental homes will be built with the money and that at least 1,800 of them will be affordable or rent-controlled.

The prime minister said construction will begin on roughly 4,500 new homes by the end of the year.

“For decades, the simple fact is Toronto didn’t build enough housing and too much of what was built was unaffordable for most Torontonians,” said Carney. “Prices driven up by development charges, by taxes, by rising construction costs, and then lack of availability of land. And the best way to meet the challenge that is created is to build more supply and to build it faster.”