As part of a 10-year, $40 billion-dollar strategy to fight inflated housing prices, Canada has issued $89 million to build cheap housing in Toronto.
The city will use the money to fund a 16-storey housing complex in Etobicoke, called the “Terraces of Princess Gardens.” With 259 units renting at or below 30% of the area’s median income, the complex will help ensure that housing is accessible for area residents.
The housing situation in Toronto has been growing increasingly urgent, with homelessness on the rise and rental prices continuing to climb beyond what most people can afford.
Mayor John Tory has also launched the “Housing Now” initiative, aiming at introducing 40,000 affordable rental units to the city within the next 12 years.
Both initiatives will help the growing number of Toronto residents find safe and affordable housing as its population continues to grow.