(AGENPARL) – Wed 03 September 2025 City of Toronto Media Relations has issued the following:
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News Release
September 3, 2025
City of Toronto fast tracks purpose-built rentals, breaks ground on 448 rental homes
Today, Mayor Olivia Chow and Councillor Frances Nunziata (York South-Weston) joined the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), Fengate Asset Management and The Hi-Rise Group to break ground on a new purpose-built rental housing project in Mount Dennis. The Dennis, located on Locust Street, will provide 448 rental homes including 89 affordable rental homes.
The Dennis is one of the first projects supported through the Purpose-Built Rental Housing Incentives stream to break ground.
The City support, valued at approximately $29 million, is providing an indefinite deferral of development charges and a 15 per cent property tax reduction for the purpose-built rental homes, as well as a full exemption of all development fees and charges, and property taxes for the affordable rental homes for 40 years.
The City launched the Purpose-built Rental Housing Incentives Stream, a component of the Rental Housing Supply Program, in November 2024 and approved over 8,000 rental homes, including 2,000 affordable rental homes, to benefit from a range of financial incentives estimated to cost the City approximately $457.5 million.
This initiative is part of the City’s broader work to deliver rent-controlled, affordable rental and rent-geared-to income homes with more than 44 projects that are currently under construction. When completed, these 44 projects will create more than 10,000 new homes, including nearly 7,100 that are purpose-built rental, and nearly 50 per cent of which will be rent-controlled and affordable rental homes.
The City is ready to continue incentivizing purpose-built rental homes and is requesting the Province invest $596 million in the City’s Purpose-built Rental Housing Incentives stream and unlock almost 16,000 new rental homes that are ready to start construction in the next two years. The City requests the federal government increase investment in key Canada Mortgage and Housing Corporation (CMHC) funding and financing programs, which are critical in getting projects from approvals to construction start.
While the City continues to take bold action to get more homes built faster, Toronto can achieve even greater progress with support from other levels of government. Concerted action and investment from all orders of government are needed to build homes to support Toronto’s future growth and prosperity.
Quotes:
“The City of Toronto is taking bold steps to build more affordable homes for Torontonians. Through our incentive program that waives development charges and taxes, we’re breaking ground on 448 new homes in York South-Weston – with 20% designated affordable. The Dennis is proof that our approach providing incentives, waiving fees, and speeding up approvals can help get shovels in the ground and deliver more affordable housing for Torontonians.”
– Mayor Olivia Chow
“This is the first project in my ward to benefit from the rental housing incentives program of the City for affordable units and I am looking forward to it being the start of more shovels in the ground. There are several approved housing projects in my ward, and I hope more will be able to participate in this important accelerator program to get affordable housing in York South-Weston.”
– Councillor Frances Nunziata (York South-Weston)
“On behalf of LiUNA, we are proud to partner with the City of Toronto to expand its purpose-built rental housing platform and deliver much-needed new, attainable housing to the city. As Toronto continues to grow and evolve, we remain committed to being a trusted partner in building its future – creating contextual, people-focused residential communities, while driving job creation, strengthening the skilled trades workforce, and fueling economic growth.”
– Joseph Mancinelli, Chair of LPFCEC, LiUNA International Vice President and Regional Manager for Central and Eastern Canada