Canada announces the groundbreaking of new homes in Toronto

TORONTO, Oct. 16, 2026 /CNW/ — Far too many Canadians are struggling to find homes they can afford. Solving Canada’s housing crisis requires immediate action to bring down costs, cut red tape, and build homes more quickly. The Government of Canada is stepping up with a bold new approach to build affordable housing across the country. We are focused on building great neighbourhoods that Canadians want to, and can afford to live in.

Central to that work, the Government of Canada has launched Build Canada Homes, which is helping increase the pace of affordable homebuilding. Build Canada Homes is also helping fight homelessness by building transitional and supportive housing – working with provinces, territories, municipalities, and Indigenous communities. It is building deeply affordable and community housing for low-income households and partnering with private market developers to build affordable homes for the Canadian middle class.

As part of the Government of Canada’s broader efforts to respond to the housing crisis, investments are being made across the housing continuum to respond to the needs of communities across Canada.

Today, the federal government announced $165 million in funding through the Apartment Construction Loan Program to help build 370 rental homes in Toronto. Called The Bull Tower, the project at 128 Peter Street is located at the heart of Toronto’s entertainment district. The project will help address local housing needs, supporting a more inclusive and complete community. The project is also located close to transit, parks, entertainment, and local amenities.

The announcement was made by Chi Nguyen, Member of Parliament for Spadina-Harbourfront, on behalf of the Honourable Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada.

The Government of Canada is making the housing investments that will help strengthen Canadian supply chains and create good jobs at every step of the homebuilding process – helping to build more homes and a stronger Canadian economy at the same time.

Quotes:

“Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing by investing $165 million in the construction of 370 new homes in our community. This is about more than constructing homes, it is about creating opportunities for individuals and families to put down roots, thrive and contribute to a stronger, more inclusive Toronto where everyone can feel at home. This project will create much-needed rental homes at the heart of Toronto’s thriving entertainment district.” – Chi Nguyen, Member of Parliament for Spadina-Harbourfront

“The Bull Tower represents an important milestone in Kingdom’s commitment to creating high-quality rental homes in downtown Toronto. We are proud to work alongside the Government of Canada, CMHC, the City of Toronto, and our project partners to help address the city’s growing housing needs. Through collaboration and a shared vision for urban development, we aim to create more than just homes. We hope to foster a vibrant, connected community where residents can live, work, and thrive. We look forward to bringing this vision to life and contributing to Toronto’s long-term growth and livability.” – Jason Yang, CEO of Kingdom Development Inc.

Quick Facts:

• The $55 billion Apartment Construction Loan Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.
  • The ACLP provides fully repayable low-interest loans to encourage the construction of more rentals for middle-class Canadians. It creates a positive impact to the housing system at minimal cost to taxpayers.
  • A stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
  • As of June 2026, CMHC has committed $32 billion in loans through ACLP to support the creation of more than 81,918 rental homes.
  • It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.
  • It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.
• Funding provided for 128 Peter Street is as follows:
  • $165 million from the federal government through the Apartment Construction Loan Program.

Additional Information:

• Visit canada.ca/housing for the most-requested Government of Canada housing information. 
• Build Canada Homes is ready to partner with organizations committed to increasing the supply of affordable housing across Canada. Learn more about the portal and the Investment Policy Framework.
• Canada Mortgage and Housing Corporation (CMHC) is a federal Crown corporation and the foundation of Canada’s housing system. For over 80 years, CMHC has supported the functioning of housing markets across the country through housing finance solutions — including mortgage loan insurance and securitization — while providing trusted, unbiased data, research and market intelligence to inform policy and decision making. Through its national presence, deep expertise in housing economics and finance, and a system-wide perspective, CMHC helps foster a more stable, well-functioning housing market that supports households, communities and the broader economy.
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SOURCE Canada Mortgage and Housing Corporation (CMHC)