Ottawa Extends $35 Million Loan To Help Build 126 Rental Units In North York

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Mayor Tory and Minister Hussen announcing the funding. Pic: John Tory

TORONTO: The Government of Canada has announced a $35 million low-cost loan to help construct 126 new rental units as part of a 15-storey development located at 2346 Weston Road, in North York so that residents of York South – Weston will now have access to more stable rental housing options.

The announcement was made by Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for Canada Mortgage and Housing Corporation (CMHC), alongside John Tory, the Mayor of Toronto, Ana Bailão, the Deputy Mayor of Toronto, and Frances Nunziata, City Councillor for York South – Weston The project is located just south of Highway 401, with close proximity to TTC bus service, the Weston Go Station, and the Union Pearson (UP) Express, which provides all day service between Toronto Pearson International Airport and downtown Toronto.

The area is surrounded by greenspace that includes a number of parks, as well as a large shopping area within a 500-meter walk.

The Government of Canada is also providing over $514,000 to an elevator repair and modernization project located at 33 Gabian Way. Serving approximately 248 units, including seniors and those living with disabilities, these repairs are an essential quality of life improvement for this building. 2346 Weston Road received funding through CMHC’s Rental Construction Financing initiative (RCFi), a National Housing Strategy program that supports rental housing construction projects to encourage a stable supply of rental housing for middle-class families in expensive housing markets.

The project also received funding support from the City of Toronto’s Open Door Affordable Housing Program. 33 Gabian Way received funding through CMHC’s National Housing Co-Investment Fund (NHCF), which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing. The NHCF is a key pillar of the Government of Canada’s National Housing Strategy (NHS).

Construction work begins on the 15-storey new building in North York. Pic: Minister Ahmed Hussen

Hussen said: “Through new investments like the ones we have made in 2346 Weston Road and 33 Gabian Way, our government is taking action to not only increase the supply of new rental developments and to repair existing units, but to also provide housing options that are closer to jobs, services and amenities that middle-class families in Toronto need.”

Mayor John Tory said: “The success of this project demonstrates what can be achieved when we come together to address housing in our city. Housing is vitally important, but we can’t do it alone.

“Which is why the HousingTO Action Plan commits to implementation through partnerships and collaboration — exactly what we see here with the Government of Canada, 2346weston.com and the City of Toronto, coming together to create new affordable housing geared to seniors. I want to thank the federal government for investing in Toronto and for helping us build over 100 new affordable rental apartments in Toronto.”

Deputy Mayor Ana Bailão, (Davenport), Planning and Housing Committee Chair, said: “Over the coming years, the city will experience an unprecedented growth in the number of seniors which is why it is so critical we move forward now on our commitment to meet the diverse housing needs of seniors and ensure that Toronto is a place where everyone can live in safe and affordable housing.”

Councillor Frances Nunziata (York South – Weston), Council Speaker, said: “Seniors are an important part of our vibrant community. I am thrilled to have been able to work in partnership with 2346 Weston Road Inc. and staff at the City of Toronto to bring this project to fruition. Once built, this building will offer affordable accommodations and ensure that seniors in our community have a safe and welcoming home.”

Tom Milroy, President of TOSA Investments Limited, said: “The COVID-19 Pandemic has shown us just how important housing is for the most vulnerable in our societies. With the support of a low cost loan from CMHC and funding support from the City of Toronto’s Open Door Affordable Housing Program, 2346Weston.com Inc. has begun the construction of Carrying Place Vista, aimed to provide the Weston community with 126 affordable units for older adults.”

Behnaz Karimi, WFC, Securities Inc., said: “We are very grateful for programs such as the NHCF that allow us to make necessary improvements to our buildings using forgivable and low-interest loans. The improvements we are able to make using these funds are very impactful to the daily lives of our valued tenants.”

• 2346 Weston Road has received CMHC Seed Funding of $250,000. The Seed Funding program supports affordable housing through interest-free loans and/or non-repayable contributions. 

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