The National Housing Strategy continues to invest in red-hot markets
The federal government and the Canada Mortgage and Housing Corporation have pledged $35 million in funding for the construction of more than 100 new residential units in Toronto.
The homes will be part of a 15-storey development located at 2346 Weston Road, in the city’s North York district. The investment will be coursed through CMHC’s Rental Construction Financing initiative, the National Housing Strategy program focused on promoting a stable supply of rental housing for middle-class families in expensive housing markets.
CMHC described the development’s immediate environment as a greenspace that features several parks and a large shopping area within a 500-meter walk.
“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,” CMHC said.
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The government will also be providing funding for the repair and modernization of elevators located at 33 Gabian Way. This investment will be made through the CMHC’s National Housing Co-Investment Fund, which supports new and revitalization construction of mixed-income, mixed-tenure, and mixed-use affordable housing.
“Serving approximately 248 units, including seniors and those living with disabilities, these repairs are an essential quality of life improvement for this building,” CMHC said.
