Toronto fast tracks purpose-built rentals, breaks ground on 448 rental homes

The City of Toronto, along with LiUNA Pension Fund of Central and Eastern Canada, Fengate Asset Management, and The Hi-Rise Group, has initiated the development of a new purpose-built rental housing project named The Dennis in Mount Dennis, Toronto. This project will offer 448 rental homes, including 89 affordable rental units, supported by the city's Purpose-Built Rental Housing Incentives program. The initiative is designed to fast-track affordable housing by waiving development fees and providing tax reductions, with the hope that similar projects will unlock nearly 16,000 new rental homes. The city's broader housing strategy aims to deliver over 10,000 new homes, with substantial provincial and federal support requested to meet these goals.