Karandeep-Toronto — The City of Toronto has secured $1.5 billion through the Canada-Ontario Partnership to Build initiative, funding that the city says will support new housing construction and help reduce development charges, according to a news release published by the City of Toronto.
The funding arrives as Toronto continues to face pressure to accelerate housing supply across the city. City officials say the partnership funding is intended to help offset costs tied to municipal infrastructure and development approvals, making it more viable to bring new housing projects to market.
The announcement was made in late June as part of a broader series of city updates that also included the reopening of Kidstown Water Park and preparations for the city's Summerlicious dining program.
Further details on how the funding will be allocated across specific housing initiatives are expected to be released by the City in the coming weeks.