The Canadian government is joining forces with the Ontario provincial government and the city of Toronto to fund a major housing scheme on Toronto’s waterfront.
They’ll contribute a combined US$680m to build around 14,000 homes, including affordable rental housing, with each layer of government contributing a third of the total.
The federal government is spending an additional US$140m to support flood prevention measures.
The programme is being overseen by Waterfront Toronto, which was formed to develop 800ha of Lake Ontario’s shoreline.
The company says the work will create up to 100,000 skilled jobs and add C$13.2bn to the economy.
Houses will be built at Quayside and Ookwemin Minising, a new island being created in the Port Lands.
Mayor Olivia Chow said the funding would help to build “a city within a city”.
“It means housing, good jobs, people coming here,” she said.
She added that around 20-30% of the units would meet the city’s definition of affordable.
Jack Winberg, the chair of Waterfront Toronto, said the quarter would help Toronto compete with other cities for investment, talent and tourists.
Construction will begin next year, with the goal of opening to residents in 2031.
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