TORONTO — Prime Minister Mark Carney announced a $2.7-billion federal expenditure over three years to unlock more than 18 rental housing projects across Toronto, delivering over 5,600 new homes with shovels in the ground on more than 4,500 by year’s end.Standing at the Kennedy Green co-op site in Scarborough alongside Mayor Olivia Chow and Housing Minister Gregor Robertson, Carney said the money — distinct from earlier development-charge relief — would fund both non-market projects through Build Canada Homes and low-cost financing via CMHC’s Apartment Construction Loan Program. More than 1,800 of the units are described as deeply affordable, supportive or rent-controlled.Mid-speech, Carney briefly misspoke while announcing the deal, referring to an agreement with the “City of Ontario” before correcting himself to the City of Toronto and noting he had Premier Doug Ford on his mind..After, the Western Standard asked Carney whether he supports any concrete reforms to the equalization formula, as Alberta Premier Danielle Smith has demanded, including ending the GDP growth escalator, or if the government simply plans to maintain the status quo until the scheduled 2029 review.Carney replied that the current agreement remains in place for predictability, with the next formal review in 2029. He pivoted quickly to housing, framing the Toronto projects as part of ensuring Canadians have access to comparable services, including the ability to live near where they work.The announcement comes as Ontario continues to lag its 1.5-million-home target and as Toronto Community Housing faces large capital shortfalls. Carney and Chow emphasized partnership and speed, with the city contributing land at nominal value plus hundreds of millions in incentives.You can watch the full press conference below.
