Canada to invest C$2.7bn in Toronto rental housing to tackle affordability crisis

TORONTO (Web Desk) - Canadian Prime Minister Mark Carney has announced a C$2.7 billion ($1.9 billion) investment over the next three years to build rental housing in Toronto as part of the federal government's efforts to improve housing affordability in Canada's largest city.

Speaking at a news conference, Carney said the funding agreement with the City of Toronto will support the construction of more than 18 housing projects, delivering over 5,600 new rental units.

The initiative will include around 1,800 affordable, supportive or rent-controlled homes aimed at helping residents facing rising housing costs.

Toronto, home to more than seven million people in its metropolitan area, is Canada's financial centre and one of the country's most expensive housing markets.

"Too many Torontonians have been struggling to afford their rent. Today's announcement is part of changing that," Carney said.