- 50 of the development’s suites will have below market rental rates in the City of Toronto through the City’s Open Door Affordable Housing Program. The additional 20 homes will have rents guaranteed at or below 30% of median household income in the City of Toronto.
- The development is the construction of a 21-storey mixed-use building with 233 residential homes and ground floor retail space. The residential homes range from studios to 3-bedrooms.
- Construction commenced in summer 2019 and substantial completion is expected by the summer of 2022.
- The development will include a series of interconnected open spaces and parks for both residents and visitors.
- The development will include an expansive, open concept lobby lounge with seating and gathering spaces, a study area and billiards table that will act as a social hub for the building.
- At least 54 suites will meet or exceed provincial accessibility requirements, including two universal suites where every room is accessible to those with disabilities and two adaptable suites that can be readily turned into universal suites.
- The Kip District – which the development is part of – won master-planned community of the year at the National Association of Homebuilders Awards in 2015.
- The development is designed to achieve energy-efficiency savings of 25.5% and reduced greenhouse gas emissions of 34.2% relative to the 2015 Model Buildings Codes.
- As of 2019, the rental market vacancy rate in Toronto was 1.5%.
- The rental market is an important housing option for approximately 30% of Canadians. In Toronto over 50% of households are renters.
- The RCFi, a National Housing Strategy (NHS) initiative delivered by CMHC, supports rental housing construction projects to encourage a stable supply of rental housing across the country for middle-class households struggling in expensive housing markets.
- Launched in April 2017, the RCFi has generated a lot of interest and a high number of quality applications. This is why, through Budget 2018, the Government increased the amount of low-cost loans provided by this initiative from $2.5 billion to $3.75 billion and further increased to $13.75 billion with budget 2019. In total, the RCFi will encourage the construction of 42,500 new rental housing suites across Canada.
- Low-cost loans are available to borrowers who want to build purpose-built rental housing in Canada in response to demonstrated community need.
Under the Investing in Canada plan, the Government of Canada is investing more than $180 billion over 12 years in public transit projects, green infrastructure, social infrastructure, trade and transportation routes, and Canada's rural and northern communities.
- As Canada’s authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. For more information, visit our website or follow us on Twitter, YouTube, LinkedIn, Instagram and Facebook.
To find out more about the National Housing Strategy, visit www.placetocallhome.ca.
Toronto is home to more than 2.9 million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit http://www.toronto.ca or follow us on Twitter at http://www.twitter.com/CityofToronto, on Instagram at http://www.instagram.com/cityofto or on Facebook at http://www.facebook.com/cityofto.
- Founded in 1989, Concert is active in developing rental apartments, condominium homes and seniors lifestyle communities, acquiring and developing commercial, industrial and infrastructure properties and in property management. With operations in British Columbia, Alberta and Ontario and the backing of more than 200,000 Canadians represented by the union and management pension plans, Concert is committed to building strong, sustainable communities across Canada. Concert is proud of its long history of building, owning and managing a portfolio of more than 1,200 affordable rental homes.
John Corry Director, Communications
Concert Properties 604-812-1370