New rental project comes amid continuing affordability struggles in the city
The federal government, through the Canada Mortgage and Housing Corporation (CMHC), announced on Monday, an investment exceeding $81.5 million to construct 159 new rental homes in Toronto. The initiative, part of the Apartment Construction Loan Program (ACLP), arrives with Toronto facing a sharp affordability crisis even as rents and house prices have slid over recent months.
Gregor Robertson, minister of housing and infrastructure and minister responsible for Pacific Economic Development Canada, revealed the plan. He stated that the investment would “help make housing more affordable for families in the city.” The commitment, he said, underscores the government’s dedication to “catalyzing housing supply to bring down costs.”
The new development, named Vivant at Bedford Park, will be located at 3101 Bathurst Street. Medallion Corporation will develop the nine-storey building, which is designed as a purpose-built rental apartment complex. It aims to provide individuals and families modern, energy-efficient tenancies. The site’s strategic location near public transit, restaurants, bakeries, and shops within the vibrant North York community is expected to provide residents with convenient access to essential services and local businesses.
Scott Cryer, chief financial officer of Medallion Corporation, expressed enthusiasm for the partnership, noting Medallion’s more than 60 years of providing rental housing. “The CMHC’s ongoing commitment to the Apartment Construction Loan Program is essential to building affordable rental homes, which this community and Toronto desperately need,” he said. “We’re thrilled CMHC has partnered with us on Vivant on Bedford Park.”
Construction is currently underway and is anticipated to be completed by the fall of 2027.
Project funded under National Housing Strategy
This project falls under the umbrella of the National Housing Strategy (NHS), a comprehensive 10-year, $115+ billion plan to provide more Canadians with a place to call home. As of March 2025, the federal government has committed $65.84 billion to support the creation of over 166,000 housing units and the repair of over 322,000 units, prioritizing those in greatest need.
The Apartment Construction Loan Program, a key component of the NHS, offers low-cost financing to support the construction of new rental homes across Canada. The program, extended to 2031-2032, aims to create more than 131,000 new rental homes.
CMHC has already committed $23.35 billion in loans through the ACLP, supporting the creation of over 59,000 rental homes. Budget 2024 enhancements to the ACLP include eligibility for on- and off-campus student housing and independent seniors’ housing, with a focus on maximizing rental supply and social outcomes.
What are your thoughts on how this new investment will impact Toronto’s housing market? Share your insights in the comments below.
