Today, the City of Toronto and Councillor Brad Bradford (Beaches-East York) joined Cannect Homes to mark the start of construction for 90 new affordable and market rental homes in the Beaches.
Located at 507-511 Kingston Road, the project is being led by Cannect Homes in partnership with Neighbours and Streetcar Developments. The development will transform a previously proposed condominium project into a purpose‑built, mixed-income rental building, helping to expand long‑term rental housing options in the community.
Once complete, the building will include 90 rental homes, comprised of 30 affordable rental units and 60 rent-controlled units.
The project is supported by the City of Toronto’s Rental Housing Supply Program (RHSP). Through the program, the City has contributed $7.8 million in capital funding towards this development, along with additional incentives, including a property tax exemption for the duration of the 40-year affordability period.
Rental Housing Supply Program
The Rental Housing Supply Program was created to support the construction of new rental homes across Toronto and to help advance the goals of the City’s HousingTO 2020–2030 Action Plan.
RHSP supports eligible rental housing projects through a range of financial tools, including:
The program helps restart delayed housing projects and encourages new rental buildings, leading to more housing and better affordability for people across Toronto.
Quotes:
“We created the Rental Housing Supply Program in 2024 with projects exactly like this one in mind. Instead of luxury condos, 511 Kingston will now be home to an inclusive rental community, made possible by $7.8 million in capital funding and incentives from the City. Thank you to Cannect Homes, Neighbours, and Streetcar Developments for making this a reality.”
– Mayor Olivia Chow
“I’m excited to attend the groundbreaking of 507-511 Kingston Rd., a purpose-built rental project that shows what’s possible when the private sector, non-profits, and governments work together. Together, we’re delivering new market and affordable housing for Beaches–East York. Let’s build more like this across the city.”
– Councillor Brad Bradford (Beaches-East York)
“511 Kingston Road represents an exciting new approach to inclusive housing. It shows that affordable housing can be synonymous with taste, quality, and modern living. By combining these elements, the project creates a community where all residents feel proud of their homes and helps eliminate the stigma often associated with affordable housing.”
– Marcus Tzaferis, Founder & Chief Executive Officer, Cannect
“As Toronto continues to face a housing shortage, we’re proud to help create homes with 30 per cent of units deeply affordable. This project exemplifies a collaborative effort to bring forward inclusive, mixed-income housing that meets the city’s growing demand for quality affordable rental options and we’re excited that our clients will have the opportunity to live in a beautiful new building in a great neighbourhood.”
– Gautam Mukherjee, Chief Executive Officer, Neighbours.
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