Today, the City of Toronto, alongside development partners Castlepoint Numa and Hazelview, broke ground on a new purpose-built rental development in the city’s west end that will deliver 255 new purpose-built rental homes, including 51 affordable rental homes.
Mayor Olivia Chow, alongside Julie Dzerowicz, Member of Parliament for Davenport and Councillor Alejandra Bravo (Davenport), joined Castlepoint Numa to mark the start of construction at 72 Perth Ave. The project is expected to be completed by the end of 2028.
The development is supported by the City’s Rental Housing Supply Program (RHSP), which helps accelerate new rental construction by providing financial incentives and grants to create purpose-built rental housing, including affordable rental housing across Toronto.
The City has committed approximately $16.5 million in capital funding and financial incentives for 72 Perth Ave., including an indefinite deferral of all development charges, a 15 per cent property tax reduction for the purpose-built rental homes, and waiving planning fees and building permit fees for the affordable rental homes.
As part of the agreement, 20 per cent of the new rental homes will be offered at affordable rents for 40 years and managed by WoodGreen Community Services, helping to ensure long-term housing options for low- to moderate-income households.
This project is part of the City’s broader work to deliver new rental homes and support the home-building industry. The City currently supports more than 44 projects under construction, which will deliver more than 11,000 new homes when complete, including more than 6,200 rent-controlled and/or affordable homes. The City continues to request greater action and investment from the provincial and federal governments to support the creation of new homes residents can afford in Toronto.
Family-sized housing and resident amenities
Nearly half of the units will be two- and three-bedroom homes, adding to the much-needed supply of family-sized units.
The building will include a range of onsite amenities, including a fitness centre, swimming pool, children’s playroom, shared workspaces and common social areas. It will also feature bicycle storage, a repair station and direct access to the nearby West Toronto Railpath.
The development is designed with sustainability in mind, including a geothermal energy system that will reduce emissions and energy consumption by using ground-source heating and cooling.
More information about the RHSP program is available on the City’s website.
Quotes:
“Projects like 72 Perth help the people who work in this city afford to live in this city. Nurses, teachers, transit workers, artists, small business employees and families who keep Toronto moving should be able to build their lives here. With more family-sized rental homes, affordable units and homes close to transit, this project is part of our work to make sure Toronto remains a city where working people can stay, raise a family and belong.”
– Mayor Olivia Chow
“This is an important milestone for the Davenport community. These new homes will help more people stay in the community they contribute to — close to their work, schools and support networks. Rental projects like this that include affordable housing units help ensure our neighbourhood remains inclusive and accessible.”
– Councillor Alejandra Bravo (Davenport)
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