The federal government is lending $650 million to build 1,285 rental units in Scarborough. Of these, 268 units, or about 21 percent, will be affordable housing. The real estate developer Oxford Properties is constructing the units near the Scarborough Town Centre shopping mall. Local officials indicate a housing shortage in the area as Scarborough experiences growth. The rental project aims to assist families in finding suitable homes while city authorities push for increased rental supply during ongoing transit transformations.
The federal government is providing a $650-million loan to support the construction of 1,285 new rental units in Scarborough, with 268 of those designated as affordable housing.
"Scarborough is growing and is thriving. It's a place where more and more people are choosing to work, study, live and raise families," said Michael Coteau.
Toronto Deputy Mayor Paul Ainslie emphasized the need to increase rental supply in Scarborough as it undergoes a "transit transformation" with a subway extension planned.
An expert warns that the project is unlikely to benefit OMERS members despite the funding being sourced from their pension plan.
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