Ontario Invests $83 Million to Build Affordable Student Housing at TMU

New 21-storey residence will double on-campus capacity and support affordability for students in downtown Toronto

TORONTO — The Ontario government has announced an $83 million investment through the Building Ontario Fund (BOF) to support the construction of a major new student housing development at Toronto Metropolitan University (TMU). The first phase of the project will create a 21-storey tower at 100 Bond Street, adding nearly 1,400 new student beds and more than doubling the university’s on-campus housing capacity.

Finance Minister Peter Bethlenfalvy said the project represents a key step in building a more resilient and self-reliant Ontario economy while addressing affordability challenges in Canada’s largest city.

“This investment through the Building Ontario Fund will make student housing in Toronto more affordable, revitalize the downtown core, and help ensure that Ontario remains one of the best places in the world to study, work and live,” said Minister Bethlenfalvy.

Amid global uncertainty, our government is protecting Ontario’s future by building housing that meets the unique needs of our growing province.

We’re investing $83 million to build a new 21-storey tower at @TorontoMet, expanding access to affordable student housing. pic.twitter.com/G7rYGzvNU1

— Peter Bethlenfalvy (@PBethlenfalvy) November 13, 2025

Expanding Access to Affordable Student Housing

The Bond Street residence will offer affordable units priced well below market rent and will serve as the first student housing investment under the Building Ontario Fund. Pre-construction is expected to begin later in 2025.

Minister of Colleges, Universities, Research Excellence and Security Nolan Quinn emphasized that the investment is part of the government’s broader commitment to student success:

“Through this investment, our government is expanding access to affordable student housing so more students at Toronto Metropolitan University can remain focused on learning the skills they need to thrive in their future careers,” said Minister Quinn.

The project is being developed in partnership with Cedar Podium Investment Management, marking a collaboration between the provincial government, institutional investors, and the private sector.

Driving Growth Through the Building Ontario Fund

The Building Ontario Fund was established to accelerate investment in critical infrastructure across six key areas — including affordable housing, energy, transportation, long-term care, municipal infrastructure, and critical minerals. The fund supports projects that advance Ontario’s competitiveness, economic resilience, and quality of life.

According to Michael Fedchyshyn, CEO of the Building Ontario Fund:

“This development represents a unique partnership that brings together a visionary university and an experienced developer to address the urgent need for more reasonably priced student housing in one of Canada’s most expensive markets.”

Follow GTA Today on social media for more local news and updates. #GTAToday