Toronto Breaks Ground on 448 New Purpose-Built Rental Homes in Mount Dennis
TORONTO — The City of Toronto is moving quickly to boost its rental housing supply, officially breaking ground today on The Dennis, a new purpose-built rental project in Mount Dennis that will deliver 448 rental homes, including 89 affordable units.
Mayor Olivia Chow and local Councillor Frances Nunziata (York South-Weston) joined representatives from the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), Fengate Asset Management, and The Hi-Rise Group to mark the milestone.
The project, located on Locust Street, is among the first to advance under the City’s Purpose-Built Rental Housing Incentives stream, part of the Rental Housing Supply Program.
City Support and Incentives
The City’s backing, valued at approximately $29 million, includes:
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Indefinite deferral of development charges for all rental units.
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A 15% property tax reduction for the purpose-built rental homes.
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A full exemption from development fees and charges, plus property tax waivers for the affordable homes for 40 years.
Since launching the incentives stream in November 2024, Toronto has approved over 8,000 rental homes, including 2,000 affordable units, through financial supports estimated at $457.5 million.
City of Toronto fast tracks purpose-built rentals, breaks ground on 448 rental homes
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— City of Toronto 🇨🇦 (@cityoftoronto) September 3, 2025
Addressing Housing Needs
Currently, more than 44 projects are under construction across the city, representing 10,000 new homes, nearly half of which are affordable and rent-controlled.
Mayor Chow emphasized that while the City is taking bold steps, collaboration from provincial and federal governments is essential. Toronto is requesting:
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$596 million from the Province of Ontario to unlock nearly 16,000 additional rental homes within the next two years.
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Expanded funding from Canada Mortgage and Housing Corporation (CMHC) to accelerate approvals and move projects to construction.
Voices from City Hall and Partners
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“Through our incentive program that waives development charges and taxes, we’re breaking ground on 448 new homes in York South-Weston – with 20% designated affordable,” said Mayor Olivia Chow. “This project shows how incentives and faster approvals can deliver real results for Torontonians.”
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“This is the first project in my ward to benefit from the program, and I look forward to seeing more housing projects in York South-Weston access this important accelerator,” added Councillor Frances Nunziata.
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Joseph Mancinelli, Chair of LPFCEC and LiUNA International Vice President, said LiUNA remains committed to building Toronto’s future: “We are proud to expand purpose-built rental housing while driving job creation, strengthening the skilled trades workforce, and fueling economic growth.”
The Bigger Picture
Toronto’s rental housing shortage remains one of the city’s most pressing challenges. Purpose-built rentals, particularly those with affordable units, are seen as key to addressing rising rents and limited availability.
City officials say today’s groundbreaking at The Dennis reflects a growing commitment to accelerate housing solutions, while ensuring affordability and livability in rapidly growing communities like Mount Dennis.
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