Toronto families will soon have more opportunity to secure affordable housing. Jean-Yves Duclos, Canada's Minister Of Families, revealed today that the government would be investing $89 million in the construction of 259 rental housing units in Toronto.
The units will be built for the sole purpose of providing middle-class families a chance to thrive in the city by providing them with affordable housing. It's an essential initiative, especially for those struggling to keep up with Toronto's ever-increasing cost of living.
"Through the National Housing Strategy, more middle-class Canadians - and those working hard to join it - will find safe, accessible and affordable homes in communities where their families can thrive, children learn and grow, and have the stability and opportunities they need to succeed. Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today." Explained Duclos in a statement.
$89 million will be invested into Terraces Of Princess Gardens, a new building that will provide affordable rental housing to Toronto families. The 16-storey building will feature units that have renting rates thirty percent lower than the standard in the area.
The project will be constructed in Toronto’s west end and will be built close to both public transit and schools. The hope is that by placing the residence in a more accessible area, it will increase the social outcome of the neighbourhood and allow local families to thrive.
The news of an affordable housing project finally being put into action is sure to bring some joy into the homes of struggling families who deserve to have a safe, affordable place to call home where they can raise their children without the stress of living paycheque to paycheque.