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Toronto: Ottawa announces $165M in loans for 370 rental homes at Bull Tower
The federal government announced on October 16 that it will provide $165 million in low-interest financing through CMHC's Apartment Construction Loan Program to help build 370 rental homes at The Bull Tower, 128 Peter Street in Toronto's entertainment district.
Why it matters
On October 16, Ottawa announced $165 million in federal financing through the Canada Mortgage and Housing Corporation's Apartment Construction Loan Program to help build 370 rental homes at The Bull Tower, 128 Peter Street in Toronto's entertainment district. Spadina–Harbourfront MP Chi Nguyen made the announcement on behalf of Housing Minister Gregor Robertson.
Full report
The developer is Kingdom Development Inc., whose chief executive Jason Yang issued a statement with the announcement. CMHC describes the program's financing as fully repayable, low-interest loans — not grants — supporting purpose-built rental construction for middle-class households. The announcement concerns construction financing and a groundbreaking: the release gives no occupancy date or detailed rent schedule, and does not establish that every apartment will carry a specified below-market rent.
The project adds to federal housing financing in Toronto: in August, Ottawa and the City of Toronto announced a $2.7 billion partnership advancing 18 housing projects and 5,605 rental homes across the city.
Source: The Northern Current (Oct 16, 2026); CNW release via EuropeSays.
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