Canada Government to Announce $471 Million for Toronto in Housing Deal

The federal government of Canada is set to announce nearly half a billion dollar in housing funding for the City of Toronto, according to a senior government source.

The source, who spoke on the condition of anonymity to discuss matters not yet made public, confirmed a report in the Globe and Mail that Toronto was slated to receive $471 million from the Housing Accelerator Fund.

The $4-billion fund is a federal initiative to encourage municipalities to make changes to by-laws and regulations that would spur more housing construction, in exchange for more money.

Some of the changes Ottawa has pushed for include denser zoning and faster issuance of permits.

Prime Minister Justin Trudeau will be in Toronto this morning to make the announcement alongside Housing Minister Sean Fraser, Toronto Mayor Olivia Chow and others.

Including the announcement today, Ottawa has reached deals with 16 municipalities across the country.