Friday, November 14, 2025
The Government of Ontario announced it is investing approximately $83 million through the Building Ontario Fund (BOF) to create a new, multi-phased student housing development at Toronto Metropolitan University (TMU). The first phase of the project will result in a new 21-storey tower at 100 Bond Street.
“Amid global uncertainty, our government is protecting Ontario’s future by building housing that meets the unique needs of our growing province,” said Peter Bethlenfalvy, Minister of Finance. “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.”
The new residence at 100 Bond Street will add nearly 1,400 new student beds in the heart of downtown Toronto. The project will more than double TMU’s on-campus housing capacity and provide affordable accommodation options well below average Toronto rents.
“In the face of economic uncertainty, our government remains laser focused on bolstering student success in Ontario,” said Nolan Quinn, Minister of Colleges, Universities, Research Excellence and Security. “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.”
In partnership with Cedar Podium Investment Management, the Bond Street project is the first housing investment through BOF. Pre-construction is expected to begin in late 2025 and is part of the government’s plan to protect Ontario by making life more affordable for students and strengthening the province’s world-class publicly funded colleges and universities.
“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. This is exactly the kind of bold, catalytic investment that we were created to enable,” said Michael Fedchyshyn, CEO, Building Ontario Fund.
“This new residence not only increases on-campus housing options at TMU, it also reflects the university’s commitment to student success. Doubling the space for accommodations ensures that students have more options to positively influence their academic performance and be part of a thriving campus community. We are grateful to our partners, Cedar Podium and the Ontario government, for their collaboration in making this project possible and helping develop a central part of Toronto’s downtown core,” said Mohamed Lachemi, president and vice-chancellor, Toronto Metropolitan University.
“Cedar Podium is proud to collaborate with Toronto Metropolitan University and the Ontario government in delivering sustainable, high-quality infrastructure that supports the university’s long-term vision for growth and student success. The Bond Street Residence reflects our shared commitment to developing world-class, purpose-built accommodation that enhances accessibility, affordability, and the overall campus experience. This project underscores our dedication to building enduring partnerships and creating lasting value for Ontario’s post-secondary communities,” said Bernard Luttmer, CEO, Cedar Podium.
Featured image: (Building Ontario Fund)
