Thursday, September 4, 2025
The City of Toronto, LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), Fengate Asset Management and The Hi-Rise Group broke ground on a new purpose-built rental housing project in Mount Dennis. The Dennis, located on Locust Street, will provide 448 rental homes including 89 affordable rental homes.
The Dennis is one of the first projects supported through the Purpose-Built Rental Housing Incentives stream to break ground.
“The City of Toronto is taking bold steps to build more affordable homes for Torontonians. Through our incentive program that waives development charges and taxes, we’re breaking ground on 448 new homes in York South-Weston – with 20 per cent designated affordable. The Dennis is proof that our approach providing incentives, waiving fees, and speeding up approvals can help get shovels in the ground and deliver more affordable housing for Torontonians,” said Mayor Olivia Chow.
The City support, valued at approximately $29 million, is providing an indefinite deferral of development charges and a 15 per cent property tax reduction for the purpose-built rental homes, as well as a full exemption of all development fees and charges, and property taxes for the affordable rental homes for 40 years.
“On behalf of LiUNA, we are proud to partner with the City of Toronto to expand its purpose-built rental housing platform and deliver much-needed new, attainable housing to the city. As Toronto continues to grow and evolve, we remain committed to being a trusted partner in building its future – creating contextual, people-focused residential communities, while driving job creation, strengthening the skilled trades workforce, and fueling economic growth,” said Joseph Mancinelli, chair of LPFCEC, LiUNA International vice president and regional manager for Central and Eastern Canada.
The City launched the Purpose-built Rental Housing Incentives Stream, a component of the Rental Housing Supply Program, in November 2024 and approved over 8,000 rental homes, including 2,000 affordable rental homes, to benefit from a range of financial incentives estimated to cost the City approximately $457.5 million.
This initiative is part of the City’s broader work to deliver rent-controlled, affordable rental and rent-geared-to income homes with more than 44 projects that are currently under construction. When completed, these 44 projects will create more than 10,000 new homes, including nearly 7,100 that are purpose-built rental, and nearly 50 per cent of which will be rent-controlled and affordable rental homes.
The City is ready to continue incentivizing purpose-built rental homes and is requesting the Province invest $596 million in the City’s Purpose-built Rental Housing Incentives stream and unlock almost 16,000 new rental homes that are ready to start construction in the next two years. The City requests the federal government increase investment in key Canada Mortgage and Housing Corporation (CMHC) funding and financing programs, which are critical in getting projects from approvals to construction start.
“Initiatives such as the City of Toronto’s Purpose-built Rental Housing Incentives Stream are vital to the future of residential development within our city,” said Jaime McKenna, president, Fengate Real Estate. “These initiatives allow for greater partnership with government to bring more affordable housing options for residents, removing barriers and unlocking access to the residential market for everyone.”
Featured image: Ceremonial groundbreaking for The Dennis including Toronto Mayor Olivia Chow, Councillor Frances Nunziata (York South-Weston), and representatives from LiUNA, Fengate Asset Management, The Hi-Rise Group, CreateTO, and ITC Construction Group. (Fengate Asset Management)
