TORONTO — Ottawa has announced $165 million in federal financing to help build 370 rental homes at The Bull Tower, a project at 128 Peter Street in Toronto's entertainment district.

The October 16 announcement comes through the Apartment Construction Loan Program. CMHC describes the programme's financing as fully repayable, low-interest loans—not grants.

Spadina–Harbourfront MP Chi Nguyen made the announcement on behalf of Housing Minister Gregor Robertson. The release identifies Kingdom Development Inc. as the developer and includes a statement from its chief executive, Jason Yang.

Planned rental supply, not completed homes

The announcement concerns construction financing and a groundbreaking, not apartments already available for tenants. The release does not provide an occupancy date or a detailed rent schedule.

Although the government's announcement places the project within its broader housing-affordability efforts, it does not establish that every apartment will have a specified below-market rent.

The loan programme supports purpose-built rental construction for middle-class households and is separate from federal programmes focused on lower-income housing.

Source: CMHC's complete project announcement, distributed October 16 at 1:45 p.m. Toronto time.

Lead image: CMHC's official logo supplied with its news release, used to identify the financing agency. Not a photograph or rendering of The Bull Tower.