Local 793 members working in the residential construction sector in Toronto can look forward to expanding work opportunities over the next several years after Prime Minister Mark Carney announced a $2.7 billion investment program to deliver 5,600 new rental homes by 2031.
The money will go towards 18 projects in and around the city, with work to begin on 4,500 new homes this year.
After a years-long development boom, the city’s condo development market has slowed significantly in recent times, with demand plummeting and new units left unsold. In fact, a recent report showed that in the first quarter of 2026, just 246 new condos were sold in the Greater Toronto Hamilton region, down 52% from a year earlier.
PM Carney says the government’s intervention is particularly aimed at bringing more affordable housing onto the market, which means rent would not cost more than 30% of income. Of the units planned, 1,800 will be affordable.
He said, “Every home in this portfolio will be a rental. And together they span the entire continuum, from supportive housing to affordable homes. For decades, Toronto simply did not build enough homes, and too much of what was built was unaffordable for most Torontonians.”
