The Ontario government is investing $300 million to convert approximately 2,200 unsold condo units in the GTA into long-term rental apartments. Partnering with High Art Capital through the Building Ontario Fund (BOF), the initiative aims to address the region’s housing supply challenges. A significant portion, around 550 units, will be designated as affordable housing, with rents set below market rates. This innovative approach leverages existing inventory to quickly increase rental options and provide much-needed affordable homes for Ontarians. The program seeks to secure long-term affordability through legal agreements and support labour mobility by offering housing near employment centers. For a deeper dive into this initiative and its potential impact on the GTA’s rental market, visit the original article on UrbanToronto.ca.
Source: Read the original article
