Carney and Chow announce new federal affordable housing funding for Toronto
Prime Minister Mark Carney and Mayor Olivia Chow are set to unveil housing measures Wednesday at 2:30 p.m. ET, as Toronto Community Housing faces a $3 billion funding shortfall.
The day's top stories, food & events — every morning at 7. Unsubscribe anytime.
Prime Minister Mark Carney and Toronto Mayor Olivia Chow are set to announce new measures to address Toronto's affordable housing shortage Wednesday at 2:30 p.m. ET. The timing is significant: Toronto Community Housing, which manages more than half the city's public rental stock, is facing a funding crisis.
Between 2026 and 2035, the agency anticipates $4.5 billion in required investments to maintain and repair its portfolio. Currently, it has $1.5 billion in planned funding — leaving a gap of $3 billion. Without additional resources, the agency warns that as much as 54 percent of its housing stock could deteriorate into critical condition over the next decade.
The announcement also comes as Ontario falls further behind its stated goal of building 1.5 million homes by 2031. The province's housing targets have slipped repeatedly, and Toronto's market has remained sluggish through much of the year despite some recent gains.
The federal commitment to Toronto Community Housing that currently funds a significant portion of the agency's annual repairs is set to expire in the coming months, adding urgency to Wednesday's announcement. This marks the first time Chow and Carney will appear together to take questions since the federal government rejected Ontario's proposal to expand Billy Bishop airport in July, rejecting plans for jet service in favour of focusing on approved safety upgrades already underway.
What specific new funding amount is being announced, and over how many years?
Will these measures fund repairs to existing Toronto Community Housing stock, new construction, or both?
What triggers the current federal funding to expire, and what happens to TCH if no new agreement is reached?
We'll update this story as answers emerge.
The facts
When are Carney and Chow announcing new housing measures?
Prime Minister Mark Carney and Mayor Olivia Chow are announcing new measures on Wednesday, August 5, 2026 at 2:30 p.m. ET.
How much funding does Toronto Community Housing currently lack?
Toronto Community Housing faces a $3 billion funding shortfall between 2026 and 2035, having only $1.5 billion in planned funding against $4.5 billion in required investments.
What percentage of Toronto Community Housing's stock could deteriorate without additional funding?
As much as 54 percent of Toronto Community Housing's housing stock could deteriorate into critical condition over the next decade without additional resources.
