Ontario Construction News staff writer
The federal government is providing $165 million in low-cost financing to support construction of 370 rental homes at 128 Peter St. in downtown Toronto.
The project, called The Bull Tower, is located in the city’s entertainment district, close to transit, parks and other amenities.
The funding is being provided through the federal government’s $55-billion Apartment Construction Loan Program (ACLP), which offers low-interest, fully repayable loans to encourage the construction of purpose-built rental housing.
“We are taking action to increase the supply of new rental housing by investing $165 million in the construction of 370 new homes in our community,” Chi Nguyen, MP for Spadina-Harbourfront, said at the event. “This is about more than constructing homes, it is about creating opportunities for individuals and families to put down roots, thrive and contribute to a stronger, more inclusive Toronto where everyone can feel at home.
“This project will create much-needed rental homes at the heart of Toronto’s thriving entertainment district.”
According to Kingdom Development Inc., the project represents a milestone in the company’s efforts to build rental housing in downtown Toronto.
The ACLP targets building more than 131,000 new rental homes across Canada by 2031-32. As of June 2026, the Canada Mortgage and Housing Corp. had committed $32 billion in loans through the program to support more than 81,918 rental homes.
The program is part of the federal government’s National Housing Strategy and is intended to increase rental supply, complementing other initiatives focused on affordable housing for lower-income households.
