Canada commits $165 million loan for Toronto rental tower

The federal government announced a $165 million loan on Oct. 16, 2026, to construct a 370-unit rental building in downtown Toronto. The funding for the project, named The Bull Tower, comes from the Apartment Construction Loan Program managed by the Canada Mortgage and Housing Corporation.

The development is located at 128 Peter Street in Toronto's entertainment district. Officials officially marked the construction groundbreaking for the project on October 16, 2026.

Chi Nguyen, Member of Parliament for Spadina-Harbourfront, announced the loan on behalf of Gregor Robertson, Minister of Housing and Infrastructure and Minister responsible for Pacific Economic Development Canada. Nguyen stated that the development will increase the local supply of purpose-built rental housing.

"Through the Apartment Construction Loan Program, 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," Nguyen said in a statement.

The financing is delivered as part of the federal government's broader Build Canada Homes strategy. The initiative aims to speed up homebuilding across Canada by working with provinces, territories, municipalities, and Indigenous communities to construct supportive, transitional, and community housing, while partnering with private market builders.

The Bull Tower is being built by Kingdom Development Inc. Jason Yang, chief executive officer of Kingdom Development Inc., said the firm is partnering with CMHC, the federal government, and the City of Toronto on the project.

"The Bull Tower represents an important milestone in Kingdom’s commitment to creating high-quality rental homes in downtown Toronto," Yang said in a statement. "We are proud to work alongside the Government of Canada, CMHC, the City of Toronto, and our project partners to help address the city’s growing housing needs."

The project location at 128 Peter Street places the residential units near public transit routes, city parks, entertainment venues, and neighborhood amenities, according to CMHC. Federal representatives noted that such investments are intended to strengthen housing supply chains and generate construction jobs across Canada.

The Apartment Construction Loan Program provides $55 billion in low-cost, fully repayable loans to encourage rental home construction for middle-class Canadians. The federal program aims to support the construction of more than 131,000 new rental units nationwide by the 2031-2032 period.