mirvish village development

Mirvish Village development in Toronto will now include 366 affordable housing units

Members of Toronto's municipal government and federal MPs announced today that the Mirvish Village development will now include 366 affordable housing units thanks to new federal funding. 

During a press conference at the construction site where beloved store Honest Ed's once stood, Social Development Minister Ahmed Hussen said the federal government has agreed to provide an additional $200 million of funding from the Canada Mortgage and Housing Corporation (CMHC).

When completed, the development will consist of six buildings, all under 30 storeys, with a total of 916 rental units —  30 per cent of which will be affordable.

 Originally, only 85 of these units were set to be affordable rental homes, with 32 of them designated for seniors.

The newly announced federal funding means it will instead include 366 affordable units, with 100 of them costing just 80 percent of the average market rent in Toronto.

The other 266 will be priced at or below 30 per cent of median household income.

According to City Councillor Mike Layton, these affordable units will be scattered throughout the project and will be of the same quality and design as market rent units.

"Investing in affordable housing is the most important thing we can do to build a liveable city," Layton said in a statement. 

"My hope is that today’s announcement shows what is possible for new developments in Toronto when we come together to work for what is best for people in our city."

Beloved discount store Honest Ed's was sold back in 2013 and officially closed its doors on December 31, 2016. 

During today's press conference, Hussen said he shopped at Honest Ed's when he was new to Canada because it was all he could afford.

He added that it's important to ensure the development taking its place provides much-needed affordable housing to residents of this city.

In addition to rental units, Hussen said the development will also include a public park, a marketplace, community services, micro-retail spaces, an outdoor performance venue and public art installations curated in partnership with David Mirvish — the son of Ed Mirvish who founded Honest Ed's.

"Today’s announcement is another great example of what can be accomplished when governments work together," Tory wrote on Twitter following the announcement, "and I want to thank the federal government for their continued commitment to helping make sure residents in Toronto have access to safe, secure and affordable housing."

Lead photo by

Jeremy Gilbert

Join the conversation Load comments

Latest in Real Estate

This Toronto loft once home to military manufacturers on sale for less than $800K

The last time this $9 million house sold in Toronto was the 1970s

Toronto is getting a huge new luxury condo tower

Toronto office vacancy rate soars as people continue to work from home

This is what a $900K detached house with a huge backyard looks like in Toronto

A proposal to build one of Toronto's tallest buildings is back from the dead

This is what a $16 million mansion looks like in Toronto

Huge tower and new subway entrance could soon transform Toronto intersection