As part of its plan to protect Ontario and build a more competitive, resilient and self-reliant province, the government is investing approximately $83 million through the Building Ontario Fund (BOF) to create a new, multi-phased student housing development at Toronto Metropolitan University (TMU). The first phase of the project will result in a new 21-storey tower at 100 Bond Street, revitalizing a key area of the city and making student housing more affordable in Ontario's most competitive housing market.
"Amid global uncertainty, our government is protecting Ontario's future by building housing that meets the unique needs of our growing province," said Peter Bethlenfalvy, Minister of Finance. "This investment through the Building Ontario Fund will make student housing in Toronto more affordable, revitalize the downtown core and help ensure that Ontario remains one of the best places in the world to study, work and live."
The new residence at 100 Bond Street will add nearly 1,400 new student beds in the heart of downtown Toronto. The project will more than double TMU's on-campus housing capacity and provide affordable accommodation options well below average Toronto rents.
"In the face of economic uncertainty, our government remains laser-focused on bolstering student success in Ontario," said Nolan Quinn, Minister of Colleges, Universities, Research Excellence and Security. "Through this investment, our government is expanding access to affordable student housing so more students at Toronto Metropolitan University can remain focused on learning the skills they need to thrive in their future careers."
In partnership with Cedar Podium Investment Management, the Bond Street project is the first housing investment through BOF. Pre-construction is expected to begin in late 2025 and is part of the government's plan to protect Ontario by making life more affordable for students and strengthening the province's world-class publicly funded colleges and universities.
As Ontario faces global economic uncertainty and persistent housing pressures, the government is taking decisive action to build more homes, strengthen communities and protect Ontario's future. BOF is part of that plan, supporting projects that grow the province's economy, competitiveness and resilience.
Quick Facts
- Building Ontario Fund (BOF) works with trusted institutional investors and Indigenous partners to close a financing gap and enable priority infrastructure projects to move from vision to reality and drive long-term economic growth.
- BOF plays a critical role in accelerating investment in high-impact, revenue-generating infrastructure projects in Ontario across six priority areas: energy, affordable housing, long-term care, transportation, municipal and community infrastructure and critical minerals.
- BOF has played a pivotal role in moving this project forward by investing a total of $83 million in debt financing, a type of loan, for the first phase of the project.
- The Bond Street building is the first phase of an approximately $200 million investment through the Building Ontario Fund to expand housing at TMU.
- Last year, the Ontario Government encouraged collaboration between municipalities and publicly funded postsecondary institutions for student housing through a Provincial Planning Statement (PPS), which acknowledges land around institutions as "strategic growth areas" to support student housing expansion.
Quotes
"This development represents a unique partnership that brings together a visionary university and an experienced developer to address the urgent need for more reasonably priced student housing in one of Canada's most expensive markets. This is exactly the kind of bold, catalytic investment that we were created to enable."
- Michael Fedchyshyn, CEO, Building Ontario Fund
"This new residence not only increases on-campus housing options at TMU, it also reflects the university's commitment to student success. Doubling the space for accommodations ensures that students have more options to positively influence their academic performance and be part of a thriving campus community. We are grateful to our partners, Cedar Podium and the Ontario government, for their collaboration in making this project possible and helping develop a central part of Toronto's downtown core."
- Mohamed Lachemi, President and Vice-Chancellor, Toronto Metropolitan University
"Cedar Podium is proud to collaborate with Toronto Metropolitan University and the Ontario government in delivering sustainable, high-quality infrastructure that supports the university's long-term vision for growth and student success. The Bond Street Residence reflects our shared commitment to developing world-class, purpose-built accommodation that enhances accessibility, affordability, and the overall campus experience. This project underscores our dedication to building enduring partnerships and creating lasting value for Ontario's post-secondary communities."
- Bernard Luttmer, CEO, Cedar Podium
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