TORONTO — As Toronto continues to push forward with bold action on affordable housing, a major new project is officially underway in Mount Dennis. On September 3, 2025, Mayor Olivia Chow and Councillor Frances Nunziata joined partners from LiUNA Pension Fund, Fengate Asset Management, and The Hi-Rise Group to break ground on The Dennis — a new 10-storey rental development that will bring 448 rental homes, including 89 affordable units, to Locust Street.
The Dennis is one of the first housing projects to break ground under Toronto’s new Purpose-Built Rental Housing Incentives Stream, part of the City’s broader Rental Housing Supply Program launched in November 2024. With $29 million in city-backed incentives, the development benefits from:
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Indefinite deferral of development charges
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15% property tax reduction for market-rate rentals
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Full exemption from property taxes and development fees for affordable units (for 40 years)
A City-Wide Push to Build Faster
Toronto’s new incentives stream is designed to accelerate construction of purpose-built rental homes, with over 8,000 units approved since launch — including 2,000 affordable units. As of today, 44 housing projects are under construction city-wide, representing:
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10,000+ new homes in total
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Nearly 7,100 purpose-built rentals
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Approximately 50% designated as rent-controlled or affordable
Mayor Olivia Chow emphasized that the City is doing its part, but called on provincial and federal governments to step up:
“The Dennis is proof that our approach—providing incentives, waiving fees, and speeding up approvals—can help get shovels in the ground and deliver more affordable housing for Torontonians.”
To unlock even more housing, the City is requesting:
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$596 million from the Province to accelerate nearly 16,000 shovel-ready units
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Increased CMHC funding and financing from the federal government
Councillor Nunziata: “The First of Many”
This marks the first Mount Dennis project to benefit from the new incentives program.
“I am looking forward to this being the start of more shovels in the ground,” said Councillor Frances Nunziata. “There are several approved housing projects in my ward, and I hope more will be able to participate in this important accelerator program.”
A Labour-Led Housing Partnership
The Dennis is being developed in partnership with:
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LiUNA Pension Fund of Central and Eastern Canada (LPFCEC)
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Fengate Asset Management
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The Hi-Rise Group
“We remain committed to being a trusted partner in building Toronto’s future—creating people-focused residential communities, while driving job creation, strengthening the skilled trades workforce, and fueling economic growth,” said Joseph Mancinelli, Chair of LPFCEC.
The Keys to the City
Mount Dennis, often overlooked in Toronto’s development narrative, is becoming a critical hub for equitable growth. With housing projects like The Dennis, the neighbourhood’s future includes:
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Transit-accessible, purpose-built rentals
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Long-term affordable units with 40-year tax exemptions
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City-led, union-built housing that prioritizes both homes and jobs
As Toronto grapples with rising rents and a shrinking supply of affordable options, this project shows what’s possible when all levels of government and the labour sector align around real solutions.
At a Glance: The Dennis – Mount Dennis
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Location: Locust Street, Mount Dennis (York South-Weston)
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448 rental units total
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89 affordable units (20%)
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$29M in municipal incentives
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Developers: LiUNA Pension Fund, Fengate, The Hi-Rise Group
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Broke ground: September 3, 2025
Call to Action
To unlock more projects like this, the City of Toronto is calling on:
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The Province of Ontario to invest $596M in housing incentives
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The Government of Canada to boost CMHC funding and help projects start construction faster
Affordable housing doesn’t build itself — but The Dennis shows what’s possible when all players show up.
Keys to the City is GTA Weekly’s weekly spotlight on affordable housing across the Greater Toronto Area. From shovel-ready builds to bold proposals, we break down the facts and the future.
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