A Toronto rental development reached a groundbreaking milestone backed by $165 million in federal loan-program financing, according to a CMHC announcement dated Oct. 16, 2026.

The Bull Tower at 128 Peter Street is planned to contain 370 rental homes. The site is in the entertainment district, close to transit, parks and other local amenities described in the release.

Financing is provided through the Apartment Construction Loan Program, which uses repayable loans to encourage rental development. The announced amount is financing support, rather than a statement that the federal government has purchased the apartments.

The project adds a specific construction milestone to Toronto’s rental-supply pipeline. Groundbreaking and occupancy are separate stages: the announcement does not show that the 370 homes have been completed, or establish the rent for an individual future tenant.

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CMHCCanada announces the groundbreaking of new homes in Toronto

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