Located at 300 the East Mall, the Valhalla Village project is a two-tower affordable housing development featuring 494 units for middle class families and individuals. Developed by Kingsett Capital, together with its project team BDP Quadrangle and Reliance Construction Group, the project was made possible thanks to a $235-million repayable, low-interest loan secured through Canada’s Apartment Construction Loan Program.
Valhalla Village is designed to be net-zero carbon through geothermal heating and is on track to achieve the Canada Green Building Council’s Zero Carbon Building – Design (ZCB) Standard™ certification in 2024. The project will participate in the new WiredScore Multi-Residential Certification Program. The site, which will also include a community agency space and public park, is zoned to allow for a second phase to be constructed at a later date, with project completion anticipated for May 2027.
“Breaking ground at Valhalla Village is a critical first step in KingSett’s ambitious goal of developing a portfolio of rental housing that leads the industry in terms of depth, product design, and sustainability,” said Jeff Thomas, Group Head, Development at KingSett Capital. “The location and scale of Valhalla Village presents a compelling opportunity to create purpose-built affordable housing at a critical time for the local community. We are very excited to be moving ahead with this extraordinary development.”
According to the federal government, Canada’s construction of rental homes has not kept pace with the country’s growing cities and population, leading to a decline in the existing and aging rental stock for decades. The Apartment Construction Loan Program – previously known as the Rental Construction Financing Initiative (RCFi) — is part of the Government of Canada’s National Housing Strategy (NHS), an $82+ billion plan to tackle the ongoing housing shortage.
“Too many Canadians are struggling to find somewhere to rent and to call home, especially here in Toronto,” said Yvan Baker, Member of Parliament for Etobicoke Centre. “That’s why the federal government is seized with reversing this trend, and through the Apartment Construction Loan Program, we are incentivizing the development of much-needed rental units in the whole country. Investments like the one announced today in Etobicoke Centre will help to increase the supply of housing and create a huge difference in strengthening our communities.”
In addition to market rental homes, Valhalla Village will include 172 affordable units, which Toronto Mayor Olivia Chow calls “a testament to what can be achieved when different orders of government and developers work together.”
Progress updates on Valhalla Village and other government-funded purpose-built rental projects and initiatives can be found at www.placetocallhome.ca.
