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Housing boom on railway lands

It turns out the recession has been a boon to Toronto’s affordable housing supply.

It turns out the recession has been a boon to Toronto’s affordable housing supply.

In recent years, condo towers have sprouted like dandelions on the old railway lands surrounding the CN Tower, but it took an injection of cash from the federal and provincial governments’ economic stimulus package to finally get construction going on affordable rental buildings.

Work began in January on a 422-unit 40-storey rental tower on land transferred to the Toronto Community Housing Corporation by the city. The apartments will rent at 80 per cent of market rates.

The land was deeded to the city in 1994, when the CNR sold the railway yards.

 
 
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