The Ontario government is investing $83 million to help Toronto Metropolitan University (TMU) dramatically expand its student housing options, announcing plans for a 21-storey residence tower that will rise at 100 Bond St. and bring nearly 1,400 new student beds to the heart of downtown Toronto.
The project marks the first housing investment made through the Building Ontario Fund, a provincial financing program aimed at boosting affordable housing, long-term care, transit and other key infrastructure needs. TMU currently operates about 1,144 residence beds across three buildings; the new tower will more than double that capacity.
Pre-construction work is scheduled to begin in late 2025, with several existing businesses on Dundas and Bond streets set to be demolished — including the iconic Imperial Pub, which closes its doors this weekend after decades as a neighbourhood landmark.
The province says the new residence will offer rents “well below” Toronto’s average, where a one-bedroom costs roughly $1,715 per month and a single hostel-style room averages $1,126. The goal, officials say, is both affordability and helping students remain in safe, stable housing in one of the country’s tightest rental markets.
“Amid global uncertainty, our government is protecting Ontario’s future by building housing that meets the unique needs of our growing province,” said Finance Minister Peter Bethlenfalvy. “This investment will make student housing more affordable, revitalize the downtown core, and help ensure Ontario remains one of the best places in the world to study, work and live.”
The development is being delivered in partnership with Cedar Podium Investment Management, a joint venture specializing in student accommodations for Canadian universities and colleges.
TMU president Mohamed Lachemi said the project represents a major step forward for the university and surrounding community.
“Doubling our accommodation space ensures students have more options, stronger support for academic success, and a thriving campus experience,” he said. “We are grateful for this collaboration in helping shape a central part of Toronto’s downtown core.”
The $83-million provincial investment serves as debt financing for the first phase of what will ultimately be a $200-million multi-phase student housing expansion funded through the Building Ontario Fund.