The Ontario government has provided a loan of $83 million to fund construction of additional student housing at Toronto Metropolitan University (TMU).

The first phase of the project will result in a new 21-storey tower at 100 Bond Street. The residence will add nearly 1,400 new student beds, and more than double TMU’s on-campus housing capacity – with accommodation options priced well below average Toronto rents.

“Through this investment, our government is expanding access to affordable student housing so more students at Toronto Metropolitan University can remain focused on learning the skills they need to thrive in their future careers,” said Colleges and Universities Minister Nolan Quinn.

Developed in partnership with Cedar Podium Investment Management, the Bond Street project is the first housing investment through Ontario’s Building Ontario Fund. Pre-construction is expected to begin in late 2025.

"This new residence not only increases on-campus housing options at TMU, but it also reflects the university’s commitment to student success,” said TMU President and vice-chancellor Mohamed Lachemi. “Doubling the space for accommodations ensures that students have more options to positively influence their academic performance and be part of a thriving campus community."

The building is the first phase of an approximately $200-million investment through the Building Ontario Fund to expand housing at TMU.