Canadian Prime Minister Justin Trudeau, alongside the Federal Housing Minister and Toronto Mayor Olivia Chow, announced financial support amounting to 471 million dollars from the Ottawa Housing Accelerator Fund to the city of Toronto to help build 12,000 housing units over three years.

Trudeau affirmed that Toronto is a wonderful city, and if we want it to remain wonderful, we must make homes affordable for people. For her part, the Mayor of Toronto welcomed this announcement, saying "We have gathered to announce a hopeful new beginning."

This announcement came a month after the Federal Housing Minister informed the city that it would need to change its building policies if it wanted to get its share of the Housing Accelerator Fund.

For this reason, city council members voted to approve changes that would improve its policy to match Ottawa's requirements. Among the approved changes is allowing property owners to freely develop their properties. The city committed to setting reasonable prices for housing units near public transportation, increasing zoning density, and speeding up the issuance of building permits.