Fred Victor is proud to announce the purchase of a 30-unit apartment building in Toronto’s east end. A building at-risk of redevelopment Fred Victor’s acquisition of a Queen St E building ensures that the apartments here remain in the public realm.

The purchase transfers ownership of the building from a multi-national investment management company to Fred Victor, a non-profit housing provider, creating desperately needed permanent affordable non-profit rental housing.

The purchase was made possible by funding from the City of Toronto’s Multi-Unit Residential Acquisition (MURA) Program which supports the acquisition, renovation and refinancing of rental homes by non-profit housing providers. And by a generous donation from the Moffat Foundation.

It takes five plus years to complete a new building from scratch. A purchase like this puts affordable housing on the market in months.

There are thousands of people who can’t afford to live in our city – people with jobs, people going to school, people trying to stay afloat. Affordable rental housing is essential for people to be able to move out of shelters, to leave unsafe living arrangements and to build a city where everyone can live and thrive.

Putting more rental units in the hands of non-profit housing providers not only improves housing stability for current and future tenants, it also improves the physical conditions of buildings and ensures the long-term financial sustainability of the homes.

Fred Victor has been helping people in Toronto to rebuild their lives for 130 years. We are grateful to the City of Toronto and the Moffat Foundation for putting their trust in us to create more affordable rental housing in our community.