The federal government has provided a $58.8-million investment designed to fast-track housing development in Markham, Ont.

Many of the homes are expected to be multi-family rental units.

Plans call for the investment to support the development of 1,640 housing units over the next three years. The work will spur the construction of 6,630 new homes in the Greater Toronto Area city over the next decade, according to a federal government news release.

The investment is being provided under an agreement between the federal government and the City of Markham. The money will come from the federal Housing Accelerator Fund, which is administered by Canada Mortgage and Housing Corporation.

By working with our federal and provincial partners, the home-building industry and the trades sector, we aim to increase the housing supply in a timely and streamlined manner to meet the needs of our community,” said Markham Mayor Frank Scarpitti.

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