Construction is under way on Byngmount Shores, a seven-storey affordable rental building in Mississauga's Lakeview neighbourhood, after Peel Region marked the groundbreaking on Tuesday.

The building at 970 East Avenue will have 150 rental homes, including family-sized units, along with community space on the ground floor. The region says 22 per cent of the homes will be fully accessible, and 40 per cent are planned to rent at 60 per cent of median market rent.

Who is building and paying for it

Peel Housing Corporation, which operates as Peel Living, will own and run the building and has been a core partner in planning it. Martinway Developments Ltd. is the design-builder, and the project is expected to be finished in 2028.

Funding comes from the federal government through Canada Mortgage and Housing Corporation, Ontario's Ministry of Municipal Affairs and Housing, Peel Region and the City of Mississauga. The region did not give a total cost in its announcement.

Councillor Stephen Dasko named the project after a school that once stood in the area.

Part of Peel's housing plan

The region calls Byngmount Shores a key action in its 10-year housing and homelessness plan, which focuses on building affordable homes close to transit, schools, services and jobs.

Byngmount Shores shows what can be achieved when every order of government stands behind a shared commitment to expand affordable housing.

— Nando Iannicca, Peel Region chair and CAO

Steve Jacques, the region's commissioner of human services, said the project brings affordable homes to a community that needs them and marks real progress for residents. Andrea Warren, general manager of Peel Living, said the agency is focused on delivering safe, well-managed homes that support long-term stability for the families and individuals who move in.

Aileen Baird, the region's senior director of housing services, said the redevelopment will add well-designed, accessible and family-sized homes to Lakeview, along with community space that supports daily living.

The project adds to recent efforts by both the region and the city to encourage more rental housing. Last week, Mississauga council approved additional incentives for purpose-built rental housing.

More information is available on the Byngmount Shores project page on the Peel Region website.