Toronto Metropolitan University to Double Student Housing with New Bond Street Residence
Toronto Metropolitan University (TMU) has partnered with Cedar Podium (CP) and Building Ontario Fund (BOF) to substantially increase on-campus student housing. A new student residence located at Bond Street and Dundas Street East will more than double the university’s housing capacity, with over 1,370 additional beds. The 21-storey residence is being developed in partnership with CP and Unilodge Canada, and is targeted to open in 2030.
In addition to more than 1,370 new student beds, the development will also create two large classrooms on the lower level. The new Bond Street Residence will help meet demand from students seeking the convenience and community of on-campus living without the logistics of private rentals.
Residence designed for student success
Living on campus can make a real difference in student success. Research shows that residence living positively influences academic performance, improves student retention and strengthens overall campus engagement.
Being close to campus helps students build friendships, develop study habits and feel more connected to their university community.
The Bond Street Residence is designed with these benefits in mind. The new student accommodations and learning spaces will provide students with more opportunities to collaborate, learn and thrive both academically and socially.
Affordable and flexible housing
This residence offers a more affordable housing option for students than private market offerings. The Bond Street Residence will offer flexible nine or 12-month term lengths, making it convenient for commuter students and those who may not be looking for a full year accommodation.
In addition to offering more, high-quality student accommodations, the unit styles are different from TMU’s existing residences. The new development will consist primarily of self-contained suites, with the typical unit consisting of three bedrooms (two private and one shared) as well as an eat-in kitchen, so that students can choose to cook independently, if preferred, instead of having an all-inclusive meal plan.
Most bedrooms will include private washrooms, while the shared rooms will have one washroom between two students. Like other TMU residences, each floor will have common area lounges for socializing, and larger amenity spaces throughout the building for study and creative pursuits.
The Bond Street Residence’s flexible housing options, high-quality accommodations and spaces designed for both learning and community life, will play an integral role in shaping the student experience at TMU for years to come.
For more information on housing and residence life at TMU, visit: https://www.torontomu.ca/housing/
QUOTES
“This new residence not only increases on-campus housing options at TMU, it also reflects the university’s commitment to student success. 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. We are grateful to our partners, Cedar Podium and Building Ontario Fund, for their collaboration in making this project possible and helping develop a central part of Toronto’s downtown core.” - Mohamed Lachemi, President and Vice-Chancellor, Toronto Metropolitan University
"Cedar Podium is proud to collaborate with Toronto Metropolitan University in delivering sustainable, high-quality infrastructure that supports the university’s long-term vision for growth and student success. The Bond Street Residence reflects our shared commitment to developing world-class, purpose-built accommodation that enhances accessibility, affordability, and the overall campus experience. This project underscores our dedication to building enduring partnerships and creating lasting value for Ontario’s post-secondary communities.” - Bernard Luttmer, Chief Executive Officer, Cedar Podium
“We are proud to play a pivotal role in enabling this multi-phase, transformative project through our investment of approximately $200M. This first phase of the project will deliver a 21-storey tower supported by $83M in debt financing from the Building Ontario Fund. Strategic investments like this are essential to unlocking projects that wouldn’t otherwise be feasible, and that’s exactly what the Building Ontario Fund is meant to do.” - Michael Fedchyshyn, CEO of Building Ontario Fund
“Amid global uncertainty, our government is protecting Ontario’s future by building the many types of homes and housing our growing province needs. This investment through the Building Ontario Fund will make student housing at TMU more affordable, revitalize part of Toronto’s downtown core and help ensure that Ontario remains one of the best places in the world to study, work and live.” - Peter Bethlenfalvy, Minister of Finance
"In the face of economic uncertainty, our government remains laser focused on bolstering student success in Ontario. 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.” - Nolan Quinn, Minister of Colleges, Universities, Research Excellence and Security
ABOUT TORONTO METROPOLITAN UNIVERSITY
A world-class research institution and Canada’s leader in innovative, career-oriented education, TMU offers more than 60 undergraduate programs, over 65 graduate programs, and 80 continuing education certificate programs. The university boasts ten faculties, including the Lincoln Alexander School of Law and the new TMU School of Medicine. Established in 1948, TMU is home to nearly 48,000 students, including 2,900 Master’s and PhD students, 4,000 faculty and staff, and over 245,000 alumni worldwide. For more information, visit torontomu.ca.
ABOUT CEDAR PODIUM INVESTMENT MANAGEMENT
Cedar Podium Investment Management is a Canadian purpose-built student accommodation (PBSA) investment firm formed through a partnership between Pamoja Capital and Podium Group. The firm brings together global funds management expertise and Podium's local market knowledge to deliver high-quality student accommodation across Canada. The team has over $1.5 billion invested in the PBSA sector across 19,000 beds, including more than 39 buildings delivered and 7 under development. Cedar Podium is committed to better student outcomes and giving back directly to Canadian Post-Secondary Institutions and their students.
ABOUT BUILDING ONTARIO FUND
The Building Ontario Fund (BOF) is a board-governed Crown agency with a mandate to catalyze investment in revenue-generating infrastructure across Ontario. Backed by an $8 billion allocation, BOF supports transformative projects in five priority sectors: affordable and student housing, long-term care, energy, transportation, and municipal and community infrastructure. Through innovative financing and partnerships with institutional investors and Indigenous communities, BOF helps unlock private capital to deliver high-impact infrastructure. Established under the Building Ontario Fund Act, 2024, BOF is building a stronger, more resilient province for today and future generations. Learn more at buildingonfund.ca and follow us on LinkedIn @buildingontariofund.
FOR MEDIA INQUIRIES
Denee Rudder
Toronto Metropolitan University
denee.rudder@torontomu.ca