KingSett Capital Opens 494-Unit West Square Phase 1 in Toronto's Etobicoke, Marking First Completed Ground-Up Development for KingSett Affordable Housing Fund

KingSett Capital has opened West Square Phase 1, a two-tower, purpose-built rental development at 15 and 25 Gibbs Road in Toronto's Etobicoke neighbourhood, delivering 494 new rental homes — including 217 affordable units — and marking the first completed ground-up development for the KingSett Affordable Housing Fund.

The September 10 opening was supported by construction financing through the federal Apartment Construction Loan Program, administered by CMHC, as well as financial incentives from the City of Toronto's Rental Housing Supply Program.

Two-Tower Development Combines Affordable and Market Rental Housing

West Square Phase 1 comprises two buildings on adjacent parcels in the Islington–City Centre West node of Etobicoke. West Square Parkview at 15 Gibbs Road is an 11-storey mid-rise containing 217 affordable rental units, while West Square Cityview at 25 Gibbs Road is a 30-storey high-rise with 277 market rental units.

Affordable units at West Square Parkview include studios, one-, two- and three-bedroom apartments, with monthly rents ranging from $1,106 to $2,361 depending on unit type. Those rents are subject to annual increases under Ontario's Rent Increase Guideline. Amenities at Parkview include social lounges, co-working and library space, and laundry facilities.

The broader West Square site also incorporates office space and community agency space, and a new 22,000-square-foot city park at the southeast corner of the site is scheduled to open in fall 2026.

"Our West Square development is about creating high-quality homes where residents across different income levels, household sizes and stages of life can build their lives and feel part of a community," said Jeff Thomas, Group Head, Development at KingSett Capital. "Seeing residents begin to make West Square their home is an important milestone for everyone who contributed to the project. We are proud of what's been accomplished through a shared commitment to housing, sustainability and the surrounding community."

Sustainability Features

Both Phase 1 towers achieved the Canada Green Building Council's Zero Carbon Building – Design Standard in 2024. The buildings are served by a shared geothermal system, and the development includes green roofs and 33 EV charging stations.

Government Partnerships and Policy Context

The project drew participation from multiple levels of government. The City of Toronto's Housing Development Office identifies West Square as one of 50 affordable housing projects currently under construction across the city, part of a broader effort expected to deliver more than 14,000 new homes, including over 4,200 affordable units.

"West Square demonstrates what can be achieved when the City of Toronto, Government of Canada and the private sector work together to address Toronto's housing needs," said Hugh Clark, Executive Director, Housing Development Office, City of Toronto.

Yvan Baker, Member of Parliament for Etobicoke Centre, also cited the federal Apartment Construction Loan Program's role in the project. "Our government is committed to working with our partners to build more homes in our community. Through the Apartment Construction Loan Program, we are taking action to increase the supply of new rental housing," Baker said.

"West Square reflects what can be achieved when the public and private sectors work together around a shared objective," Thomas added. "We are grateful to the partners, government representatives and community stakeholders whose contributions helped bring this project to life."

KingSett Affordable Housing Fund's First Ground-Up Completion

West Square Phase 1 represents the first completed ground-up, purpose-built rental development for the KingSett Affordable Housing Fund, which invests in housing across Canada's core rental markets with a focus on communities that include a meaningful affordability component. KingSett Capital manages more than $19 billion in assets and operates offices in Toronto, Montreal and Vancouver.

The opening comes as Toronto's purpose-built rental market absorbs a significant wave of new supply. Vacancy in purpose-built rental buildings completed since 2000 in the Greater Toronto and Hamilton Area reached 3.7% in the fourth quarter of 2025, up from 3.4% a year earlier and the highest level since late 2020. Approximately 6,379 purpose-built rental units were completed across the GTHA in 2025 — a more than 40-year high — with 59% still available for lease at year-end as 44 buildings had not yet reached stabilized occupancy. A significant share of the under-construction pipeline is concentrated in Toronto proper and Etobicoke.

Phase 2 Pipeline Adds 641 Additional Units

KingSett Capital has announced plans for West Square Phase 2, which will add 641 purpose-built rental homes across two additional buildings on the same site. Phase 2 is designed to meet the Canada Green Building Council's Zero Carbon Building – Design Standard and will use a fully electric, low-carbon mechanical system. Upon completion of both phases, West Square would total 1,135 rental units.

Sources

KingSett Capital — West Square Phase 1 Opening Announcement