Ontario is committing $100 million through the Building Ontario Fund to support a major expansion at Trent University in Peterborough, including two new student residences, additional classrooms and lecture halls. The project is expected to add housing for 1,400 students while expanding the university’s academic capacity.
The provincial financing is part of a broader $384 million package involving Trent University, the Healthcare of Ontario Pension Plan (HOOPP) and developer Knightstone Capital Management.
New Residences to Add 1,400 Student Beds in Peterborough
The project will deliver Gidigaa Migizi College and Otonabee College on the East Bank of Trent University’s Symons Campus. Together, the residences will provide 1,400 new student beds and approximately 134,000 square feet of academic and student space.
The province said the additional on-campus accommodation is also expected to reduce some of the pressure on Peterborough’s rental housing market. The development will include lecture halls, student support areas and other modern campus amenities.
Construction is scheduled for completion in August 2029.
“Our government is using innovative financing to unlock new investments and create new opportunities for projects that otherwise would not happen,” said Peter Bethlenfalvy, Minister of Finance. “By working with institutional and private-sector partners, we are helping Trent University expand its campus and create more housing options for students while strengthening the local economy and supporting long-term growth in Peterborough.”
Financing Designed to Support Future Infrastructure Projects
Ontario’s $100 million contribution will be repaid after the new residences are occupied and begin generating revenue. The funds can then be reinvested through the Building Ontario Fund in other infrastructure initiatives.
BOF focuses on six priority areas: affordable housing, energy, transportation, long-term care, municipal and community infrastructure, and critical minerals.
“This investment reflects Building Ontario Fund’s mandate to unlock priority infrastructure that delivers long-term public benefit through responsible, commercially disciplined investment. By partnering with Trent University, HOOPP and Knightstone Capital Management, we are helping deliver much-needed student housing, attracting institutional capital to Ontario, and creating a model that can be replicated across the province. ” said Michael Fedchyshyn, Chief Executive Officer, Building Ontario Fund.
The financing marks BOF’s first investment alongside a Canadian pension fund and follows its first student housing project, announced at Toronto Metropolitan University in 2025.
Trent University Positions Project for Long-Term Growth
The expansion represents one of the largest infrastructure investments in Trent University’s history and is intended to accommodate future enrolment while improving access to university-operated housing.
“This project represents one of the largest infrastructure investments in Trent University’s history and a significant investment in the future of our students, our University, and our community. By expanding accessible on-campus housing alongside modern academic spaces, we are strengthening the student experience while helping to ease pressure on the local housing market. This investment will enhance our capacity to welcome future generations of students and reflects a shared commitment to building vibrant, thriving communities through higher education. We are grateful to the Government of Ontario, Building Ontario Fund, and our project partners for their confidence in this vision.” said Dr. Cathy Bruce, President and Vice-chancellor, Trent University.
Nolan Quinn, Minister of Colleges, Universities, Research Excellence and Security, said the expansion would help students concentrate on developing skills for the labour market while supporting the university’s sustainability.
“Protecting Ontario’s future workforce starts with supporting student success inside and outside the classroom,” Quinn said. “By expanding academic spaces and student residences at Trent University, our government is ensuring that more students can focus on getting the skills they need to launch rewarding, good-paying careers while continuing to support Trent’s long-term growth and sustainability.”
Institutional and Private Capital Back Development
HOOPP is participating in the financing alongside the province and other project partners.
“Ontario continues to offer compelling investment opportunities that support communities and generate long-term returns for our members. This project will expand access to student housing, support Trent University’s growth, and strengthen the Peterborough community. We are proud to partner with Building Ontario Fund, Trent University, and our financing partners on this important investment.” said Annesley Wallace, President and CEO, Healthcare of Ontario Pension Plan.
Knightstone Capital Management will serve as project developer.
“As the project developer, Knightstone Capital Management is proud to partner with Trent University, Building Ontario Fund and HOOPP on a project that will deliver much-needed student housing while supporting the university’s long-term growth. This development demonstrates how innovative partnerships and private-sector expertise can help address critical infrastructure needs, create vibrant student communities and generate lasting value for both students and the broader Peterborough community.” said Alan Perlis, President and CEO, Knightstone Capital Management.
Dave Smith, MPP for Peterborough-Kawartha, said the development would strengthen both Trent’s campus and the broader student experience.
“Students come to Peterborough to learn, build connections and begin the next chapter of their lives,” Smith said. “This investment will expand the university’s campus and provide new academic, student and residential spaces that will enhance the student experience and support Trent’s future growth.”
With completion targeted for 2029, the development combines public, institutional and private financing to expand Trent University while adding a significant new supply of purpose-built student housing in Peterborough.