New ideas, funding models and building innovations are being sought by the Canada Mortgage and Housing Corporation as it seeks to revolutionize the rental housing market in Toronto.

At a summit Friday the minister responsible for the CMHC, Jean-Yves Duclos, said that the agency is now accepting applications for its Affordable Rental Innovation Fund.

The fund was announced in the budget earlier this year and provides $200 million for up to 4,000 affordable rental units in Canada.

To qualify, developments need to include at least 5 affordable units with affordability maintained for at least 10 years; show resource efficiency in the design; include accessibility features; and show viability and sustainability without long-term government subsidies.

Crucially, the projects must also show innovation in their design and/or funding models.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: