Good evening, readers.

The federal government is investing at least $2.7 billion to build more than 18 housing projects across Toronto.

Prime Minister Mark Carney said at an announcement with Toronto Mayor Olivia Chow today that the federal government will be investing the funds over the next three years.

He said, according to a copy of his remarks, that more than 5,600 new rental homes will be built with the money and that at least 1,800 of them will be affordable or rent-controlled.

The prime minister said construction will begin on roughly 4,500 new homes by the end of the year.

Carney also toured a public transit site in Toronto with Ontario Premier Doug Ford later in the day. It’s their first joint appearance since the feds quashed Ford government’s request to extend the runway at Billy Bishop airport.

The Canadian Press has more.

On that same front, iPolitics looks at what’s next for the Ford government’s plan to designate the aforementioned airport as the province’s first special economic zone.

Despite the feds’ rejection, the Ford government has since said it remains committed to modernizing the airport, but did not say if a special economic zone designation is part of that.

The last update dates back to late May, when Transportation Minister Prabmeet Sarkaria said the designation would happen “soon.” Asked whether Ontario still plans to make the airport a special economic zone on Tuesday, a spokesperson for Sarkaria did not directly answer, instead touting the project’s benefits.

Aya Dufour has this look.

A new survey has found that Canadian businesses are optimistic that Ottawa’s promised regulatory changes and infrastructure investments will shore up the economy amid disruptions caused by the U.S.-initiated trade war.

KPMG’s poll of major players in the country’s economy showed broad support for the Carney government’s agenda, including streamlining approval processes and construction of a new West Coast oil pipeline.

The tax advisory firm contracted Angus Reid to gauge the opinions of 359 leaders or decision-makers at businesses in Canada with annual gross revenue greater than $10 million. Nearly 60 per cent of the respondents worked for companies reporting revenue of $500 million or more.

Fifty-one per cent said they expect the federal government’s economic measures will leave their businesses ‘much better off’ or ‘somewhat better off’ over the next three years, while 55 per cent said they believe the government is making progress in strengthening support for Canadian businesses.

Marco Vigliotti has this one.

In Other Headlines

Internationally

U.S. President Donald Trump said a deal to reopen the Strait of Hormuz could come this week, as Iran and Oman inched toward an agreement on the critical waterway that could ease pressure on the global economy and potentially help bring an end to the war.

The United States, along with Israel, launched the war on Feb. 28, citing various goals including toppling Tehran’s government and ending its nuclear program. Those were not achieved, and the conflict has devolved into a fight over the strait as Iranian attacks on shipping have ground traffic through the waterway to a halt.

The Trump administration has previously ruled out any deal that would give Iran control over the strait, which was an open international waterway before the war, but has seen traffic reduced to a trickle. An agreement giving Iran authority over it would be seen as a major loss for the U.S. and a break with global norms.

Closure of the strait, through which a fifth of the world’s oil and natural gas once passed, has driven up the price of fuel and basic goods far beyond the region, roiling the global economy. Trump is also under mounting pressure to end an unpopular war ahead of midterm congressional elections.

AP reports.

In Other International Headlines

The Kicker

Canada has lost a journalistic giant.

Former CTV National News chief anchor Lloyd Robertson passed away on Tuesday at the age of 92.

CTV has this look at his life and legacy.