2023 Housing Targets Surpassed: How Ontario Municipalities Are Being Rewarded

The Ontario government has announced a series of grants to municipalities across the province, recognizing their efforts in exceeding or making substantial progress towards their 2023 housing targets. These grants are part of the Building Faster Fund, a three-year, $1.2 billion program aimed at addressing the housing supply crisis by encouraging municipalities to build more homes. The funding supports housing-enabling and community-enabling infrastructure, with a particular focus on municipalities that have reached at least 80% of their provincially assigned housing targets, offering increased funding for those that exceed these targets.

Highlights of the Funding Awards

  • Toronto receives $114 million for exceeding its target by 51%, with 31,656 new housing units.
  • Brampton is awarded over $25.5 million for substantial progress, contributing 7,028 new units.
  • Chatham-Kent gets $440,000 for surpassing its goal, with 522 units.
  • Brantford is provided $3,066,849 for exceeding its target by 8%, adding 788 units.
  • Whitchurch-Stouffville secures $2.6 million for exceeding its target with 1,141 units.
  • Welland benefits from $1.72 million for surpassing its target by 176%, with 868 units.
  • Belleville is rewarded with $1.24 million for breaking ground on 644 units.
  • Milton receives $8.4 million for exceeding its target with 1,952 units.
  • Peterborough is given $1.88 million for 506 units.
  • St. Catharines earns $2,355,390 for making significant progress with 648 units.
  • Sarnia receives $400,000 for 254 units, exceeding its target.
  • Pickering is awarded $5.2 million for 1,502 units, surpassing its goal.

 

This initiative is part of Ontario’s broader commitment to building at least 1.5 million homes by 2031. Each municipality has expressed gratitude for the funding, highlighting plans to invest in infrastructure that supports further housing development and addresses local needs, such as community growth, mental health services, and economic diversification. The province has also set aside ten percent of the Building Faster Fund, or $120 million, specifically for small, rural, and northern municipalities to help build housing-enabling infrastructure and prioritize projects that speed up the increase of the housing supply.

This concerted effort by the Ontario government, in partnership with municipalities, underscores a commitment to tackling the housing supply crisis and ensuring that every resident has an affordable place to call home. The grants not only reward past achievements but also aim to incentivize future developments, ensuring continued progress towards making homeownership more accessible and affordable for Ontarians across the province.

 

You might also like