Ontario Rewards Toronto With $67.2 Million Through the Building Faster Fund
Second round of funding rewards municipalities for progress toward housing targets
The Voice of Canada:
As part of its record-breaking investments in housing-enabling infrastructure, the Ontario government is awarding $67,199,200 to the City of Toronto through the second round of the Building Faster Fund, which provides funding to municipalities that achieve at least 80 per cent of their provincially designated housing targets. Toronto broke ground on 20,999 new homes in 2024, which works out to 88 per cent of its 2024 housing target. This funding will help Toronto build more homes and community infrastructure and supports the province’s plan to protect Ontario by investing in infrastructure to support economic growth and keep workers on the job.
“We’re working closely with Mayor Chow, the City of Toronto and municipalities across Ontario to get more homes built faster so we can keep the dream of homeownership alive in our province,” said Premier Doug Ford. “Today’s investment builds on our historic New Deal for Toronto and is just the latest step we are taking to protect our workers and communities by supporting continued growth in Toronto and across Ontario.”
Announced in August 2023, the Building Faster Fund is a three-year, $1.2 billion program that is designed to encourage municipalities to speed up municipal approval processes and get more homes built faster. The fund rewards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure.
“Our strong partnership will help us build more homes faster. These funds will build infrastructure that people rely on every day, like roads, sewers and public parks. It will enable more housing and helps create better neighbourhoods to live in,” said Mayor Olivia Chow. “We’ll keep working with the province and the development industry towards our housing targets in these challenging market conditions and make it easier for people to find a home they can afford.”
The Ontario government is also helping to speed up the construction of new homes and infrastructure, including by streamlining development processes and reducing costs in close partnership with municipalities, through the Protect Ontario by Building Faster and Smarter Act, 2025.
“Our government’s latest legislation is another step forward in our plan to streamline and speed up approvals to get more homes built in partnership with municipalities,” said Rob Flack, Minister of Municipal Affairs and Housing. “Through the Building Faster Fund and our other historic infrastructure investments, we’re partnering with Mayor Chow and mayors across the province to get shovels in the ground in Toronto and across Ontario.”
Quick Facts
- In November 2023, the provincial government and the City of Toronto agreed to a New Deal that will help achieve long-term financial stability and sustainability for the City. The New Deal includes up to $1.2 billion in provincial operating supports for Toronto for critical priorities such as safe and reliable public transit and shelter supports for people who are homeless.
- On a year-to-date basis, Ontario saw 5,317 rental starts, an increase of 23 per cent compared to the same period in 2024. This is the second-highest level of rental starts on record for this time of the year, after 2023.
- To help make way for more housing opportunities and support growing communities, the government is also extending the time that municipalities have to spend funds awarded through the Building Faster Fund to 2028.
