Ontario Rewards Richmond Hill With More Than $5.9 Million Through the Building Faster Fund

Funding rewards municipalities for progress toward housing starts

The Voice of Canada

The Ontario government is rewarding the City of Richmond Hill with $5,941,440 through the third round of the Building Faster Fund, which provides funding to municipalities that achieve at least 80 per cent of their provincially designated housing targets. In 2025, Richmond Hill broke ground on 2,228 new homes, achieving 83 per cent of its 2025 housing target. The funding will help the City of Richmond Hill build more homes and community infrastructure while advancing the province’s plan to protect Ontario by investing in projects that support economic growth and keep workers on the job.

“Congratulations to the City of Richmond Hill for your work to get shovels in the ground to build more homes,” said Rob Flack, Minister of Municipal Affairs and Housing. “As we look to the future, our government will continue delivering programs and legislative changes that enable partners like Richmond Hill to successfully grow. Together, we are building better lives and brighter communities for the people of Ontario.”

Announced in August 2023, the Building Faster Fund is a three-year, up to $1.2 billion program that helps municipalities build more homes faster. The fund rewards municipalities that make significant progress toward their housing targets by providing funding for the infrastructure needed to support new housing and growing communities.

“Richmond Hill is very grateful to the Ontario government for this funding,” said David West, Mayor of Richmond Hill. “It is a testament to the significant progress we made in 2025. We will never stop working hard to create more homes for our community, including affordable housing and long-term care housing that are desperately needed. As the Mayor and as a resident, I’m proud of everything we have done to tackle this challenge that we all face across the province.”

The Ontario government is also helping to speed up the construction of new homes and infrastructure by streamlining development processes and reducing unnecessary costs, most recently through the Building Homes and Improving Transportation Infrastructure Act, 2026 and the HST Relief Implementation Act (Residential Property Rebates), 2026.

As part of the up to $8.8 billion Canada-Ontario Partnership to Build, Ontario has introduced the Development Charge Reduction Program, which will provide funding for housing-enabling infrastructure projects over 10 years. Funding will be prioritized for municipalities that reduce and maintain reductions on development charges. The agreement also supports the removal of the HST on new homes from April 1, 2026, to March 31, 2027, which will save homebuyers up to $130,000 off the cost of a new home. Collectively, these measures help to enhance affordability, support builders as they get shovels in the ground on new homes and keep workers on the job.

Quick Facts

• From January to May 2026, Ontario saw 26,084 total housing starts, an increase of 17.2 per cent compared to the same period in 2025.
• From January to May 2026, Ontario saw 13,599 rental starts, an increase of 94.9 per cent compared to the same period in 2025. This is a record for rental starts for this time of the year.
• To help make way for more housing opportunities and support growing communities, the government is also giving municipalities more time to spend funds rewarded through the Building Faster Fund, extending the deadline to 2028.
• Ontario is investing over $204 million in municipalities across York Region through the Municipal Housing Infrastructure Program, which will enable over 60,000 new homes. This includes over $4 million for the City of Richmond Hill.

Quotes

“As part of our work to protect Ontario, we’re creating the conditions for a stronger housing sector that will help Ontario succeed for generations to come. Investments through the Building Faster Fund will help deliver the essential infrastructure and housing that communities need to grow, strengthen local economies, and keep people working.”– Laura Smith, Parliamentary Assistant to the Minister of Municipal Affairs and Housing

“I am proud to see this investment of more than $5.9 million coming to our community. The City of Richmond Hill has demonstrated remarkable leadership in meeting provincial housing targets, and this funding through the Building Faster Fund recognizes those efforts. As our community continues to grow, we are supporting infrastructure and housing projects to ensure Richmond Hill remains a great place to live, work, and raise a family.”- Daisy Wai, MPP for Richmond Hill