Canada Housing Market

In a significant achievement for housing development, Toronto has exceeded its 2023 housing targets, earning a commendable $114 million from Ontario’s Building Faster Fund, announced by Premier Doug Ford on February 22. The city not only met but surpassed its goal by initiating 31,656 new constructions last year, a remarkable 51% above the target of 20,900 new homes. This accomplishment includes a $38 million bonus, underscoring Toronto’s commitment to expanding its housing capacity.

Major Olivia Chow received accolades from Premier Ford during the announcement, highlighting Toronto’s successful strategy and encouraging other Ontario cities to emulate this progress. With a forward-looking vision, Chow emphasized Toronto’s ambitious plan to streamline approval processes and build 65,000 rental homes in the coming years. The Building Faster Fund is set to play a crucial role in surpassing future housing targets and enhancing community infrastructure.

Ontario’s municipalities that achieve at least 80% of their housing goals will also benefit from the Building Faster Fund, aiming to bolster housing development across the province.

Understanding the Building Faster Fund

Launched in August last year, the Building Faster Fund is a strategic $1.2 billion initiative by Ontario to incentivize municipalities for new housing constructions. Spanning three years, the program supports the achievement of provincial housing objectives outlined in Bill 23, targeting the construction of 1.5 million homes over the next decade. Municipalities meeting or exceeding annual housing targets receive funding allocations, with additional bonuses for surpassing these goals. This funding is crucial for covering infrastructure and community-building project costs.

Ontario’s Ambitious Housing Goals

To meet its lofty goal of adding 1.5 million new housing units by 2031, Ontario must construct about 150,000 homes annually. The province nearly met its 2023 target of 110,000 new residences, achieving 99% of its goal through various means, including new construction and conversion projects. Notably, 2023 saw the highest number of rental starts ever recorded in the province, highlighting a significant push towards expanding rental housing availability.

Toronto exceeded its 2023 housing targets, earning a $114 million boost from Ontario’s Building Faster Fund for adding over 31,000 new homes, 51% above its goal. This success, celebrated by Premier Doug Ford and Mayor Olivia Chow, sets an example for other cities. The Building Faster Fund, part of Ontario’s plan to build 1.5 million homes by 2031, supports municipalities in increasing housing development. Toronto’s efforts highlight the city’s commitment to expanding affordable housing and improving community infrastructure.

Source: Toronto Receives $114 Million For Exceeding Ontario’s Housing Targets (gta-homes.com)