Ontario rewards $114 million to Toronto for exceeding 2023 housing targets

Ontario Premier Doug Ford announced that the provincial government is providing Toronto $114 million in funding after the city exceeded the 2023 housing target. 

 

An official statement by the Office of Premier Doug stated that Toronto broke ground on a total of 31,656 new housing units last year, unlocking an additional $38 million by exceeding their 2023 target by 51 per cent.

 

Hailing Toronto’s success in housing, Foord said, “Toronto has shown it can get it done on housing and we are proud to reward them for their success.”

 

“My challenge to Mayor Chow and to every mayor in Ontario is to get even more homes built in the coming years so we can make life more affordable and keep the dream of homeownership alive for families across the province. We’ll be there to support you every step of the way.”

 

The provincial government’s funding for Toronto was made possible through the Building Faster Fund, which was announced in August 2023. It is a three-year program worth $1.2 billion and is designed to encourage municipalities to address the housing supply crisis in the province.

 

Through this fund, the province rewards municipalities that make great progress against their targets by providing funding for housing-enabling and community-enabling infrastructure.

 

Toronto Mayor Olivia Chow emphasized that it is challenging for people in the city to find an affordable home but ensured that her administration is committed to addressing the crisis.

 

“It’s harder than ever for people in Toronto to find a home they can afford,” said Mayor Olivia Chow.

 

"We are committed to addressing the housing crisis by building more homes of all kinds, faster. Toronto has an ambitious plan to speed up approval times and build 65,000 rental homes in the coming years. The Building Faster Fund will help us meet and exceed our housing targets and provide the critical infrastructure that creates great neighbourhoods for people to live in,” she also said.

 

Paul Calandra, the Minister of Municipal Affairs and Housing, praised Toronto and other cities for meeting or surpassing their housing goals. He emphasized the government's dedication to constructing a minimum of 1.5 million homes by 2031. Calandra is eager to share further details on how they intend to increase housing availability with the upcoming fifth housing supply action plan next month.