The Ontario government has provided the City of Toronto with almost $67.2 million through its Building Faster Fund, which provides funding to municipalities that achieve at least 80 percent of their provincially designated housing targets.

Toronto broke ground on 20,999 new homes in 2024, which works out to 88 percent of its 2024 housing target. The provincial funding will help the city build more homes and community infrastructure.

“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. “This investment is 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 pays municipalities for making 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 province 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 its Protect Ontario by Building Faster and Smarter Act.

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.