Province gives Toronto $114M for surpassing 2023 housing targets

Toronto will be rewarded $114 million because it exceeded its provincially-set housing targets last year by more than 50 per cent, the Ford government announced on Thursday.

Premier Doug Ford says the city is getting that money through the “Building Faster Fund.”

“Toronto has shown it can get it done on housing, and we are proud to reward them for their success,” said Premier Ford.

“My challenge to Mayor [Olivia] 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 province’s “Building Faster Fund” is a $1.2 billion program over three years that encourages municipalities to meet and exceed housing targets. The announcement comes after Toronto broke ground on about 31,000 new housing units in 2023.

Ford adds that a dozen municipalities have exceeded their housing targets, and more rewards will be announced soon.

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

A City of Toronto spokesperson said the city’s “HousingTO 2020-2030 Action Plan” and “Housing Action Plan” are focused on enabling market, non-market and mixed housing production to achieve or exceed the province’s housing target of 285,000 new homes in Toronto.

In the coming weeks, the Ford government will announce “Building Faster Fund” rewards for all municipalities that meet, exceed, or achieve 80 per cent of their assigned housing targets in 2023. 

With files from The Canadian Press