Toronto Receives $67.2 Million in Provincial Funding for Housing and Infrastructure
The Ontario government has announced that the City of Toronto will receive $67,199,200 through the second round of the Building Faster Fund. The province reported this decision on June 6, stating that funding is awarded to municipalities that achieve at least 80 percent of their designated housing targets. In 2024, Toronto began construction on 20,999 new homes, representing 88 percent of its target for that year, according to the province.
The Building Faster Fund, as described by the Government of Ontario, is a three-year, $1.2 billion program that began in August 2023. The fund provides resources for infrastructure projects such as roads, sewers, and public parks in municipalities that show significant progress toward housing construction goals. The provincial government stated that this funding is intended to support community and housing infrastructure in Toronto.
Premier Doug Ford said the province is working with the City of Toronto and other municipalities to accelerate housing construction. Mayor Olivia Chow indicated that the funding will support community infrastructure and that Toronto will continue its efforts to meet housing targets and improve affordability. Rob Flack, Minister of Municipal Affairs and Housing, stated that recent provincial legislation aims to streamline and speed up development approvals in collaboration with municipalities.
The province also reported that, in November 2023, it reached an agreement referred to as the "New Deal" with the City of Toronto. This deal included up to $1.2 billion in provincial operating support for public transit and shelter initiatives. In addition, Ontario reported a year-to-date total of 5,317 new rental housing starts in 2025, representing a 23 percent increase compared to the same period in 2024.
According to the announcement, the deadline for municipalities to use money from the Building Faster Fund has been extended to 2028 to support ongoing housing and infrastructure projects.