Ontario Premier Doug Ford to provide housing update in Toronto alongside mayor
The Ontario government is providing Toronto with $114 million as a reward for exceeding its provincially-set housing targets.
Ontario Premier Doug Ford’s government established housing targets for numerous large cities back in 2022, allotting Toronto a lofty goal of building 285,000 units by 2031.
Each city was also given an annual goal and told that if they achieved 80 per cent of the housing starts, they would be eligible for funding as part of the province’s three-year “Building Faster Fund.”
Cities that exceed their goals are also eligible for additional funding bonuses.
According to the province, Toronto exceeded its 2023 target by 51 per cent.
On Thursday, the premier announced that Toronto would get$114 million in funding through the “Building Faster Fund” after breaking ground on 31,656 new housing units last year.
“Toronto has shown it can get it done on housing and we are proud to reward them for their success,” he said.
The provincial government will announce the rewards for other municipalities that met, exceeded or achieved their assigned housing targets “in the coming weeks.”
Twelve Ontario municipalities in total have exceeded their housing targets, while another seven are “on track” to do so.
Unspent funds will be made available for housing-enabling infrastructures to all municipalities through an application process.
This is a developing news story. More to come.
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