Toronto exceeds housing targets, to receive $114 million in funding

housing construction stock photo

Ontario Construction News staff writer

Toronto has exceeded housing targets set by the Ontario government by 51 per cent, the city announced on Thursday, and will receive $114 million as a result.

Funding is available through the Building Faster Fund, a $1.2-billion program that rewards municipalities that reach and exceed their provincially assigned housing targets.

“I am proud Toronto has exceeded its target for housing starts for 2023 and I am grateful for the Ontario Government’s continued partnership,” Mayor Olivia Chow said in a statement.

“I am committed to getting housing back on track by building more homes of all kinds, faster. That includes our ambitious plan to build 65,000 rent-controlled homes on city land and speeding up the approval process for new housing developments. The Building Faster Fund will help Toronto build more housing and create great neighbourhoods for families to live in.”

Toronto has also set a goal to build 285,000 new homes over the next three years, including 65,000 rent-controlled units.

To reach its target, the city says it will focus on intensification of major growth areas, expediting the review of development applications, advancing housing system policy and program initiatives, and training and trades strategy addressing construction market capacity.


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