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Premier Doug Ford announced Ontario is providing Toronto with $114 million in funding through the Building Faster Fund after the city exceeded its 2023 housing target. Toronto broke ground on a total of 31,656 new housing units last year, unlocking an additional $38 million by exceeding their 2023 target by 51 per cent.
The Ontario government is taking steps to remove the full eight per cent provincial portion of the Harmonized Sales Tax (HST) on qualifying new purpose-built rental housing in order to get more rental homes built across the province.
The Ontario government has assigned housing targets to 21 additional municipalities as part of its plan to build at least 1.5 million homes by 2031. Once these municipalities, through their heads of council, have pledged to achieve their targets, they will have access to the new Building Faster Fund, which will reward municipalities that are on track to meet their housing targets.