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.
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. Twelve Ontario municipalities in total have exceeded their housing targets, while another seven are “on track” to do so.“We're going to get shovels in the ground faster, starting with the next edition of our Housing Supply Action Plan next month,” Ford told reporters on Thursday.
Few details have been released about what it will entail, with Housing Minister Paul Calandra hinting it was coming “very soon.”
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