News Summary

The City of Toronto has been awarded over $67 million from the Ontario government’s Building Faster Fund. This funding is part of the second round of a $1.2 billion initiative aimed at encouraging municipalities to accelerate municipal approval processes and expedite home construction. Toronto was able to secure this funding by meeting 88% of its provincially designated housing targets, surpassing the 80% threshold required for eligibility. This financial support is designed to help Toronto build more homes and community infrastructure, contributing to the province’s broader goal of constructing 1.5 million homes by 2031.