Toronto Awarded $67.2 Million Through The Building Faster Fund

June 9, 2025 
Written by Lucy Reddy

The City of Toronto will receive a record-breaking investment from the Ontario government for $67,199,200 through the second round of the Building Fast Fund. This fund is for municipalities that are successful in reaching their target goal for housing initiatives by 80%. In 2024, Toronto welcomed 20,999 new homes which resulted in covering 88% of their provincially designated housing targets. 

Toronto being one of the successful recipients for this fund means that more homes and community infrastructures will be built which will support the province’s plan to protect Ontario -  by investing for economic growth and expanding employment opportunities in the city. 

“We’re working closely with Mayor Chow, the City of Toronto and municipalities across Ontario to get more homes built faster so we can keep the dream of homeownership alive in our province,” said Premier Doug Ford. “Today’s investment builds on our historic New Deal for Toronto and is just the latest step we are taking to protect our workers and communities by supporting continued growth in Toronto and across Ontario.” The Ontario government is also supporting developers by speeding up the processes for construction of new homes and infrastructure. They plan to streamline and reduce costs in close partnership with other municipalities. 

To learn more about the Building Faster Fund check out the press release here from the Ontario government.