This past June, the Ontario government kicked off the second round of its three-year, $1.2-billion Building Faster Fund program, announcing over $67 million in funding for the City of Toronto. This was followed by seven other announcements through July to early August, with Kingston, Haldimand County, Sault Ste. Marie, Thunder Bay, Greater Sudbury, North Bay, and Georgina all receiving funding for their housing starts achievements.
Despite the Province’s recognition, Toronto, Haldimand County, and Georgina all did not meet their full targets last year — and according to Ontario’s newly-updated housing supply tracker, they’re part of the vast majority. Updated on Monday, the tracker shows that 35 out of Ontario’s 50 largest municipalities fell short of their 2024 targets, with some achieving as little as 11%. It’s pretty grim.
Comparatively, 31 out of 50 municipalities missed their targets in 2023, marking a lesser 62% share.
Nonetheless, based on the updated tracker, Belleville, East Gwillimbury, Kawartha Lakes, London, and St. Catharines will still be receiving Building Faster Fund rewards for meeting at least 80% of their 2024 target. The 15 municipalities that exceeded their targets will receive bonus funding. [For an up-to-date list of all the municipalities that have received funding through the first and second rounds of Ontario’s Building Faster Fund, check out our tracker.]
On the whole, 94,753 new homes were created across Ontario in 2024. That total breaks down into 73,462 traditional housing starts, 14,381 additional residential units (ARUs), 2,278 long-term care beds, 2,807 post-secondary student housing beds, and 1,825 congregate retirement home suites. It also marks approximately 76% of the Province’s target of 125,000 new homes for the year.
Province of Ontario/compiled by STOREYS
Municipalities That Exceeded Their 2024 Target:
- Chatham-Kent
- Greater Sudbury
- Kingston
- Kitchener
- Milton
- Niagara Falls
- North Bay
- Oakville
- Pickering
- Sarnia
- Sault Ste. Marie
- Thunder Bay
- Waterloo
- Welland
- Windsor
Municipalities That Met At Least 80% Of Their 2024 Target:
- Belleville
- East Gwillimbury
- Georgina
- Haldimand County
- Kawartha Lakes
- London
- St. Catharines
- Toronto
Municipalities That Missed Their 2024 Target:
- Ajax
- Aurora
- Barrie
- Bradford West Gwillimbury
- Brampton
- Brantford
- Burlington
- Caledon
- Cambridge
- Clarington
- Guelph
- Halton Hills
- Hamilton
- Innisfil
- Markham
- Mississauga
- New Tecumseth
- Newmarket
- Norfolk County
- Oshawa
- Ottawa
- Peterborough City
- Richmond Hill
- Vaughan
- Whitby
- Whitchurch-Stouffville
- Woodstock
