The government of Ontario is awarding the City of Peterborough with $1,653,397 as part of the third round of the Building Faster Fund. This fund supports municipalities that meet at least 80 percent of their designated housing targets. In 2025, Peterborough began construction on 545 new homes, surpassing its annual target by 16 percent. The funding will assist the City in developing more homes and community infrastructure while promoting the province’s initiative to safeguard Ontario by investing in projects that foster economic growth and maintain employment.
“Our government is relentlessly focused on creating the conditions municipalities need to meet the growing demand for more homes,” said Rob Flack, Minister of Municipal Affairs and Housing. “That is why we have introduced bold legislative changes and introduced measures such as the Development Charge Reduction Program. We appreciate partners like Peterborough who are committed to working alongside us.”
Announced in August 2023, the Building Faster Fund is a three-year program with up to $1.2 billion aimed at helping municipalities build more homes quickly. The fund rewards those making significant strides toward their housing targets by providing financial support for necessary infrastructure that accompanies new housing and expanding communities.
“Thank you to Minister Flack, MPP Smith and the Government of Ontario for their partnership to help get more homes built in our community,” said Jeff Leal, Mayor of Peterborough. “The City of Peterborough is taking action to support housing construction by reducing development charges and streamlining our development approvals process through implementing a Community Planning Permit System. Together, we’re creating conditions for builders to construct homes and jobs in our area.”
The Ontario government is also speeding up home building and infrastructure projects by simplifying development processes and cutting unnecessary costs, most recently through the Building Homes and Improving Transportation Infrastructure Act, 2026 and the HST Relief Implementation Act (Residential Property Rebates), 2026.
As part of up to $8.8 billion Canada-Ontario Partnership to Build, Ontario has launched the Development Charge Reduction Program that will finance housing-enabling infrastructure projects over ten years. Funding will be prioritized for municipalities that reduce or maintain reductions on development charges. The agreement also facilitates eliminating HST on new homes from April 1, 2026, until March 31, 2027, which could save homebuyers up to $130,000 off a new home price. Collectively, these initiatives help improve affordability while supporting builders as they commence work on new houses and keep workers employed.
“We know that increasing the housing supply is the best way to make life more affordable for seniors and young families in Peterborough,” said Dave Smith, MPP for Peterborough-Kawartha. “Exceeding our provincial targets means our community has earned a $1.65 million reward. This funding goes straight into building foundational elements-the pipes, roads, and local services-needed to sustain our building momentum.”
j Query(document). ready(function() {(function(d, s, id) { var js, fjs=d. get Elements By Tag Name(s)[0]; if(d. get Element By Id(id)) return; js=d. create Element(s); js. id=id; js. src=”//connect. facebook. net/en_US/sdk. js#xfbml=1&version=v2.7″; fjs. parent Node. insert Before(js, fjs); }(document,’script’,’facebook-jssdk’));});
Source link
Source link
