City of Peterborough Rewarded $1.88 Million From Provincial Government For Exceeded Its 2023 Housing Target

After Peterborough exceeded its 2023 housing target and broke ground on 506 new housing units last year, the provincial government rewarded the City with $1,880,000 through the Building Faster Fund, announced at City Hall on Monday morning.

(From left to right) Councillor Leslie Parnell; Dave Smith, Peterborough-Kawartha MPP; Matthew Rae, Perth-Wellington MPP and Mayor Jeff Leal. In 2022, Ontario saw the second-highest number of housing starts since 1988, with just over 96,000 new homes. Ontario also broke ground on nearly 15,000 new purpose-built rentals, the highest number ever on record. pHOTO BY dAVID tUAN bUI.

The announcement was made by Matthew Rae, Parliamentary Assistant to the Minister of Municipal Affairs and Housing who was in attendance of the press conference.

“I want to congratulate Peterborough and all municipalities that have worked hard to get shovels in the ground faster,” he said. “Our challenge to these municipalities now is to redouble their efforts to build more homes than ever before so we can improve affordability and keep the dream of homeownership alive in Ontario. Our government will be there to support you every step of the way.”

Last August, the Ontario government announced the Building Faster Fund, a new three-year, $1.2 billion program to provide significant funding based on performance against provincial housing targets to address the housing supply crisis.

Municipalities that have reached at least 80 percent of their housing target receive funding, and municipalities that exceed it receive increased funding.

“We have a target that we have to achieve by 2031 of 4,700 units as part of the overall provincial pledge that the Premier announced last August,” explained Mayor Jeff Leal.”

He continued to explain that this is a step toward making housing in Peterborough more available and affordable to rent or purchase.

“We want to move that vacancy rate from one per cent to a three per cent level which would be much more healthy and that would moderate rent in the City of Peterborough and provide opportunities for young people to buy that first home,” said Leal.

Any unspent funding can contribute to housing-enabling infrastructure to all municipalities, including those that have already received funding due to reaching their targets, through an application process.

In addition, ten per cent — or $120 million — of the Building Faster Fund is being set aside for small, rural, and northern municipalities to help build housing-enabling infrastructure and prioritize projects that speed up the increase in housing supply according to a press release.

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