Ontario Government Gives Peterborough Over $1.6 Million Through the Building Faster Fund After Reaching Housing Targets

The Ontario Government has rewarded the City of Peterborough with $1,653,397, which provides funding to municipalities that achieve at least 80 per cent of their provincially designated housing targets, announced at City Hall on Wednesday.

City Staff and local politicans with Rob Flack (middle) recieving the $1.6 million for reaching 80 per cent of Peterborough’s housing targets. Photo by David Tuan Bui.

The funding came through the third round of the Building Faster Fund.

Last year, Peterborough broke ground on 545 new homes, exceeding its annual target by 16 per cent. The funding will help the City of Peterborough build more homes and community infrastructure while advancing the province’s plan to protect Ontario by investing in projects that support economic growth and keep workers on the job according to Rob Flack, Minister of Municipal Affairs and Housing.

“Our government is relentlessly focused on creating the conditions municipalities need to meet the growing demand for more homes,” he said. “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, up to $1.2 billion program that helps municipalities build more homes faster. The fund rewards municipalities that make significant progress toward their housing targets by providing funding for the infrastructure needed to support new housing and growing communities.

“The City of Peterborough is taking action to support housing construction by reducing development charges and streamlining our development approvals process through the implementation of a Community Planning Permit System,” said Jeff Leal, Mayor of Peterborough. Together, we're creating the conditions for builders to create homes and jobs in our community.”

Flack added that the Ontario Government is also helping to speed up the construction of new homes and infrastructure by streamlining development processes and reducing 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 the up to $8.8 billion Canada-Ontario Partnership to Build, Ontario has introduced the Development Charge Reduction Program, which will provide funding for housing-enabling infrastructure projects over a 10-year period. Funding will be prioritized for municipalities that reduce and maintain reductions on development charges.

The agreement also supports removing HST on new homes from April 1, 2026, to March 31, 2027, which will save homebuyers up to $130,000 on the cost of a new home. Collectively, these measures help to enhance affordability, support builders as they get shovels in the ground on new homes and keep workers on the job.

“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, Peterborough-Kawartha MPP. “Exceeding our provincial targets means our community has earned a $1.65 million reward. This funding goes straight into building the foundation—the pipes, roads, and local services—needed to keep our building momentum going.”

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