Ontario’s Housing Minister Rob Flack recently revealed plans to modify the Building Faster Fund during a speech at the Association of Municipalities of Ontario conference held in Ottawa. The Building Faster Fund incentivizes municipalities to meet housing targets set by the provincial government, rewarding those that achieve at least 80 percent of their assigned goals. This initiative is part of a broader strategy to address Ontario’s housing crisis and meet Premier Doug Ford’s ambitious target of constructing 1.5 million homes by 2031.
The Building Faster Fund gives financial resources directly to municipalities to address housing-enabling infrastructure, which is one key piece in helping accelerate home building. Lately, some have cried foul about the fund’s approach to measuring municipalities’ progress. Local leaders contend that the metrics are not doing a good job of showing progress on their work to move housing projects forward. This has led them to demand change. Recently, Flack announced his plans to further expand and enhance the program. Before any changes are set in stone, he highlighted the need for greater consultation with mayors and city leaders.
Rob Flack has acknowledged the criticism surrounding the fund’s measurement criteria. By engaging with municipal leaders, he aims to develop a more equitable system that recognizes diverse challenges faced by different regions. Communication and collaboration with local governments go hand in hand to be very important. These efforts will be key for improving the Building Faster Fund in the future.
The announcement lands at a crucial moment as Ontario, just like the rest of the country, is failing to achieve the housing targets set by Premier Ford himself. The province is in a deep housing crisis and cannot build the new homes it desperately needs. This has led to increased pressure on the government to accelerate development efforts. The Building Faster Fund is at the center of this strategy, giving municipalities the financial assistance they desperately need.
Usually, the fund’s benefits manifest in a metaphorical sense. Usually Rob Flack, or Premier Doug Ford himself, comes with a large novelty cheque celebrating the victory. This approach not only serves to celebrate municipalities’ achievements but highlights the government’s commitment to addressing the pressing housing needs across Ontario.
