Thunder Bay — Today, Premier Doug Ford announced that Ontario will be providing Thunder Bay with $870,890 in funding through the Building Faster Fund as the city has exceeded its 2023 housing target, breaking ground on a total of 200 new housing units last year.
“Thunder Bay is getting it done on housing and we are proud to reward them for their success,” said Premier Doug Ford. “I’m so proud of Mayor Ken Boshcoff and his council colleagues for exceeding their housing targets last year. My challenge to Mayor Boshcoff and to every mayor in Ontario is to get even more homes built in the coming years so we can make life more affordable and keep the dream of homeownership alive for families across the province. We’ll be there to support you every step of the way.”
Announced in August 2023, the Building Faster Fund is a three-year, $1.2 billion program that is designed to encourage municipalities to address the housing supply crisis. The fund rewards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure. Funding is provided to municipalities that have reached at least 80 per cent of their provincially assigned housing target for the year with increased funding for municipalities that exceed their target.
“The City of Thunder Bay is all in on new housing and is working hard to set the stage for additional housing development,” said Ken Boshcoff, Mayor of Thunder Bay. “The provincial recognition of Thunder Bay as one of the first cities to achieve its housing target is something of which we are immensely proud. These funds will allow our community to continue to grow, and will help provide the tools we need to build more homes faster.”
The Building Faster Fund includes $120 million for small, rural and northern municipalities to help build housing-enabling infrastructure and prioritize projects that speed up the increase of housing supply.
