Ontario awards Peterborough housing fund support after exceeding homebuilding target

Traders Union
All News
Financial News
Peterborough housing fund support

Highlights

Ontario awards Peterborough $1,653,397 from the Building Faster Fund after the city exceeds its 2025 housing target by 16%, starting 545 new homes.
The Ontario government advances the Building Homes and Improving Transportation Infrastructure Act, 2026, and HST Relief Implementation Act, 2026, to speed up construction and cut building costs.
The Canada-Ontario Partnership to Build program includes an $8.8 billion investment and temporary removal of the HST on new homes from April 1, 2026, to March 31, 2027, saving buyers up to $130,000.

Funding award tied to 2025 housing performance

As reported by Ontario Newsroom, the Ontario government is awarding the City of Peterborough $1,653,397 through the third round of the Building Faster Fund after the municipality reaches at least 80 per cent of its provincially designated housing target. In 2025, Peterborough breaks ground on 545 new homes, exceeding its annual target by 16 per cent.

Ontario says the three-year, up to $1.2 billion program, announced in August 2023, is designed to reward municipalities that make significant progress toward housing targets. The money is meant to help cities fund the infrastructure needed to support new housing and growing communities.

Municipal Affairs and Housing Minister Rob Flack says the province remains focused on creating conditions for municipalities to meet rising housing demand. Peterborough Mayor Jeff Leal says the city is reducing development charges and streamlining approvals through a Community Planning Permit System to support more homebuilding locally.

Province links housing incentives to infrastructure and affordability

Ontario is also advancing broader housing and infrastructure measures through the Building Homes and Improving Transportation Infrastructure Act, 2026 and the HST Relief Implementation Act, 2026. The province says those steps are intended to speed up construction, reduce unnecessary costs and keep workers on the job.

Under the up to $8.8 billion Canada-Ontario Partnership to Build, Ontario has also introduced a Development Charge Reduction Program to support housing-enabling infrastructure over 10 years. The agreement includes removal of the HST on new homes from April 1, 2026, to March 31, 2027, which the province says can save buyers up to $130,000 on a new home.

Dave Smith, MPP for Peterborough-Kawartha, says the funding reflects the community’s success in exceeding provincial targets and will support pipes, roads and local services needed to sustain building activity. The province presents the combined measures as part of a wider effort to improve affordability and maintain construction momentum across Ontario.

Our earlier report on Ontario’s Building Faster Fund payment to Sault Ste. Marie explained how the province is rewarding municipalities that beat their 2025 housing targets with infrastructure-focused funding to support faster homebuilding. That coverage also highlighted Ontario’s wider housing package, including the Canada-Ontario Partnership to Build, development-charge reductions, and temporary HST relief aimed at lowering costs and keeping construction moving.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.