February 23, 2024 – Premier Doug Ford declared today a whopping $25.5 million investment for new housing in Brampton, celebrating the city’s strides in meeting its 2023 housing objectives.
The funding, sourced from the Building Faster Fund, will bolster infrastructure essential for creating complete communities and advancing the city’s Housing Incentive Program.
Municipalities that achieve 80 percent of their annual targets are eligible for funding based on their share of the overall goal of 1.5 million homes.
Brampton, the fastest-growing among Canada’s largest cities, saw the creation of 7,397 new residential spaces last year, marking significant progress toward its target.
Brampton’s Municipal Housing Pledge
Brampton’s Municipal Housing Pledge, initiated in March 2023, stands as a testament to the city’s commitment to addressing its housing challenges head-on. Encompassing a range of ongoing and planned initiatives, the pledge outlines strategic efforts to accelerate new housing supply and support sustainable growth.
Aligned with Ontario’s ambitious target of 1.5 million new homes by 2031, Brampton has pledged to approve 113,000 new residential units over a decade. However, realizing this pledge hinges on coordinated funding from senior levels of government, as the city faces an estimated $3 billion cost to accommodate accelerated growth.
The city’s ambitious growth plans necessitate substantial financial support from federal and provincial governments.
Ontario’s Building Faster Fund
The Building Faster Fund, introduced in August 2023, is a three-year, $1.2 billion initiative aimed at incentivizing municipalities to tackle the housing supply crisis. It is Ontario’s response to the support asked for by municipalities.
Paul Calandra, Minister of Municipal Affairs and Housing, commended Brampton and for their progress toward achieving housing targets, and challenged other municipalities to follow Brampton’s lead: “My message to mayors across this province is that we must continue to work together and build on our progress on making homeownership a reality for everyone. We will give you the tools you need to succeed in our shared goal.”
The Province’s commitment underscores its dedication to making homeownership a reality for families across Ontario.
Ontario has been making significant investments in municipalities to support housing-enabling infrastructure, aiming to foster sustainable growth and equitable development.
Brampton Becoming 2nd Largest Municipality in Ontario
At the press conference announcing the housing funding, Premier Ford predicted Brampton will soon mark a significant milestone: “Over a number of years, they’ll be the second-largest city in Ontario,” he said. “This is my prediction here, and I think it’s going to happen…they’re going to grow even larger than Ottawa!”
Mayor Patrick Brown expressed gratitude for the funding, emphasizing its importance in addressing Brampton’s housing supply crisis and ensuring stability for residents: “We are very much determined to hit our housing goal. We don’t want to just sign a pledge, we want to hit that pledge and exceed it.”
Brampton’s role in supporting the development of complete communities has been recognized, with the city ranking fourth for its swift approval timelines in the Greater Toronto Area.
The investment signals a pivotal moment in Brampton’s housing journey, promising a brighter, more accessible future for its residents.