Ontario Rewards Peterborough With More Than $1.6 Million Through the Building Faster Fund

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PETERBOROUGH - The Ontario government is rewarding the City of Peterborough with $1,653,397 through the third round of the Building Faster Fund, which provides funding to municipalities that achieve at least 80 per cent of their provincially designated housing targets. In 2025, 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.

"Our government is relentlessly focused on creating the conditions municipalities need to meet the growing demand for more homes," said Rob Flack, Minister of Municipal Affairs and Housing. "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.

"Thank you to Minister Flack, MPP Smith and the Government of Ontario for their partnership to help get more homes built in our community," said Jeff Leal, Mayor of Peterborough. "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. Together, we're creating the conditions for builders to create homes and jobs in our community."

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 10 years. Funding will be prioritized for municipalities that reduce and maintain reductions on development charges. The agreement also supports the removal of the HST on new homes from April 1, 2026, to March 31, 2027, which will save homebuyers up to $130,000 off 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, MPP for Peterborough-Kawartha. "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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