Northern Ontario Construction News staff writer
The Ontario government is awarding more than $1.2 million to the cities of North Bay and Thunder Bay through the second round of the Building Faster Fund, recognizing both municipalities for surpassing their 2024 housing targets.
North Bay will receive $400,000 after breaking ground on 398 new homes in 2024—480 per cent of its provincial target. Thunder Bay is receiving $880,000 after starting construction on 262 homes, reaching 143 per cent of its 2024 goal.
North Bay exceeded its 2024 housing target by 480 per cent with 398 new housing starts. Thunder Bay exceeded its 2024 target by 143 per cent with 262 housing starts.
Launched in August 2023, the $1.2 billion, three-year Building Faster Fund provides funding to municipalities that meet or exceed 80 per cent of their provincially designated housing targets. The money supports housing-enabling and community-enabling infrastructure such as roads, water systems and other municipal services.
Premier Doug Ford praised Thunder Bay’s progress in particular, saying: “We’re working closely with Mayor Boshcoff and with local leadership in municipalities across Ontario to get more homes built faster. Today’s investment is just the latest step we are taking to protect our workers and communities by supporting continued growth in Thunder Bay and across Ontario.”
North Bay Mayor Peter Chirico welcomed the funding as a boost for continued development.
“Thanks to the Ontario government’s Building Faster Fund, we’ll be able to maintain our momentum and continue supporting housing development in our community,” said Chirico. “We’re especially pleased to have exceeded our provincial housing target for a second consecutive year.”
The province is also advancing housing development through other programs, including the Housing-Enabling Water Systems Fund, the Municipal Housing Infrastructure Program, and legislative changes under the Protect Ontario by Building Faster and Smarter Act, 2025, which streamlines development approvals and reduces municipal costs.
“I applaud Mayor Boshcoff and those mayors and councils across the province that are stepping up to get shovels in the ground faster,” said Rob Flack, Minister of Municipal Affairs and Housing. “Our government is making historic infrastructure investments to give municipalities the tools they need to build more homes and keep the dream of homeownership alive.”
From January to June 2025, Ontario saw 9,125 rental starts—up 26.5 per cent from the same period in 2024 and the second-highest total on record for this time of year.
The province has extended the deadline for municipalities to spend Building Faster Fund allocations to 2028 to support long-term planning.