Home:  Global Wood p01.gif (127 bytes) Industry News & Markets

Ontario Secures $4.7B Federal Funding for Housing and Infrastructure
[Jun 14, 2024]


Ontario is set to receive $4.7 billion from the federal government over the next five years under a renewed Canada Community-Building Fund (CCBF) agreement. This significant funding aims to bolster housing and critical infrastructure, enhancing the province¡¯s capacity to support growing communities.

Announced by federal Housing Minister Sean Fraser, Ontario Municipal Affairs Minister Paul Calandra, Toronto Mayor Olivia Chow, and Association of Municipalities of Ontario President Colin Best, the agreement underscores a collaborative effort to address pressing infrastructure needs. The joint statement emphasized the importance of this renewal, stating that it will ensure roads, bridges, and transit systems are well-positioned to accommodate future growth.

The CCBF, previously known as the Gas Tax Fund, provides a permanent source of funding from the federal government to provinces and territories. These funds are allocated to municipalities to support various infrastructure projects. The recent agreement includes specific goals, such as increasing affordable housing units, leveraging public lands for housing, and developing innovative construction techniques, particularly modular and prefabricated housing.

Ontario plans to use a portion of this funding to enhance the capacity of the non-profit housing sector, focusing on increasing the supply of affordable homes. By working across different government levels and strategically investing in aligned projects, the province aims to meet regional housing goals more effectively.

The renewed agreement is a timely response to Ontario¡¯s infrastructure and housing challenges. For instance, Toronto faces a $26 billion shortfall over the next decade to maintain its infrastructure at current service levels. This funding infusion is expected to alleviate some of these pressures and support the city¡¯s growth.

Furthermore, the CCBF will support the development of a provincial innovation strategy for housing, incorporating modern construction techniques. This initiative includes working with the federal government to create and adopt a design catalogue for modular and prefabricated homes, which could streamline and expedite housing development across the province.

¡°This funding is crucial for municipalities across Ontario who are facing a growing and unsustainable state of good repair backlog,¡± she said in a press release. ¡°The City of Toronto alone faces an alarming $26 billion shortfall that, if unaddressed, would carry devastating consequences for quality of life and economic growth.

¡°While this announcement is a move in the right direction, it is critical that governments continue to provide long-term infrastructure funding that supports the needs of our growing province for decades to come.¡±

Source:  canada.constructconnect.com