Thunder Bay is set to continue receiving funding from the Building Faster Fund.
“We’ve received the latest CMHC housing starts data and as you’re aware, our Building Faster Fund funding is dependent on housing starts, not permits, but housing starts and we have a target for this year of 183 in order to get the funding for next year in 2025,” explained City Manager John Collin. “As of October 31st, our housing starts, that is to say, shovels in the ground, not just building permits, is 241. Which is 132% over the target for the year.”
That means that the city’s funding for 2025 is guaranteed, and the city is anticipating receiving roughly $1,000,000.
However, the funding is not going to make life easier for the city during the budget process.
“That is not new money or unforecasted money,” explained Collin. “It is already part of our budgetary considerations for next year.”
The Building Faster Fund is a three-year provincial commitment to provide funding to help municipalities build more homes.
To access the funding municipalities must reach at least 80 per cent of their provincially set housing target.
Municipalities that exceed their target also receive bonus funding.
Funding can be used for housing-enabling infrastructure and other related costs that support community growth.
