Ontario Rewards North Bay with $400,000 through the Building Faster Fund
August 1, 2025NORTH BAY – Vic Fedeli, MPP for Nipissing, announced that as part of its record-breaking investments in housing-enabling infrastructure, the Ontario government is awarding the City of North Bay $400,000 through the second round of the Building Faster Fund, which provides funding to municipalities that achieve at least 80 per cent of their provincially designated housing targets. North Bay broke ground on 398 new homes in 2024, which works out to 480 per cent of its 2024 housing target. This funding will help North Bay build more homes and community infrastructure, and support the province’s plan to protect Ontario by investing in infrastructure that promotes economic growth and keeps workers on the job.
“Congratulations to the City of North Bay for exceeding your 2024 housing target,” said MPP Vic Fedeli. “We know the housing shortage is a challenge. With today’s $400,000 investment through the Building Faster Fund, we’re making real progress and bringing the dream of homeownership back within reach for North Bay families, first-time home buyers, and seniors. We’re excited to keep building on this momentum, getting more homes built, more shovels in the ground, and putting more people in the housing they need.”
Announced in August 2023, the Building Faster Fund is a three-year, $1.2 billion program that is designed to encourage municipalities to speed up approval processes and get more homes built faster. The fund rewards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure.
“Thanks to Ontario’s Building Faster Fund, we’ll be able to maintain our momentum and continue supporting housing development in our community. We’re especially pleased to have exceeded our provincial housing target for a second consecutive year. It’s a clear reflection of the investments of the development community and the hard work and collaboration of City staff, Council, and our community partners.” – Peter Chirico, Mayor, City of North Bay.
“North Bay’s impressive progress shows what’s possible when we work together to get shovels in the ground faster,” said Graydon Smith, Associate Minister of Municipal Affairs and Housing. “This funding will play a key role in ensuring that the housing and infrastructure needs of the community are met for generations to come.”
The Ontario government is also helping to speed up the construction of new homes and infrastructure, including by streamlining development processes and reducing costs in close partnership with municipalities, through the Protect Ontario by Building Faster and Smarter Act 2025.
QUICK FACTS
- From January to June 2025, Ontario saw 9,125 rental starts, an increase of 26.5 per cent compared to the same period in 2024. This is the second-highest level of rental starts on record for this time of the year, after 2023.
- To help make way for more housing opportunities and support growing communities, the government is also extending the deadline for municipalities to spend funds awarded through the Building Faster Fund to 2028.
ADDITIONAL RESOURCES
- Ontario Launches Building Faster Fund and Expands Strong Mayor Powers
- Background: Municipal Housing Targets and Building Faster Fund