North Bay Receives $400,000 from Province for Surpassing 2024 Housing Target
The Ontario government has awarded $400,000 to the City of North Bay through the second round of the Building Faster Fund. According to the province, North Bay began construction on 398 new homes in 2024, which the government states is 480 percent of its assigned housing target for that year. The province reports that the Building Faster Fund is available to municipalities that reach at least 80 percent of their annual housing targets.
This funding is notable for North Bay, which exceeded its housing target for a second consecutive year. The provincial government states that the recent payment is in recognition of progress towards these housing goals and is intended for municipalities to use on infrastructure that supports growth. The province has also announced an extension for municipalities to spend awarded funds, now allowing use until 2028.
According to the Ministry of Municipal Affairs and Housing, the Building Faster Fund is a three-year, $1.2 billion program announced in August 2023. The program provides funding for infrastructure to municipalities making significant progress on their housing targets set by the province. Infrastructure considered eligible is intended to enable housing or community expansion.
Graydon Smith, Associate Minister of Municipal Affairs and Housing, stated in an official release that the province is partnering with North Bay's mayor and councillors through this funding. North Bay Mayor Peter Chirico said he is pleased the city has exceeded the provincial housing target for a second year.
Government figures show that, across Ontario, there were 9,125 rental housing starts between January and June 2025. The province says this is a 26.5 percent increase compared to the same period the previous year. The provincial government also referenced new legislation, the Protect Ontario by Building Faster and Smarter Act, 2025, as part of its package of changes related to housing and infrastructure development.