City exceeds housing target, receives $17.5 million from Government of Ontario

HAMILTON, ON – Today, the Province of Ontario recognized the City of Hamilton for exceeding the 2023 provincial housing target, with 120 per cent of the target achieved in 2023.

As a result, the City will receive $17,587,390 in funding through the Province’s Building Faster Fund. This funding was critical in achieving the City’s 2024 approved budget.

Construction started on a total of 4,142 new housing units in the City of Hamilton in 2023. This included a diverse range of housing across the entire City, including rental units, ownership units, affordable housing, low-rise, mid-rise and high-rise. The Province has set a target for Hamilton of 47,000 new units by 2031. These results for 2023 represent one of the highest levels of new housing construction ever in the City of Hamilton.  

The Province’s Building Faster Fund is a $1.2 billion program spanning over three years that encourages municipalities to meet and exceed housing targets. Municipalities that have reached at least 80 per cent of their provincially assigned housing target for the year are rewarded through the program.

“Hamilton is getting it done on housing and we are glad to reward them for their success,” said Premier Doug Ford. “I’m so proud of Mayor Andrea Horwath and her council colleagues for exceeding their housing targets last year. My challenge to Mayor Horwath and to every mayor in Ontario is to get even more homes built in the coming years so we can make life more affordable and keep the dream of homeownership alive for families across the province. We’ll be there to support you every step of the way.”

The opportunity to secure housing for all Hamiltonians is enhanced with investments that increase the supply and spectrum of housing available to residents. The City is working toward reducing the number of individuals who are actively experiencing homelessness through the preservation and expansion of affordable rental housing.

“It’s clear that Hamilton is working hard to facilitate the building of much needed housing. I am grateful to Council and staff for their commitment to meeting and exceeding our provincial housing target. There is no doubt that the people of our great City deserve access to stable housing they can afford,” said Mayor Andrea Horwath. “I remain steadfast in my commitment to fostering the growth of diverse housing options and ensuring every citizen has access to secure affordable housing.”

The City of Hamilton has made a number of investments to help ensure that new affordable housing is a major part of new housing development. As part of the 2024 budget, City Council approved a dedicated 1.6 per cent tax increase, which forms part of the overall annual investment of $158 million towards housing and homelessness. In 2024, Council also approved the Housing Sustainability and Investment Roadmap financing plan, totaling $72.3 million.

Quick Facts

• In 2023, the City of Hamilton issued permits for 4,263 new housing units and broke ground on a total of 4,142 new housing units.
• As approved through the City’s 2024 budget, $158 million will be invested to increase affordable housing and reduce homelessness, an increase of 26 per