The City of Peterborough is receiving more than $1.65 million from the Ontario government after surpassing its provincially assigned housing target in 2025.
The funding comes through the third round of the province’s Building Faster Fund, which rewards municipalities that achieve at least 80 per cent of their annual housing targets. Peterborough broke ground on 545 new homes last year, exceeding its target by 16 per cent.
The city will receive $1,653,397 to support housing-related infrastructure and future growth.
“Our government is relentlessly focused on creating the conditions municipalities need to meet the growing demand for more homes,” Municipal Affairs and Housing Minister Rob Flack said in a statement. “We appreciate partners like Peterborough who are committed to working alongside us.”
Mayor Jeff Leal said the funding recognizes the city’s efforts to encourage new housing development.
“Thank you to Minister Flack, MPP Smith and the Government of Ontario for their partnership to help get more homes built in our community,” Leal said. “The City of Peterborough is taking action to support housing construction by reducing development charges and streamlining our development approvals process through the implementation of a Community Planning Permit System.”
The Building Faster Fund was launched in 2023 as a three-year program worth up to $1.2 billion. It provides municipalities with funding for infrastructure needed to support housing growth.
The province says it is also accelerating home construction through recent legislation aimed at streamlining development approvals and reducing costs for builders.
Peterborough-Kawartha MPP Dave Smith said exceeding the city’s housing target will help maintain momentum.
“We know that increasing the housing supply is the best way to make life more affordable for seniors and young families in Peterborough,” Smith said. “This funding goes straight into building the foundation—the pipes, roads and local services—needed to keep our building momentum going.”
The province says municipalities that reduce development charges will also be prioritized for additional infrastructure funding through Ontario’s Development Charge Reduction Program.
