Ontario Rewards Kitchener and Waterloo with nearly $16.7 Million through the Building Faster Fund
WATERLOO REGION — The Ontario government is awarding a combined total of nearly $16.7 million to the cities of Kitchener and Waterloo 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. Kitchener and Waterloo broke ground on nearly 5,000 new homes in 2024.
As part of the Ontario government’s record-breaking investments in housing-enabling infrastructure, this funding will help both municipalities build more homes and community infrastructure while advancing the province’s plan to protect Ontario by investing in infrastructure to support economic growth and keep workers on the job.
“We’re working closely with Mayor Vrbanovic, Mayor McCabe and with local leadership in municipalities across Ontario to get more homes built faster,” said Premier Doug Ford. “Today’s investment is just the latest step we are taking to protect our workers and communities by supporting continued growth in Kitchener, Waterloo and across Ontario.”
The municipalities being awarded through the Building Faster Fund are as follows:
- Kitchener — $10,292,800 for achieving 105 per cent of its housing target, breaking ground on 3,067 new housing units, exceeding its provincial target of 2,917.
- Waterloo — $6,400,000 for achieving 129 per cent of its housing target, breaking ground on 1,722 new housing units, exceeding its provincial target of 1,333.
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 municipal approval processes and get more homes built faster. The fund awards municipalities that make significant progress against their targets by providing funding for housing-enabling and community-enabling infrastructure.
The province is also providing record funding to support housing-enabling infrastructure through the $4 billion Municipal Housing Infrastructure Program (MHIP), including $11.9 million for the City of Waterloo to enable the construction of nearly 5,000 new homes. Another $19.5 million has been invested across the Region of Waterloo to enable the construction of more than 14,000 new homes.
“I applaud Mayor Vrbanovic, Mayor McCabe and those mayors and councils who are taking bold action in their communities to get shovels in the ground faster,” said Rob Flack, Minister of Municipal Affairs and Housing. “Our government is making historic infrastructure investments to equip municipalities with every tool in our toolbox to build more homes and to keep the dream of homeownership alive for Ontario families.”
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 July 2025, Ontario saw 12,175 rental starts, an increase of 21 per cent compared to the same period in 2024. This is the highest level of rental starts on record for this time of the year.
- To help make way for more housing opportunities and support growing communities, the government is also giving municipalities more time to spend funds awarded through the Building Faster Fund, extending the deadline to 2028.
Quotes
"Kitchener is proud to once again be recognized by Ontario government for our leadership in addressing the housing crisis. Receiving funding through the Building Faster Fund for the second year in a row reflects our council, staff and community’s commitment to getting more housing built. Since the program’s inception, and the introduction of the municipal housing pledge, Kitchener has consistently demonstrated that with strong partnerships and bold action, we can accelerate housing delivery and build a city where, together, we take care of the world around us and each other."
- Berry Vrbanovic
Mayor of Kitchener
"I am pleased that Waterloo not only met its housing target, we exceeded it. We will continue to work collaboratively with developers, housing advocates, residents and city staff to build a future-ready community for all. We appreciate the infrastructure funding support from the Ontario government through the Building Faster Fund. This funding will help us continue our momentum, accelerate housing starts and keep Waterloo moving forward."
- Dorothy McCabe
Mayor of Waterloo
"Our government is continuing to work with local government partners in Waterloo Region to get shovels in the ground to build more housing built faster. Today’s investment of over $16 million combined in Kitchener and Waterloo is helping to bring the dream of homeownership back within reach for families in Waterloo Region."
- Mike Harris
Member of Provincial Parliament, Kitchener—Conestoga
"Congratulations to Kitchener and Waterloo on securing Building Faster funding. It’s proof that when municipalities step up, the province is right there to back them. I’m proud to support and recognize Mayor Vrbanovic and Kitchener city council as well as Mayor McCabe and Waterloo city council for their leadership and continued momentum on getting homes built faster across our region."
- Jess Dixon
Member of Provincial Parliament, Kitchener South—Hespeler