Ontario Rewards Kitchener and Waterloo with $16.7 Million for Exceeding Housing Targets
Funding from the Building Faster Fund supports infrastructure and accelerates new home construction
WATERLOO REGION — The Ontario government has awarded nearly $16.7 million to the cities of Kitchener and Waterloo for exceeding their 2024 housing targets, part of the province’s ongoing strategy to address the housing crisis while supporting local infrastructure and jobs.
Through the second round of the Building Faster Fund, municipalities that achieve at least 80 per cent of their provincially designated housing targets receive direct financial support to invest in housing-enabling and community infrastructure. Both Kitchener and Waterloo surpassed expectations, breaking ground on nearly 5,000 new homes last year.
Breakdown of Funding
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Kitchener will receive $10,292,800 after achieving 105 per cent of its housing target, with 3,067 new units started compared to a target of 2,917.
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Waterloo will receive $6,400,000 after reaching 129 per cent of its target, with 1,722 new units started compared to a target of 1,333.
Premier Doug Ford announced the funding in Waterloo Region, highlighting the importance of local leadership in accelerating housing delivery:
“We’re working closely with Mayor Vrbanovic, Mayor McCabe and with local leadership in municipalities across Ontario to get more homes built faster. 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.”
Building Faster Fund: Incentivizing Results
Launched in August 2023, the Building Faster Fund is a three-year, $1.2 billion program aimed at encouraging municipalities to streamline approval processes and accelerate housing construction.
This latest funding comes alongside record provincial investments in housing-enabling infrastructure:
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$11.9 million through the Municipal Housing Infrastructure Program (MHIP) for Waterloo to support nearly 5,000 new homes.
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$19.5 million invested across the Region of Waterloo to enable construction of more than 14,000 homes.
Minister of Municipal Affairs and Housing Rob Flack emphasized the province’s commitment:
“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.”
Today, I was proud to join Premier @fordnation and Mayor @DorothyMcCabe in Waterloo to announce $6.4 million of funding through our Building Faster Fund. This investment will support the critical infrastructure needed to accelerate new home construction and to build the homes… pic.twitter.com/7gJi0sRaXX
— Rob Flack (@RobFlackEML) September 2, 2025
Local Leadership Responds
Kitchener Mayor Berry Vrbanovic welcomed the recognition, noting the city’s ongoing commitment to 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.”
Context: Ontario’s Housing Push
From January to July 2025, Ontario recorded 12,175 rental starts, a 21 per cent increase over the same period in 2024 — the highest level on record for this time of year.
To support municipalities further, the province has extended the deadline to spend Building Faster Fund allocations to 2028, ensuring long-term flexibility in planning and project delivery.
The government also continues to advance legislation like the Protect Ontario by Building Faster and Smarter Act, 2025, designed to streamline development approvals and reduce costs for builders while protecting taxpayers.
