Richmond Hill Earns Nearly $6 Million Through Ontario’s Building Faster Fund After Surpassing Housing Target
Richmond Hill Building Faster Fund rewards the city with nearly $6 million after exceeding Ontario’s housing performance threshold
RICHMOND HILL, Ont. — The City of Richmond Hill will receive $5.94 million through Ontario’s Building Faster Fund after exceeding the provincial threshold required to qualify for performance-based housing funding, following a year that saw more than 2,200 new homes break ground.
Announced by the Ministry of Municipal Affairs and Housing on July 13, the funding recognizes Richmond Hill for starting construction on 2,228 new homes in 2025, representing 83 per cent of its provincially assigned housing target. Under the Building Faster Fund, municipalities that achieve at least 80 per cent of their annual housing target qualify for infrastructure funding to support future growth.
The provincial investment will help Richmond Hill expand community infrastructure needed to accommodate continued residential development while supporting Ontario’s broader housing strategy.
Why This Story Matters
This announcement is about more than a funding cheque.
First, Richmond Hill has secured nearly $6 million by exceeding the province’s performance threshold for housing construction, reinforcing its role as one of York Region’s fastest-growing municipalities.
Second, the funding reflects Ontario’s incentive-based housing strategy, rewarding municipalities that successfully move housing projects from approvals to construction.
Third, the investment comes as York Region continues to experience significant population growth, requiring expanded roads, utilities and community infrastructure alongside new housing.
Finally, the announcement highlights the province’s broader effort to increase housing supply through financial incentives, legislative reforms and infrastructure investments designed to accelerate homebuilding across Ontario.
Province Rewards Housing Performance
Municipal Affairs and Housing Minister Rob Flack congratulated Richmond Hill for reaching its housing benchmark.
“Congratulations to the City of Richmond Hill for your work to get shovels in the ground to build more homes,” Flack said.
“As we look to the future, our government will continue delivering programs and legislative changes that enable partners like Richmond Hill to successfully grow. Together, we are building better lives and brighter communities for the people of Ontario.”
Introduced in 2023, the Building Faster Fund is a three-year, up to $1.2 billion provincial initiative that rewards municipalities making significant progress toward their housing targets by funding infrastructure needed to support new development.
Richmond Hill Continues to Grow
Mayor David West said the funding reflects the city’s commitment to addressing housing needs across the community.
“Richmond Hill is very grateful to the Ontario government for this funding,” West said.
“It is a testament to the significant progress we made in 2025. We will never stop working hard to create more homes for our community, including affordable housing and long-term care housing that are desperately needed.”
The mayor said the city remains committed to increasing housing opportunities while supporting long-term community growth.
Richmond Hill MPP Daisy Wai said the funding recognizes the city’s leadership in meeting provincial housing objectives.
“I am proud to see this investment of more than $5.9 million coming to our community,” Wai said. “The City of Richmond Hill has demonstrated remarkable leadership in meeting provincial housing targets.”
Supporting Future Housing Growth
The Building Faster Fund is one component of Ontario’s broader housing strategy aimed at accelerating residential construction.
Recent provincial measures include the Building Homes and Improving Transportation Infrastructure Act, 2026, which streamlines development approvals, and the HST Relief Implementation Act (Residential Property Rebates), 2026, which temporarily removes the provincial portion of the HST on eligible new homes through March 31, 2027.
Ontario has also introduced the Development Charge Reduction Program, providing long-term funding for municipalities that reduce development charges while investing in housing-supporting infrastructure.
York Region Continues to Receive Infrastructure Investments
The province says Ontario is investing more than $204 million through the Municipal Housing Infrastructure Program across York Region, supporting infrastructure expected to enable more than 60,000 new homes.
That total includes more than $4 million specifically allocated to Richmond Hill through the Municipal Housing Infrastructure Program, complementing the city’s Building Faster Fund award.
Provincial housing data also indicates continued growth across Ontario.
Between January and May 2026, Ontario recorded 26,084 housing starts, representing a 17.2 per cent increase compared with the same period in 2025.
Rental housing construction saw particularly strong gains, with 13,599 rental starts, an increase of 94.9 per cent year over year and a provincial record for the first five months of the year.
The province has also extended the deadline for municipalities to spend Building Faster Fund allocations until 2028, providing additional flexibility to complete infrastructure projects that support future residential development.
Together, these investments are intended to help Richmond Hill continue increasing housing supply while ensuring the infrastructure required for future growth keeps pace with new development.
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