Ontario will receive $357 million in federal housing investment under a revised provincial action plan.

Federal Housing Minister Sean Fraser and Ontario counterpart Paul Calandra announced in a joint statement that they have reached an agreement that will unlock the funding under the National Housing Strategy. The deal has broad multi-family real estate development implications.

It settles a dispute between the two governments after Ottawa became dissatisfied with Ontario’s original action plan and voiced plans to provide the funding directly to municipalities rather than have the province distribute it.

“Ontario has submitted a revised action plan under the bilateral agreement, which provides more robust data and insights as to which housing projects benefitted from provincial investment,” said the housing ministers.

“Ontario has also included new measures in its action plan which better reflect Ontario’s funding delivery model, as the only jurisdiction which flows the funds through municipal service managers,” said Fraser and Calandra. “These measures include: establishing provincial supply targets with service managers, directing funding toward new projects, setting annual goals, and implementing robust data collection and reporting mechanisms.”

The province has also pledged to submit a 2025-2028 action plan by year-end 2024 to secured continued federal funding under the two governments’ 10-year National Housing Strategy agreement.

Pictured: Ontario Housing Minister Paul Calandra

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