Peterborough awarded $1.65M to fund infrastructure after exceeding housing goal

What happened

• The City of Peterborough will receive $1,653,397 from the Building Faster Fund for exceeding its provincially set housing target.
• In 2025 Peterborough broke ground on 545 new homes, 16% more than its annual target.

By the numbers

• Reward: $1,653,397 for the City of Peterborough
• Homes started in Peterborough (2025): 545
• Provincial housing starts (Jan–May 2026): 26,084 total (+17.2% vs. same period 2025)
• Rental starts (Jan–May 2026): 13,599 (+94.9% vs. same period 2025)
• Building Faster Fund: three-year, up to $1.2 billion program (announced Aug 2023)
• Canada–Ontario Partnership mentioned: up to $8.8 billion; HST removal on new homes from Apr 1, 2026 to Mar 31, 2027 (saves buyers up to $130,000 per release)
• Municipal investment in Peterborough County: over $46 million (includes over $15 million for the City)

Why it matters

• The payment is earmarked for local infrastructure (roads, pipes, services) needed for the new homes and aims to maintain building momentum.
• The province extended the deadline to spend Building Faster Fund awards to 2028 to give municipalities more time to use the money.

Related programs cited in the release

• Development Charge Reduction Program (funding for housing-enabling infrastructure over 10 years)
• Building Homes and Improving Transportation Infrastructure Act, 2026 and HST Relief Implementation Act (Residential Property Rebates), 2026

Source: Ontario Ministry of Municipal Affairs and Housing news release.