Oakville receives $13.2 million in funding for surpassing housing targets

The Town of Oakville has been awarded $13.2 million from Ontario’s Building Faster Fund in recognition of surpassing its housing target in 2024. In that year, Oakville initiated construction on 3,679 new homes representing approximately 134 per cent of its 2024 goals. The funding is designated to support housing-related core infrastructure and associated costs that support community growth. 

The 2024 Building Faster Fund housing target for Oakville was set at 2,420 new units. The Canada Mortgage and Housing Corporation’s (CMHC) data for housing starts confirmed that Oakville had 3,679 new homes in 2024. This accounts for 134 per cent of the housing target which is above and beyond the 80 per cent threshold for the Town to be eligible to receive funding. 

The Province had set a goal of building 1.5 million homes by 2031. To meet this goal, the Province assigned housing targets to municipalities, including a target of 33,000 homes by 2031 in Oakville. 

To support and track the development of housing, the Town has completed several initiatives and continues to work on upcoming enhancements. Some of these include:  

• The Oakville Data Hub was launched for increased transparency on the town’s performance and future growth planning. Using metrics from the hub, the town provided the Canada Mortgage and Housing Corporation (CMHC) with a crucial perspective on their housing calculation.
• The establishment of the Town’s first Housing Secretariat Office whose purpose is to advance Oakville’s Housing Strategy and Action Plan 
• New guidelines were developed to provide clarity on the housing conversion to rental units, to assist landlords, tenants, and developers to protect the town’s limited rental housing. Visit Rental Housing Protection By-law page for details.  
• As part of Oakville’s Housing Strategy and Action Plan, the Town is continuing to work on key strategic actions to support increased housing supply and improved affordability.
• A new online tool for building permits was launched earlier this year. From intake to approvals, it brings all processes into a single online platform for faster and easier processes and improved user experience. 

Visit the Housing Strategy and Action Plan for more details. 

Quotes

“The Province’s recognition of Oakville’s results through the Building Faster Fund reflects the efforts and initiatives of the Town. The funding will support the infrastructure needed to keep delivering homes while maintaining the livability our community expects.”