Oakville, Milton close but no cigar when it comes to building new homes in 2023

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Published December 29, 2023 at 11:25 am

Although Oakville and Milton fell a little short of expectations, both are close to building the number of new homes mandated by the Ontario government.

Various bills enacted by the Doug Ford government have set a combined goal of 1.5 million new homes in the province by 2031. To meet this goal, large and growing municipalities were assigned targets for starting to build.

According to a tracking website set up by the province, both Oakville and Milton have fallen short of the 80 per cent threshold to be considered “on track”. But not by much.

Milton has a 2031 target of building 21,000 new homes and has seen 2,238 housing starts since 2022. The 2023 target is 1,540, of which 1,161 were started, 75 per cent.

Oakville has a 2031 target of building 33,000 new homes and has seen 3,652 housing starts since 2022. The 2023 target is 2,420, of which 1,728 were started, 71 per cent.

The website says municipalities that reach 80 per or more of their annual target each year will be eligible for funding from the three-year, $1.2 billion Building Faster Fund. Municipalities that exceed their target will receive a bonus on top of their allocation.

An eligible municipality would receive no funding if it is below 80 per cent of its annual assigned target.

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