THUNDER BAY — The number of housing starts in the city this year has already surpassed the 2024 target.
At the top of Monday’s committee of the whole, City Manager John Collin announced Thunder Bay’s most recent Canada Mortgage and Housing Corporation (CMHC) data.
A of Oct. 31, according to the CMHC, Thunder Bay had 241 shovel-ready housing starts which Collin said is “132 per cent over the target for the year.”
“That means that our building faster grant funding for 2025 is now assured, which is approximately a million dollars. That is not new money or unforecasted money. It is already part of our budgetary considerations for next year,” said Collin.
The Building Faster Fund provides $400 million in annual funding for three years to municipalities that are on target to meet provincial housing targets by 2031.
According to the Ministry of Affairs and Housing, municipalities that reach 80 per cent of their annual target each year will become eligible for funding based on the province's overall goal of reaching 1.5 million homes.
Moreover, municipalities that exceed their target will receive a bonus on top of their allocation.
The funding can be used for housing-enabling infrastructure and other related costs that support community growth.
The news doesn't come as a surprise, with 310 building permits issued as of September, the city had anticipated exceeding its target.
