Ontario to get $4.7B from feds for housing, infrastructure

Ontario will get $4.7 billion over the next five years for housing and other infrastructure, as part of a new deal announced Wednesday.

The funding is for a renewed Canada Community-Building Fund (CCBF) agreement, which will "ensure that critical infrastructure that supports housing continues to be built, maintained and expanded," according to a press release from the Ontario government.

"The renewal of this agreement means that our communities' roads, bridges, and transit systems will be positioned to accommodate growth," the release said.

The province states the money will go toward housing, specifically increasing capacity in the non-profit sector, "leveraging" public lands to increase supply and creating a provincial strategy around "innovative" types of housing, including modular.

"By working together to strategically invest in projects aligned with regional housing goals, we will help increase the number of affordable homes in Ontario," it said in the release.

The CCBF is a permanent source of funding provided by the federal government to provinces and territories twice a year. The provinces and territories are tasked with allocating the funding to municipalities, according to the federal government's website.

Previous CCBF investments have gone toward paving roads and renovating community spaces like public pools in Ontario, according to the release.