Brampton, ON — The City of Brampton is facing a $25-million shortfall in its 2026 budget after failing to meet the province’s mandated new-housing target for 2024, Mayor Patrick Brown confirmed this week.
Under Ontario’s Build Faster Fund, municipalities receive funding based on progress toward annual housing-construction goals established under Bill 23 — the More Homes Built Faster Act. While Brampton successfully met its 2023 target and received $25.5 million in funding, the city fell short last year due to a sharp downturn in the condominium market.
“We did not meet our targets last year when the condo market collapsed,” said Mayor Brown. “They’ve given Brampton one of the highest targets because we’re a growing community. It’s based on our historical growth.”
Brampton’s provincial target is roughly 11,000 new housing units per year, part of Ontario’s broader goal of adding 113,000 new homes by 2031.
The Build Faster Fund, introduced in 2023, rewards municipalities that reach or exceed 80 percent of their annual housing-start goals. Funding is calculated based on the number of building foundations poured or projects that have officially broken ground.
To help accelerate housing construction in the wake of the market slowdown, Brampton council recently approved a Purpose-Built Rental Development Charge (DC) Incentive Program to encourage developers to build much-needed rental housing.
“Despite strong market demand, Brampton has seen limited growth in purpose-built rentals, averaging fewer than 160 new units per year,” city staff reported. “This program is designed to stimulate development that otherwise wouldn’t occur under current market conditions.”
Mayor Brown emphasized that meeting this year’s targets — and regaining eligibility for Build Faster funding — is now a top municipal priority. Council has directed staff to expedite the building-permit process to ensure new projects can move forward more quickly.
“We lost $25 million because we didn’t have those building permits ready,” Brown told council. “I don’t want us to lose that again.”
The mayor also noted that the absence of provincial and federal housing incentives could place more financial pressure on local taxpayers.
“I want to ensure we balance our housing goals with fiscal responsibility,” Brown said. “People are already struggling to make ends meet, and we have to protect affordability in our city budget.”
Despite last year’s setback, Mayor Brown remains optimistic that Brampton will meet its 2025 housing target and once again qualify for provincial funding.
“I believe we’re going to hit our target,” he said confidently.