Niagara Construction News staff writer
The City of Niagara Falls exceeded its provincially assigned housing target in 2024, leading the Niagara region and securing $2.8 million in incentive funding through Ontario’s Building Faster Fund.
Ontario has assigned housing targets to 50 of the province’s largest and fastest-growing municipalities as part of its plan to increase housing supply by 2051. To encourage construction, the province launched the three-year, $1.2-billion Building Faster Fund, which rewards municipalities that achieve at least 80 per cent of their annual housing target, with additional funding available for those that exceed it.
Niagara Falls achieved 116 per cent of its 2024 housing target, constructing 774 new housing units compared with a provincial target of 667. Within the Niagara region, Welland achieved 113.97 per cent of its target, while St. Catharines reached 85.28 per cent.
Housing starts in Niagara Falls during 2024 included 55 single-detached homes, eight semi-detached units, 112 townhouses and 50 apartment units. Construction also included 111 additional dwelling units, 288 long-term care beds and 150 congregate retirement home suites.
The 2024 incentive funding brings the city’s total Building Faster Fund allocation to $4.5 million, including $1.7 million previously awarded for meeting its 2023 housing target.
Funding from the program must be directed toward capital and infrastructure projects that support the creation of affordable and attainable housing. Eligible uses include infrastructure upgrades and public-private partnerships, such as the 4,500 Park St. development, which is expected to deliver 362 new homes, including approximately 76 designated as affordable and attainable.
City officials say housing construction in Niagara Falls continues to span a range of housing types, tenures and price points, including affordable housing, rental and ownership units, and housing intended for residents at different life stages.
The city is also continuing efforts to reduce barriers to housing development by streamlining approvals and cutting red tape. Ongoing initiatives include AI-supported planning processes, an additional dwelling unit program, a community improvement plan incentive program and a forthcoming affordable housing community improvement plan.
