Oakville receives $7.1 million in funding for progress made on housing targets

In recognition of the significant progress made by Oakville toward its 2023 housing target, the Government of Ontario has awarded the town $7.1 million through the Building Faster Fund for delivering 1,941 new housing units in 2023.  

The province had set a goal of building 1.5 million homes by 2031. To meet this goal, the province assigned Housing Targets to municipalities, including a target of 33,000 homes by 2031 in Oakville. 

The 2023 housing target for Oakville was set at 2,420 new units. The Canada Mortgage and Housing Corporation’s (CMHC) data for housing starts confirmed that Oakville had 1,941 new units in 2023. This accounts for 80 per cent of the housing target which is the threshold for the town to be eligible to receive funding. The funds can be used by the town toward housing-related core infrastructure and related costs that support community growth.  

To support and track the development of housing, the town has completed a number of initiatives and continues to work on upcoming enhancements. Some of these include:  

• A new Oakville Data Hub was launched for increased transparency on the town’s performance and future growth planning. Using metrics from the hub, the town provided the Canada Mortgage and Housing Corporation (CMHC) with a crucial perspective on their housing calculation, which positively influenced their funding decisions for all Canadian municipalities. 
• The establishment of the town’s first Housing Secretariat Office whose purpose is to advance the town’s Housing Strategy and Action Plan, with the goal of defining new housing opportunities in line with the town’s Housing Pledge.
• New guidelines were developed to provide clarity on the housing conversion to rental units, to assist landlords, tenants, and developers to protect the town’s limited rental housing. Visit Rental Housing Protection By-law page for details.  
• The town initiated a Housing Needs Assessment (HNA) study to identify current and future needs to address gaps. The town will hold focus group sessions with the building industry, housing providers, businesses, and community groups to assist in preparing the HNA.  
• Staff continue to work on establishing the Sheridan College Housing Taskforce to enable, advance, and accommodate the development of residential uses, including student housing. This stems from Council’s direction in May 2024, and staff have engaged in preliminary discussions, and a Terms of Reference for the taskforce is under development. 
• A new online tool for building permits is anticipated for launch by spring 2025. From intake to approvals, it will bring all processes into a single online platform for faster and easier processes and improved user experience.

Visit the Housing Strategy and Action Plan page for more details. 

Quote

“The town appreciates the funding and collaborative efforts of the provincial government to ensure that Oakville’s progress on housing is recognized. I am confident that we will exceed our 2024 housing target and receive more funding for housing and community-enabling infrastructure.” 

– Mayor Rob Burton