ARTICLE | February 04, 2026
What Could This Mean for Your Business?
The City of North Bay saw an impressive 242 housing units built in 2025, doubling the 2024 total and surpassing the COVID-era construction boom.
According to Northern Ontario Business, residential construction accounted for $49,933,618 of the total $147,524,550 in construction values for 2025, a significant increase from $81,661,282 in 2024. The institutional sector represented the largest portion of activity, with a total value of $74,840,780.
Early indicators for 2026 suggest this momentum will continue. The City of North Bay has stated its commitment to supporting housing development by allocating provincial and federal funding and working closely with developers and community partners to continue exceeding housing targets.
What Is Driving This Growth?
North Bay attributes the sharp increase in housing starts to programs such as Ottawa’s Housing Accelerator Fund, along with other federal and provincial initiatives.
One notable project includes a 100-unit apartment building supported through the City’s Growth Community Improvement Plan, funded in part by the Housing Accelerator Fund and delivered in partnership with the District of Nipissing Social Services Administration Board. According to Ontario Construction News, North Bay was awarded $10.6 million through the fund in 2025.
This growth is not limited to residential construction. Commercial construction increased from $10.6 million to $14.2 million, while industrial construction rose from $4.7 million to $7.8 million, reflecting broader economic momentum across multiple sectors.
Why This Matters Beyond Construction
Programs like these clearly demonstrate how targeted incentives can drive rapid development. However, understanding that funding exists is only part of the picture. The real challenge for businesses is knowing how to access these programs, how to stack incentives, and how to align projects with funding requirements.
A strategic incentive review can help clarify eligibility, improve application strategy, and strengthen your overall financial position.
At the same time, rapid growth can introduce pressure. According to Marc Boivin, “businesses that are not prepared for fast-moving market changes may experience cash flow strain, require new capital planning, or need tighter financial oversight to keep pace”.
Growth Brings Opportunity, and New Pressures
Increased development often leads to higher demand for skilled labour, making workforce planning and retention more critical. As teams grow, businesses may also need more structured HR systems to manage compliance and reduce risk.
Housing growth also drives longer-term economic shifts, including:
- changes in land values
- increased demand for servicing and infrastructure
- pressure on supply chains
- stronger links across sectors such as retail, professional services, and trades
With opportunities like this, clarity around where your business fits within the growth curve can make the difference between reacting to change and capitalizing on it.
Positioning Your Business for What Comes Next
If you want to understand how upcoming investment could affect your business, and whether your financial, operational, and leadership structures are ready to scale, speaking with an advisor can provide valuable perspective.
FCR works with businesses in Sudbury, North Bay, Espanola, and across Northern Ontario to assess readiness, strengthen foundations, and support confident, informed decision-making.
Being prepared today is what positions your business to succeed tomorrow.
Let’s Talk!
Call us at 1 855 363 3526 or fill out the form below and we’ll contact you to discuss your specific situation.