Federal and Ontario Governments Cut Municipal Development Charges by Up to 50 Percent
The $8.8 billion joint investment aims to halve municipal development charges for three years to lower new home costs and stimulate construction amid housing shortfalls, officials said.
- The federal and Ontario governments will jointly invest $8.8 billion over 10 years to reduce municipal development charges by up to 50% for three years in Ontario to increase housing supply, announced by Prime Minister Mark Carney and Premier Doug Ford along with Toronto Mayor Olivia Chow.
- Funding will be given based on municipal project proposals, prioritizing high-growth municipalities that commit to reducing development charges by 30 to 50%, aiming to lower costs and encourage new housing developments.
- The province is waiving the Harmonized Sales Tax for eligible new homes under $1 million for one year, potentially saving homebuyers up to $200,000 in taxes and fees combined with the development charge reductions.
- Toronto will receive funding for the Waterfront East LRT transit project, a $3 billion plan to improve connectivity, supported by federal, provincial, and city governments to aid rapidly growing areas with transit and new housing.
63 Articles
63 Articles
Federal, Ontario Governments Pledge $8.8B to Cut Municipal Development Charges
Ontario and Ottawa will spend just under $9 billion to cut development charges in municipalities across the province by up to 50 percent in a bid to revitalize a struggling housing market. The federal and provincial governments are set to spend $4.4 billion each over the next decade on housing-related infrastructure in Ontario, Prime Minister Mark Carney and Premier Doug Ford announced March 30 at a joint press conference in Etobicoke. The bulk …
After HST Break, governments turn to building costs with $8.8 billion plan
Another round of housing-related relief is rolling out from Ottawa and Queen’s Park, just days after the Federal government’s move to scrap the 13 per cent HST on new homes ahead of the provincial budget.
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