Carney And Ford Make Housing History To Help Cut Development Charges

In a historic agreement aimed at building homes faster and making them more affordable, the Canada-Ontario Partnership to Build will make it possible for municipal development charges to be reduced by up to 50 per cent for three years. On March 30^th, Ontario Premier Doug Ford and Prime Minister Mark Carney signed the agreement (https://news.ontario.ca/en/release/1007227/ontario-and-canada-sign-historic-partnership-to-build-homes-transit-and-communities), which addresses something new home developers have been asking for over the past several years. Both governments will cost-match a total of $8.8 billion over 10 years, with the majority of funds supporting the reduction of municipal development charges. Currently, these fees add up to hundreds of thousands of dollars to the cost of new homes in Ontario.

In addition, the signed agreement supports key transit/infrastructure projects and support for economic development that will help to achieve shared goals. It is refreshing that all three levels of government will be working together to increase housing supply and improve affordability. Combined with the recent HST rebate and reduction news, this is indeed a major step forward for our industry.