Toronto Gets $1.5B for Housing. Here's What Changes
Ottawa and Queen's Park will slash development fees by 40 to 60 percent, saving builders nearly $2 billion and supporting 44,000 new units.
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Toronto is receiving up to $1.5 billion over the next decade to cut development fees — the charges builders pay when constructing new homes — by 40 to 60 percent depending on the building type.
Studio and one-bedroom condos will see a 40 percent reduction. Detached and semi-detached houses, along with larger rental and condo units, will see fees drop 60 percent. The province estimates this will save roughly $83,000 on a detached or semi-detached home.
Prime Minister Mark Carney, Premier Doug Ford, and Mayor Olivia Chow announced the funding deal this week, clarifying details first announced in late March. The cuts are projected to support construction of 44,000 new units while saving homebuilders $1.95 billion collectively.
City council plans to direct the savings toward TTC bus purchases, more frequent service on Line 2, and congestion improvements on St. Clair West between Keele and Old Weston Road. "People should be able to afford a home in our city," Mayor Chow said. "This announcement will make that easier while creating tens of thousands of good jobs in Toronto."
