Teagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
Development Charges now make up a hefty amount of a Toronto home’s total overall cost, significantly driving up already near-record home prices — prices that are ultimately shouldered by homebuyers“Development charges increase the cost of homes for everyone. They are a housing tax. During a housing crisis, we don’t think you should raise taxes on housing,” said Housing Minister Sean Fraser of the City of Ottawa’s decision to increase development charges by up to 13% in May.
The reality of all of this is that DCs now make up a hefty amount of a Toronto home’s total cost, significantly driving up already near-record home prices — prices that are ultimately shouldered by homebuyers. For example, the DC on a single family home in Toronto is $141,139 as of September, a 993% increase from 2010 when it would have only run you $12,910. In the meantime, consumer prices have only increased 41% since 2010, according totold STOREYS.
“Growth funding tools such as development charges are based on the principle that growth pays for growth,” said Russell Baker, Manager of Media Relations and Issues Management for the City.
So when Burlington City Council convened in May, they took a hard look at projects that had been sitting in their DC by-law for years and identified three major developments that were not approved and wouldn’t be realised in the five-year window. “We asked ourselves, why should those projects remain in our budget?” said Ward. “We’re not going to collect reserves to sit in a bank somewhere for some future potential project that has sat on the books for a long time and hasn’t advanced.
Desjardins Economist Randall Bartlett tells STOREYS that August's inflation print marks a “turning point” for interest rates and an indication that better days are ahead for the housing market.PC Urban Founder Brent Sawchyn On Getting Creative In A Conservative Industry
Dc City Of Toronto Housing Costs New Housing Policy
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