Ontario developers have written to all levels of government to ask for a reduction in taxes on new housing, saying it will pass on those savings dollar for dollar to homebuyers.
Construction workers build new row homes in Ottawa on June 25. A new coalition of Ontario developers have written to three levels of government to ask for a reduction in taxes and, in exchange, will pass on those savings dollar for dollar to homebuyers. THE CANADIAN PRESS/Sean Kilpatrick.A coalition of Ontario developers has written to three levels of government to ask for a reduction in taxes on new housing, saying it will pass on those savings dollar for dollar to homebuyers.
The coalition would also like to see municipalities reduce development charges to 2009 rates, adjusted for inflation. For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. “To solve the affordability crisis today, your governments must take bold action to make homes cheaper to build and cheaper to buy,” the coalition said.
Ottawa and Ontario have taken numerous legislative steps to try to kick-start the construction of badly needed housing projects. A combination of soaring home prices over the past decade – especially during the pandemic – and a steep increase in interest rates has stalled many projects.Canadian seniors are getting a top-up to old age benefits. How much?
“The reason that the development charges are going up is for precisely the reasons that the developers have outlined, all of these input costs are going up,” said Lindsay Jones, the association’s director of policy.
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