New group, called the Coalition Against New-Home Taxes (CANT), is composed of 18 developers who collectively plan to build 100,000 new housing units over next decade
TORONTO — 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.
"We came to the realization that something's got to change and we started thinking about creative ways to bring government to the table to have an honest conversation and find solutions together," Matt Young, president of Republic Developments who is spearheading the coalition, said in an interview. The letter warns of job losses in the home construction industry and a hurting economy should nothing change.
"Housing is unviable today," he said. "You can't sell it low enough to get sales and still make money and if you can't make money or can't meet a certain margin, banks won't finance your projects, which means all projects for the most part are pretty much stalled."
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Ontario developer coalition asks governments for tax breaks to pass on to homebuyersTORONTO — 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.
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Ontario developer coalition asks governments for tax breaks to pass on to homebuyersA 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.
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