Ontario to Cut Developer Fees to Boost Home Construction

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Ontario to Cut Developer Fees to Boost Home Building

Toronto will need 285,000 new homes, according to targets set by the government.

Premier Ontario says his government's housing plan will make it easier to build “the right kind of housing in the right place”.

Doug Ford says the freeze or reduction in developer fees, contained in the bill introduced Tuesday, will encourage the construction of new homes, including rental apartments and affordable housing.

It also aims to increase density around metro stations and train stations, exploit unused land that is owned by the government, use modular construction and provide other means of access to property, such as the rental with option to buy.

The Premier and Municipal Affairs and Housing Minister Steve Clark unveiled the contents of the bill at a Toronto Region Board of Trade event.

Minister Clark calls these the most significant changes the government has made on housing.

The Progressive Conservatives have pledged to build 1.5 million new homes in 10 years.

The province has chosen 29 municipalities where the bulk of construction will need to take place to achieve this provincial goal.

They will need to commit to targets and determine how they plan to achieve them. take.

New housing – main targets:

  • Toronto: 285,000
  • Ottawa: 151,000
  • < li>Mississauga: 120,000

  • Brampton: 113,000

However, there is no penalty at this time if they fail to reach their purpose.

The bill would, if passed, allow for up to three units on one lot, such as basement apartments. -ground or garden houses, without having to change the regulations. These projects would also be exempt from construction project fees.

The province also announced Monday evening that it was increasing the tax imposed on foreign investors who buy property. It went from 20% to 25% on Tuesday.

With information from La Presse canadienne

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