A representative of the development industry and a housing advocate are warning that a recent decision by Toronto city council to raise the cost of building new housing could further squeeze the city’s supply and result in less affordable housing.
Council voted in July to hike development charges by 46 per cent for new residential buildings, with the increase to be phased in over the next two years. The fees are collected at the time a building permit is issued and are used to fund infrastructure needed to support a growing population, including transit, roads and housing.
Developers building a single-detached or semi-detached home will pay an additional $43,062 above the current rate of $93,978. The charge for constructing a condo with two or more bedrooms will go up $35,592 from $77,679, and the fee for apartments with two or more bedrooms will increase by $25,206 from…
