HomeMortgageHow will Ontario's newly passed housing legislation help the market?

How will Ontario’s newly passed housing legislation help the market?

“Removing development charges for affordable and non-profit housing, one of the items in the legislation, is the right thing to do as it will spur new residential construction,” Lyall said. “These hefty fees are out of control and can result in a project being shelved. Municipalities have become dependent on them, and an alternative must be found.”

Read more: What would it take to solve Canada’s ongoing housing affordability crisis?

Over the past 13 years, development charges in the Greater Toronto area have increased by more than 600%. Currently, they represent an additional $116,900 to the cost of a new home, according to provincial data.

“Homeownership keeps moving further out of reach of Ontarians because of unjustified fees that add tens of thousands of dollars to the price of a new home and a development approvals process that…

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