Federal and Ontario Governments Cut Municipal Development Charges by Up to 50 Percent
The $8.8 billion joint investment aims to halve municipal development charges for three years to lower new home costs and stimulate construction amid housing shortfalls, officials said.
- The federal and Ontario governments have announced an $8.8 billion plan to halve development charges on new home construction over the next three years, with each contributing $4.4 billion.
- Ontario Premier Doug Ford stated that municipalities must cut development charges by 50% to receive funding, with non-compliant municipalities not receiving any money.
- Development charges in Toronto for detached single-family homes have increased drastically since 2011, rising from $14,000 to nearly $138,000, significantly adding to new home costs.
56 Articles
56 Articles
Federal, Ontario Governments Pledge $8.8B to Cut Municipal Development Charges
Ontario and Ottawa will spend just under $9 billion to cut development charges in municipalities across the province by up to 50 percent in a bid to revitalize a struggling housing market. The federal and provincial governments are set to spend $4.4 billion each over the next decade on housing-related infrastructure in Ontario, Prime Minister Mark Carney and Premier Doug Ford announced March 30 at a joint press conference in Etobicoke. The bulk …
After HST Break, governments turn to building costs with $8.8 billion plan
Another round of housing-related relief is rolling out from Ottawa and Queen’s Park, just days after the Federal government’s move to scrap the 13 per cent HST on new homes ahead of the provincial budget.
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