A for sale sign is pictured on the lawn of a house in Toronto’s east end on Oct. 11, 2023.
Ontario developers demand tax cuts on new homes, pledging to pass savings directly to homebuyers in a bid to boost housing affordability and construction.The Coalition Against New-Home Taxes , a group of Ontario developers, is calling on municipalities reduce development charges to 2009 rates, adjusted for inflation.
The coalition would also like to see municipalities reduce development charges to 2009 rates, adjusted for inflation. "Now because of higher interest rates, the system has broken," the coalition said in its letter sent Wednesday to the federal government, the province and the City of Toronto. "We will accept any accountability measures the government wants to implement in order to ensure that savings get passed on to Canadians and homebuyers," Young said.
Ottawa and Ontario have taken numerous legislative steps to try to kick-start the construction of badly needed housing projects. A combination of soaring home prices over the past decade — especially during the pandemic — and a steep increase in interest rates has stalled many projects. "The reason that the development charges are going up is for precisely the reasons that the developers have outlined, all of these input costs are going up," said Lindsay Jones, the association's director of policy.
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