I joined Premier Doug Ford, the Honourable Gregor Robertson, federal Minister of Housing and Infrastructure, along with Mayor Olivia Chow to announce that Toronto is receiving $1.5 billion through the Development Charge Reduction Program (DCRP) in recognition of its commitment to reducing development charges by 40 to 60 per cent, depending on the unit type.
The funding will help build more homes and community infrastructure in the City of Toronto while advancing the province’s plan to protect Ontario by investing in projects that support economic growth and keep workers on the job.
Combined with our historic 13 per cent cut to the HST on new homes, today’s agreement will lower the cost of building new homes by more than $200,000 in Toronto, getting more shovels in the ground and creating thousands of good-paying construction jobs in the process.
Development charge rates would be reduced as follows:
By 60 per cent for the following housing types:
Single and semi-detached homes
Apartments and multi-unit homes with two or more bedrooms, including condos and rental units
Dwelling rooms.
By 40 per cent for the following housing types:
Studio and one-bedroom apartments and multi-unit homes, including condos and rental units.
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