Carney & Ford Slash Home Development Charges by 50%

0:00Prime Minister Mark Carney and Ontario Premier Doug Ford are set to unveil a major deal slashing municipal development charges on new homes by up to 50% province wide. This move aims to spark more building and ease the housing crunch for first time buyers. It comes right after last week's Federal Provincial Pact to drop the 13% HST on up to 1 million dollars of a new home's price. Those development charges often tack on tens of thousands to construction costs, slowing down new projects big time. Municipalities lean hard on this cash for roads, water lines, sewers, and services like trash pickup and policing. Cutting it could mean hiking property taxes to cover the gap, shifting the burden to current homeowners. The feds are pitching in through the Bill Community Strong Fund from last November's budget, funneling $51 billion over 10 years, too. Match provincial efforts on local infrastructure. Ontario targeted 1.5 million new homes in a decade, but starts have lagged, forcing lower

1:03forecasts. Meanwhile, municipal leaders warned that fully replacing this revenue might demand average 20% jumps in property taxes, proving this fix. Isn't without trade-offs as the push for more homes rolls on. You've been listening to Canada News today, AI-powered local news.