Ontario & Feds Unveil $8.8B Housing Plan

0:00It's March 30th. Welcome to Toronto News today, powered by AI. I'm Corey, with the story. Ontario and the federal government just dropped an $8.8 billion plan to slash housing costs and open up home ownership. Prime Minister Mark Carney premiered Doug Ford and Toronto Mayor Olivia Chao, announced it Monday at a build site in the Tobacook. The big move halves development charges on new homes over the next three years, with both sides kicking in 4.4 billion each. This cash targets housing infrastructure and key transit upgrades, like boosting geo transit and building the waterfront East LRT from Union Station 2, the Eastern Portland's. Municipalities give priority funding only if they commit to cutting those charges by 50%, or if they've already done it recently. Ford made it clear, no cuts, no money. Folks are feeling the squeeze from skyrocketing development charges, which pay for roads, utilities, and basics, but have exploded. In Toronto alone, they've jumped over 855% since 2011,

1:04from about $14,000 to nearly $1,138,000 per detached home last year. That's a huge chunk driving up prices and locking out buyers. This ties right into last week's moves, like expanding the HST rebate on new homes to everyone, not just first timers, with federal funds covering the full 13% tax. It hit just before Ontario's 2026 budget, and cities like Mississauga are already ahead, wiping out charges on family rentals. Leaders say this teamwork is speeding up shovels in the ground for more affordable spots, and groups like the Consumer Choice Center are calling it A. Solid wind to spark building and ease the crunch. Momentum's building on Canada's housing