The Toronto Regional Real Estate Board (TRREB) commends the City of Vaughan and Mayor Del Duca for their decisive action to reduce development charges (DCs), a move that will significantly enhance housing affordability and supply in York Region. The new DCs officially took effect on November 19, 2024. Previously, the City’s published development charge rate for low-rise residential was $94,466. The new rate is now $50,193.

Taxes on homes in York Region are too high, and Vaughan’s leadership in reducing development charges is a pivotal step toward addressing this issue. From 2009 to 2021, Vaughan’s development charge rates increased by 229 per cent. By lowering these fees, Vaughan is directly tackling one of the hidden costs that inflate home prices, helping to make homeownership more attainable for many families. 

From development charges to property and sales taxes, Greater Toronto Area homebuyers and sellers pay some of the highest taxes in North America on housing. It’s time to stop looking at housing as a cash cow and instead focus on bold action to get home taxes under control. Vaughan’s decision is a good first step.

Jennifer Pearce
TRREB President