The Toronto Regional Real Estate Board (TRREB) welcomes the Ontario government’s announcement to provide the City of Toronto with $1.5 billion to facilitate a 40 to 60 per cent reduction in development charges in the city. This is a major step, and the type of leadership needed to lower housing costs, improve project viability, accelerate the construction of much-needed homes in the city, and improve affordability, especially for missing middle housing. 

Development charges are among the largest government-imposed costs built into the price of new housing in Ontario and can account for up to 20 per cent of a home’s purchase price. Homebuyers and renters ultimately bear those costs, and they have contributed to worsening affordability and slower housing construction across the Greater Golden Horseshoe. 

TRREB has consistently advocated for lower upfront development costs as one of the most effective ways to improve affordability and support new housing supply.

We thank Prime Minister Mark Carney, Premier Doug Ford, Minister Gregor Robertson, Minister Peter Bethlenfalvy, Minister Rob Flack, and the City of Toronto for their collaboration on this important initiative.

Daniel Steinfeld
President
Toronto Regional Real Estate Board