TRREB welcomes the City of Vaughan’s decision yesterday to temporarily reduce residential development charges to zero to help accelerate housing construction and improve affordability for current and future residents. This is the type of bold municipal leadership needed to address Ontario’s housing supply crisis.

Development charges are a major cost embedded in the price of new homes. Vaughan’s action can make a meaningful difference for homebuyers by reducing City development charges on a new low-rise home by up to $50,193 during the exemption period. Just over a year ago, those charges stood at $94,466, before Vaughan reduced them by almost 50 percent. Reducing these costs improves project viability, helps move approved developments into construction faster, and can support more attainable home prices.

The City’s initiative will also help support approximately 50,000 Vaughan residents who work in the construction industry by getting projects underway, creating jobs, and increasing housing supply.

TRREB commends Mayor Steven Del Duca and Vaughan Council for taking decisive action and recognizing that municipalities must be part of the solution to the housing affordability challenge.

We encourage all municipalities across York Region, the Greater Toronto Area and Simcoe County to follow Vaughan’s lead by reducing their own development charges, streamlining approvals, and removing unnecessary barriers that delay new housing.

Every level of government must do its part if we want more homes built faster and at lower cost. Vaughan continues to lead in making homes more affordable and getting homes built faster.

Daniel Steinfeld
President
Toronto Regoinal Real Estate Board