fedplanner
Active Member
http://www.thestar.com/business/201...ing_development_charges_for_new_projects.html
All the new development puts huge strains on infrastructure. Expansion of existing infrastructure to cope with the new demands is expensive but has to be done. It's equitable for these costs be burdened by those who are adding than the infrastructure through the assessment of higher development fees. Hopefully this new funding will go towards projects like the Downtown Relief Line and other critical infrastructure improvements.
City of Toronto officials are proposing a doubling of development charges on new condo and housing projects across the 416 region, a move that is sending shock waves through the already precarious condo industry.
The suggested fee hikes — a year earlier and far beyond anything expected by condo developers already spooked by slumping sales and prices — could see development charges on a one-bedroom condo jump from $8,356 to $17,351.
Those charges, which builders say they’ve been told could kick in as early as May 1, are usually passed on to buyers.
All the new development puts huge strains on infrastructure. Expansion of existing infrastructure to cope with the new demands is expensive but has to be done. It's equitable for these costs be burdened by those who are adding than the infrastructure through the assessment of higher development fees. Hopefully this new funding will go towards projects like the Downtown Relief Line and other critical infrastructure improvements.