TORONTO — The federal government recently made a supportive housing announcement and the Building Industry and Land Development Association (BILD) said the top up of $400 million to the Housing Accelerator Fund and $6 billion for a new Housing Infrastructure Fund is exactly what is needed.
The conditions in the federal government’s announcement that municipalities must commit to implementing a three-year freeze on increasing development charges will also assist in further addressing affordability, states a release.
BILD had been signalling for years that increasing development charges are contributing significantly to affordability challenges for new owners.
Added costs from fees, taxes and charges from all levels of government add 25 per cent to the cost of an average single-family home in the GTA, therefore driving up housing costs. Freezing development charges will stop the upward trajectory of these costs and provide relief to new homebuyers, adds the release.
In addition to the provincial government’s housing infrastructure investment announcement in late March, BILD said it recognizes the commitment from the federal and provincial governments to enhancing housing-supportive infrastructure, particularly water and wastewater. It is exactly the type of support and infrastructure that is needed to meet Ontario’s housing objective of building 1.5 million homes by 2031.
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