Big news for the GTA housing market! Prime Minister Carney and Premier Ford have announced a massive $8.8 billion joint investment aimed at making new homes more affordable. The deal focuses on reducing development charges by up to 50% for three years in municipalities covering 80% of Ontario’s population.
This initiative, coupled with HST relief on new homes (up to $130,000 savings on homes valued up to $1 million), could significantly impact housing affordability in the region. The province estimates this will lead to approximately 8,000 additional housing starts next year, creating up to 21,000 jobs and contributing $2.7 billion to Ontario’s GDP.
The agreement also includes significant investments in transit infrastructure, including the Waterfront East transit line in Toronto, expected to serve 150,000 people and enable 75,000 housing units. GO 2.0 expansion and progress on major transit projects like the Ontario Line and Scarborough Subway Extension are also prioritized.
This federal-provincial partnership aims to tackle the housing crisis by increasing supply, reducing costs, and stimulating economic growth. Read the full article on Storeys for all the details.
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