A new report from the Canada Mortgage and Housing Corporation (CMHC) reveals the significant impact of development charges on new home prices in the Greater Toronto Area. These municipal fees, levied on new units, can account for a substantial portion of the overall cost, influencing both affordability and the pace of development. \n\nCMHC’s data, drawn from municipalities across Ontario, indicates that development charges can represent 8 to 16% of a new condo price in Toronto. For single-detached homes in the GTA, these charges range from approximately $125,000 in Pickering to around $180,600 in Toronto, representing close to 9% of the average absorbed price. \n\nIndustry groups, including the Ontario Real Estate Association, are raising concerns about the cumulative impact of rising land, labour,
Read the original story here: https://www.mpamag.com/ca/mortgage-industry/industry-trends/cmhc-warns-soaring-development-charges-are-reshaping-canadas-housing-costs/559195
