Episode Details

Ontario and the federal government unveil an $8.8 billion plan to reduce housing costs and promote homeownership. The initiative halves development charges on new homes over three years, with both sides contributing $4.4 billion. The funds target housing infrastructure and key transit upgrades, such as enhancing GO Transit and constructing the Waterfront East LRT. Municipalities receive priority funding only if they commit to cutting charges by 50% or have recently done so. The plan aims to address skyrocketing development charges, which have surged over 855% in Toronto since 2011, contributing to price increases and buyer exclusion. This move complements recent actions like expanding the HST rebate on new homes and wiping out charges on family rentals. The collaboration is expected to accelerate construction of affordable housing and ease the housing crunch.

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