<<First Name>>,
Toronto City Council is planning to increase taxes on new housing by 46% at the worst possible time. With rising interest rates and construction costs, 5,000 new homes could be cancelled - and that’s before this planned tax hike. The CMHC says we need to build 2.6 million homes by 2030 to restore housing affordability. Increasing development charges will only make it harder to achieve this goal.
Under the proposed changes, development charges will have tripled since 2018, even though they have already increased 600% since 2009. Meanwhile, average property taxes have barely budged.