Saturday, October 19, 2013

Toronto Development Charges Condo and SFD

Proposed Development charges increase in 2014 approved as presented at Toronto City Council October 8th 2013.
Development chargesCouncil approved changes to the development charges the City collects from new construction to pay for a portion of growth-related capital costs. The new development charges bylaw will take effect on November 1. Under the new bylaw, rates will be increased over two years by about 75 per cent for residential development by 25 per cent for non-residential development beginning February 1, 2014. Council also adopted several motions concerning requests for reports and/or potential actions on topics such as affordable housing, development within priority neighbourhoods, and provincial development charges legislation. 
While the City of Toronto is building 3 times as many condominium units as compared to the Region of Peel; the Development Fees are less than half and actually a third.  The aging / mature population and the influx of people to Toronto continues. To suggest there will be more building of single family homes [in the 416] is uninformed.  Building will be up and ever higher. 

The Development Fees should be equivalent  or at least similar between municipalities as we build more condos for Mature Housing and [individually owned] rental units. If you have purchased a condominium unit that is not yet registered, effective the implementation date, if the builder needs to pay these expenses they will be passed on to you at closing.

This is why Stan Gelman urges you to CAPP THE CLOSING COSTS in the Agreement of Purchase and Sale during the Period of Rescission. [Cooling off Period]

Good Advice...  Are you closing on a condo soon?  

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