Vaughan Leads the Way in Housing Policy
The City of Vaughan has introduced a Development Charge (DC) Rate Reduction and Deferral Policy to address the housing supply crisis. The policy reduces fees by a staggering 88% to 92%, translating into significant cost savings for residential developments and encouraging new construction. These changes aim to make housing more affordable across the Greater Toronto Area (GTA).
Substantial Savings for Housing Projects
Key cost reductions include:
$44,273 for single-detached and semi-detached homes
$36,318 for townhomes or similar properties
$28,092 for large apartment units
$20,243 for small apartment units
Vaughan Metropolitan Centre
A Model for Regional Growth
This bold initiative positions Vaughan as a leader in addressing housing affordability and “will lower the city’s DC rate to well below comparable towns and cities in the region”. By lowering the financial barriers for developers, the policy could significantly boost the GTA’s housing stock, offering a model for other municipalities. Other cities have taken action as well. Burlington retracted its proposed DC increase and some select developments in Toronto have been omitted from paying any DC’s.
Source: BILD Media Release
McCulloch, J. (2024, November 20). Bild applauds city of Vaughan for leadership in reducing development charges to enable more housing supply. BILDgta. https://www.bildgta.ca/bild-applauds-city-of-vaughan-for-leadership-in-reducing-development-charges-to-enable-more-housing-supply/
