Developer fees could add more than $100,000 to price of new homes, CMHC finds [Globe and Mail, The (Toronto, Canada)]
Cabot Corporation (CBT)
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Source: Globe and Mail, The
It's the first time the national housing agency has measured and identified the average cost of development charges in 30 municipalities in Ontario, British Columbia, Alberta and Quebec. The report found the charges that cities impose vary widely across the country. Montreal was among the cheapest cities, with homebuilder charges of $8,584 and $30,597, for condos and detached houses respectively. While development costs are publicly listed by municipalities, the variance in how they're charged and what they're used for makes it extremely difficult for the average person to actually compare the costs they'd face between two cities, said Mathieu Laberge, chief economist and senior vice-president of housing insights at CMHC. The Crown corporation initially set out to compare 55 municipalities, but it found some cities such as Vancouver had such complicated fee structures that they simply had to be scrapped from the list – even with a team of 50 researchers working on the project.
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- Media Advisory: CMHC to release new data on development charges and fees [Yahoo! Finance]Yahoo! Finance
- Huge Toronto project seeks to reignite the co-op housing model [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The
- PBO projects Build Canada Homes will add 26,000 housing units, a fraction of those needed, over five years [Yahoo! Finance Canada]Yahoo! Finance Canada
- Budget office sees modest boost in housing supply from Build Canada Homes [Advisor.ca (Canada)]Advisor.ca
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