[some company built] two-bedroom and three-bedroom stacked townhouse units in Toronto, selling for $500,000 on average. The city charged our project the full development charges of $30,000 per unit. At the same time, companies behind luxury condos in the city selling for $1.5-million were also paying $30,000 per unit.
Interesting idea. It doesn’t sound like a silver bullet for the housing crisis, but it would be a step in the right direction.
2 points
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Land value tax would solve this. If the city doesn’t want oversized units, tax land.
…and get rid of development charges altogether. Why are we punishing homebuilders with more taxes?
2 points
