Looks like increasing development charges in GTA pose a big challenge for new home buyers. New houses become more and more unaffordable every day. Just have a look at how much you pay in development charges when you buy a new house.
According to the Building Industry and Land Development Association (BILD), the total government fees and charges amount to an average of $118,400 on a new single-detached home, which is 23 per cent of the overall cost, and $64,400 on a new high-rise home, which is 20 per cent of the cost. Since 2004, for the municipalities studied in the report, development charges have increased between 143 per cent and 357 per cent and they continue to rise.
Please click on the link below to read the entire press release from BILD