Development fee cuts alone won’t solve housing affordability crisis: CMHC
The Canada Mortgage and Housing Corporation (CMHC) has stated that merely reducing municipal development charges will not adequately address the housing affordability crisis in Canada. While cutting these fees could potentially increase viable housing projects, it is not a comprehensive solution. The CMHC emphasizes that development fees play a crucial role in city budgets and eliminating them entirely is unrealistic.
- ▪The CMHC argues that slashing development charges alone won't solve the housing affordability issue.
- ▪Reducing these fees could increase viable projects by up to 14 percent in some cities.
- ▪Cities with high development charges would benefit the most from fee reductions, while other municipalities would see minimal gains.
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The federal housing agency says slashing municipal development charges won’t be enough on its own to make homes affordable again across Canada. Development charges are fees cities impose on developers and are mainly used to pay for infrastructure that supports new builds. Get breaking National news Get breaking Canada news delivered to your inbox as it happens so you won't miss a trending story. Sign up for breaking National newsletter Get Started By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy. The federal government is spending billions of dollars to encourage municipalities to cut development fees in half to boost housing supply and improve affordability.The Canada Mortgage and Housing Corp.
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