The Macchiusi Sales Team, Weiss Realty Ltd Brokerage (2022)
Toronto City Council has approved an increase to development charges that will be phased in over a two-year period in an attempt to manage the impact on community development.
Charges for residential and non-residential buildings have been increased. Half of the increase amount will be implemented on May 1, 2023, with the full rates coming into effect one year later.
Despite these aggressive increases in development charges spurred by a change in provincial law that requires municipalities to review their current fee structure, it is encouraging for missing middle housing supply that an amendment was approved that provides exemptions for multiplexes with four or fewer units. What this means is that development charges would be waived on second, third, and fourth units on a single lot.
The following scenarios are provided for further clarification on the new exemption:
This exemption was brought forward as a way to encourage more missing middle housing, something that TRREB has been strongly advocating for, and working closely with elected municipal officials and City staff for many years.
The Macchiusi Sales Team - Weiss Realty Ltd. Real Estate Brokerage (2022)