Update: Toronto Considers Substantial Increases To Condominium Development Fees

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As we previously reported, Toronto is considering dramatic increases to development fees that could result in purchasers paying price increases of almost $15,000.

Toronto’s executive committee considered this proposal on July 3, 2013, but decided to delay a decision until September 24 so as to allow time to consult with stakeholders.

Peter Milczyn, City Councilor and Chair of Planning and Growth Management, warned that while the details may change, increased fees are inevitable: “Development charges will go up dramatically, as they should. … However, how we work out the transition provisions is very significant.” The city is presently considering phasing in these increases over a period of two years.

If the executive committee approves the increase, the proposal will go before the entire city council later in the fall.

If you have concerns about the possible increases in development charges, speak to your city councilor.

- See more at: http://www.condoreporter.com/update-toronto-considers-substantial-increases-to-condominium-development-fees/#sthash.Gn1NEO7g.dpuf

As we previously reported, Toronto is considering dramatic increases to development fees that could result in purchasers paying price increases of almost $15,000.

Toronto’s executive committee considered this proposal on July 3, 2013, but decided to delay a decision until September 24 so as to allow time to consult with stakeholders.

Peter Milczyn, City Councilor and Chair of Planning and Growth Management, warned that while the details may change, increased fees are inevitable: “Development charges will go up dramatically, as they should. … However, how we work out the transition provisions is very significant.” The city is presently considering phasing in these increases over a period of two years.

If the executive committee approves the increase, the proposal will go before the entire city council later in the fall.

If you have concerns about the possible increases in development charges, speak to your city councilor.

 

Topics:  Canada, Condominiums, Fees, Housing Developers

Published In: General Business Updates, Residential Real Estate Updates, Zoning, Planning & Land Use Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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