18 Ontario-based developers in the Coalition Against New-Home Taxes call for tax breaks to reduce costs on new housing, aiming to build 100,000 homes over a decade.

18 Ontario-based developers, part of the Coalition Against New-Home Taxes (CANT), have called on federal and provincial governments for tax breaks to reduce costs on new housing. The group plans to build 100,000 new homes over the next decade, and propose removing the harmonized sales tax on new housing construction, eliminating land-transfer taxes on new homes, and reducing municipal development charges to 2009 rates, adjusted for inflation. Taxes are said to account for 29% of the cost of an average condominium in Toronto, up from 12% in 2009, contributing to an affordability crisis. The coalition warns that without changes, high taxes could strain housing supply and harm the economy, potentially leading to job losses in the home construction industry.

August 01, 2024
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