Ontario’s bid to build new affordable housing amid a cost-of-living crisis is hitting a bump as builders turn their noses up at a list of affordable sale prices released by the government for developers who want to qualify for rebates.for every municipality in the province, setting the price developers would need to sell at if they want to have some taxes and fees refunded.
“The general feedback was that to truly help more moderate-income Ontarians find homes, the definition of an affordable residential unit needs to reflect market conditions and incorporate income factors,” they said.Boissonnault’s business associates to testify before ethics committee The average price of land for a single-family home in the city is $482,527, while the midpoint of construction costs is estimated at $495,000. Municipal fees sit at around $168,375, with provincial and federal taxes coming to $139,823. The land transfer tax is calculated at just $25,000. In total, the average costs calculated by BILD come to just over $1.3 million for a home that would have to be sold at $531,000 or less.
Bell pointed out that representatives from the building industry had raised their fears about the definition during committee meetings at Queen’s Park.She said she wanted the Ontario government to follow in the steps of the NDP-led Government of British Columbia by building affordable housing on government land and offering grants and cheap financing for deeply affordable projects.
Lyall said government land would reduce a key cost but maintained there would still be challenges for a developer to make money at Ontario’s affordable housing prices.
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