Ontario to launch audits of six municipalities’ housing finances

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Ontario to launch audits of six municipalities’ housing finances
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Municipalities have been raising concerns about a housing law, that, in part, freezes, reduces and exempts fees developers pay on certain builds

Those fees go to municipalities to pay for infrastructure to support new homes, such as roads and sewers, and they say the provincial changes will leave them $5 billion short.

“The province intends to use these audits to reach a shared understanding of any potential or perceived impacts of the More Homes Built Faster Act as regards changes to development-related fees and charges,” he wrote in a statement. “I think they believe perhaps the impact is not as great as we believe, so they want maybe to have an analysis of that,” he said in an interview.

“As Ontario’s third-largest city, this translates to a loss of nearly $1 billion in revenue in the next decade that we use to pay for new parks and infrastructure like roads, trails, community centres, fire stations, libraries, and other housing-enabling infrastructure.” “Cities can speed up approvals and permits, but rubber stamps alone won’t build housing,” Crombie wrote in her statement Thursday.

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