Quote:
Originally Posted by whatnext
So again, how do you "spend "Nearly $1.6 billion over 10 years – matched by British Columbia for a total of up to $3.2 billion – to lower development charges for multi-unit housing by up to 50% in priority communities". You've just regurgitated their press release. Are they just handing the taxpayers' money over from one hand to the other?
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They're going to pay for some of the infrastructure that municipalities (and Metro, presumably) currently collect development fees to cover. Municipalities have to reduce those fees from their current level. Don't forget municipalities also have targets to hit to keep the province happy, so they want to see development being built. The targets are a stick; the fee subsidy is a carrot.
Whether that makes a significant difference to a developer going ahead with a project, or reducing the price of strata units on offer, remains to be seen, but that's the intention. Developers say fees are an impediment to them building - the Feds and province just created a mechanism to reduce those fees.
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