And according to a new report released by the Building Industry and Land Development Association (BILD), on average, government fees and charges represent more than one-fifth of the cost of new home in the GTA.
It’s estimated that in 2012 alone, the industry and new homebuyers contributed $1 billion toward the construction of infrastructure such as sewers, roads and transit in the GTA through development charges.
The study zeroed in on six municipalities across the GTA: Oakville, City of Brampton, City of Markham, Town of Bradford-West Gwillimbury, Town of Ajax and the City of Toronto.
Here are some of the findings:
- The total government fees and charges amount to an average of $118,400 on a new single-detached home, which is 23 per cent of the overall cost.
- For a new high-rise home, the fees and charges amount to $64,400 or 20 per cent of the cost.
- Since 2004, development charges have climbed from 143 per cent to 357 per cent.
- Lowest to largest dollar amount for charges: $86,188 in the Town of Bradford West Gwillimbury to $149,077 in the City of Markham.
- Lowest total for municipalities studied to highest: Bradford West Gwillimbury’s fees and charges represent 21 per cent of the cost of a new low-rise home, and Markham’s fees and charges represent 25 per cent of the cost of a new low-rise home.
For high-rises properties:
- The charges range from $47,899 in the Town of Ajax to $80,472 in Town of Oakville.
- Highest totals for municipalities studied: Town of Oakville at $80,472, which represents 21 per cent of the cost of a new high-rise home.
- The lowest totals for municipalities studied: City of Toronto at $67,252 which represents 16 per cent of the cost of a new high-rise home.
For more details check out the table below…