Ontario’s plan to get more affordable houses built appears to be falling flat, as developers say the pricing guidelines set by the government aren't realistic and would see them lose hundreds of thousands of dollars.
When the Ford government pledged to build 1.5 million homes this decade, part of the promise was affordable and attainable housing. The province has now defined what “affordable housing” actually means.
The government says an affordable single family detached home in Ontario should be roughly $351,000 on average. If a developer can meet that target, the government believes they should get a discount on development charges.
But the development industry doesn't believe it's realistic. In fact, a recent report pegged the average cost of a detached house in Ontario at $889,000 — 85 per cent higher than the government's affordable goal.
And the development industry says between the cost of the land, taxes, fees and construction costs, a house can cost $1.3 million to build.
Global’s Colin D'Mello explains.
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