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TORONTO, June 23, 2026 (GLOBE NEWSWIRE) — The Toronto Regional Real Estate Board (TRREB) welcomes the Ontario government’s announcement to provide the City of Toronto with $1.5 billion to facilitate a 40 to 60 per cent reduction in development charges in the city. This is a major step, and the type of leadership needed to lower housing costs, improve project viability, accelerate the construction of much-needed homes in the city, and improve affordability, especially for missing middle housing.
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Development charges are among the largest government-imposed costs built into the price of new housing in Ontario and can account for up to 20 per cent of a home’s purchase price. Homebuyers and renters ultimately bear those costs, and they have contributed to worsening affordability and slower housing construction across the Greater Golden Horseshoe.
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TRREB has consistently advocated for lower upfront development costs as one of the most effective ways to improve affordability and support new housing supply.
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We thank Prime Minister Mark Carney, Premier Doug Ford, Minister Gregor Robertson, Minister Peter Bethlenfalvy, Minister Rob Flack, and the City of Toronto for their collaboration on this important initiative.
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Daniel Steinfeld
President, Toronto Regional Real Estate Board
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Media Inquiries:
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For all media inquiries, please email [email protected].
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About TRREB:The Toronto Regional Real Estate Board is Canada’s largest real estate board, with almost 70,000 residential and commercial professionals connecting people, property, and communities.
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English (US)