The federal and Ontario governments officially opened an $8.8 billion infrastructure fund Monday aimed at encouraging municipalities to slashing development charges and lower the cost of homebuilding.
Housing Minister Gregor Robertson was joined with Ontario Housing Minister Rob Flack and Ontario Finance Minister Peter Bethlenfalvy in Ottawa to announce the Canada-Ontario Municipal Development Charge Reduction Program.
The program, under a larger ‘Build Canada Homes’ umbrella, sets to remove 13 per cent HST on new homes in Ontario that are valued up to $1 million. It was first announced in late March, though the fund officially opened to applicants on Monday.