Ontario's Bill 23 could cost Region of Waterloo $530 million: regional staff
CTV
Region of Waterloo staff say sweeping new provincial housing legislation will cost the region and its seven municipalities an estimated $530 million over the next 10 years, and taxpayers could be on the hook to make up the difference.
Region of Waterloo staff say sweeping new provincial housing legislation will cost the region and its seven municipalities an estimated $530 million over the next 10 years, and taxpayers could be on the hook to make up the difference.
The Ontario government passed Bill 23, or the “More Homes Built Faster Act” Monday.
The legislation, which overrides some municipal zoning laws and reduces – or in some cases eliminates – development charges, is part of the Ford government’s plan to build 1.5 million homes by 2031.
But critics of the bill say it will leave Ontario's municipalities short billions of dollars by drastically reducing the fees they collect from developers.
Those fees pay for things like roads, sewers, transit, libraries and other city services and infrastructure.
“My concern is, of course, the impact this is going to have on our financials,” Waterloo Mayor Dorothy McCabe told CTV News.
“We’re looking at, over the course of five years, potentially losing anywhere between $23 million to $31 million.”
