The cost of building housing in Toronto will soon rise by tens of thousands of dollars per unit as the city hikes development charges by nearly 50 per cent.

The fees, which are charged to developers and help pay for the associated capital investments required to support new development, are evaluated every five years using a long-standing formula.

City officials maintain that even with the increases, Toronto will still have cheaper development charges than several neighbouring municipalities, including Markham, Mississauga and Vaughan.

Read More: https://toronto.ctvnews.ca/toronto-is-in-the-midst-of-a-housing-crisis-why-are-development-fees-set-to-go-up-by-nearly-50-per-cent-1.5981630#:~:text=%E2%80%9CWe%20do%20want%20to%20ensure,new%20developments%2C%E2%80%9D%20he%20said