New homebuyers could save up to $180K under housing plan
The chair of the Windsor-Essex Home Builders Association believes a reduction in development charges will have a huge impact on the local real estate market.
The federal and provincial governments announced Friday over $190 million in funding from the $8.8 billion Development Charge Reduction Program (DCRP) for multiple municipalities across the region.
The money will help invest in infrastructure projects in return for a reduction in development charges for all housing types from March 30, 2026, to March 31, 2029.
The spending is expected to spur the construction of near 47,000 new homes across the area.
Chair of the Windsor-Essex Home Builders Association Norbert Bolger says the reduction in development charges will have a huge impact on the real estate market.
“Just reducing, like Mayor Dilkens said, $49,000 is the discounted rate on a house; that mixed with the HST, we’re talking over $150,000 to $160,000 difference on a new home. I think that will make a tremendous impact, absolutely,” he says.
Windsor will receive $77.6 million for reducing development charges by 70 per cent, a move that’s estimated to reduce the cost of building new homes by up to $49,452 per home in Windsor.
