A new agreement aims to reduce Toronto's development charges on new homes by 30 to 50 percent over three years, potentially cutting fees that can add up to $130,000 to home prices. An $8.8 billion fund will compensate municipalities for lost revenue if they opt in. Development charges have risen sharply due to construction cost indexes, contributing to high housing costs. Other fees like community benefit and parkland dedication charges remain unchanged but may be addressed in the future.
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