16 September 2019

In case of new condos, the fees add $124,582 to the cost, marking a 50% increase from the U.S. regions and a 30% hike compared to the earlier mentioned Canadian cities.

In the U.S., we can see lower charges mostly because the sales taxes are not applied to new homes, while in Canada, they can vary from 5% to 15%. In addition to it, Toronto developers have to pay much more for building-permit fees or for recovering infrastructure. Of course, all those charges are later passed on to the buyers’ shoulders.

The report was conducted for the Building Industry and Land Development Association, representing more than 1,500 companies from land development, home-building and the renovation sectors of Toronto.