Dec 01, 2022
By Jane Brown
Depending on where you live in the province, the Ford PCs at Queen’s Park are promising to help some municipalities if they cannot funding housing infrastructure and services due to a new provincial law.
Municipal Affairs and Housing Minister Steve Clark says the province is launching a third-party audit of municipal finances in “select” communities, focused on reserve funds and the fees housing developers pay.
The government has not yet identified which municipalities would be subject to the audits, other than the City of Toronto.
Mississauga’s mayor is warning homeowners in her city, property tax bills will jump significantly because of the Tories new housing legislation.
“While we can agree and certainly appreciate the province’s desire to incentive affordability, it can’t be done on the backs of cities and our taxpayers,” Bonnie Crombie explained, “This legislation, which is in force as we speak, will be a big hit to your wallet.”
Crombie says that “hit” is a property tax bill hike of 5 to 10 percent, or $300 to $600 on average per year over the next decade.
She says the new housing law will create a deficit in her city of $52-million next year.