How does the economy benefit from new housing?
Housing development is a key driver of the GTA’s economy providing hundreds of thousands of jobs and the secondary economic and social
The building and land development industry
Our industry also contributes billions of dollars in revenue to municipalities in the GTA for transit and infrastructure. For example, new housing development contributed $333 million in Section 37 benefits and $315 million in development charges to the City of Toronto in 2017 alone. New housing also made a significant contribution to the $800 million in revenue from Toronto’s Land Transfer Tax.
Then there are the provincial and federal taxes. New development contributes to HST and the Provincial Land Transfer Tax. This money is reinvested back into public services.