Bradford West Gwillimbury is being awarded up to $94.8 million dollars from the provincial and federal governments to cover its reduction in development charges for new homes and infrastructure.
The funding comes from the Development Charge Reduction Program (DCRP) to recognize the town's commitment to reduce development charges by up to 76 per cent, varying between unit types and area, from Mar. 30 to Mar. 31, 2029
The reduction is estimated to reduce the cost of building new homes by up to $36,500 per home. The province says when combined with the up to $130,000 in savings enabled through the expanded HST relief on eligible new homes, Bradford families could save up to $166,500 off the cost of a new home.
“Today’s investment will support infrastructure projects that enable the construction of tens of thousands of new homes, creating good-paying jobs and making the dream of homeownership a reality for families in Bradford West Gwillimbury,” Premier Doug Ford said in a news release.
In addition to the building of new homes, the funding will go toward a list of infrastructure projects, including upgrades at the Bradford Water Pollution Control Plant, increasing municipal water storage at the John Fennell Reservoir, widening and reconstructing the Line 8 corridor from Sideroad 10 to Barrie Street, and building new church well infrastructure.
“Across Ontario, there is a need for critical infrastructure and housing of all types to support our fast-growing communities,” said Rob Flack, Ontario's Minister of Municipal Affairs and Housing, said in a release. “[This] helps provide municipalities like Bradford West Gwillimbury with the funding they need to ensure their town remains a desirable place to live, work and raise a family."
According to a release from the Ontario government, the Town of Bradford West Gwillimbury estimates that the construction cost savings over the development charge reduction period, along with the investment in housing-enabling infrastructure would unlock over 29,000 new homes.
As part of the DCRP, municipalities must contribute a minimum of 10 per cent of project costs.
“This partnership is a major investment in BWG’s future,” Bradford West Gwillimbury Mayor James Leduc said in a release. “The $94.8 million funding will allow us to develop the water, road and fire infrastructure our growing community needs for responsible growth.”
