The Ontario Government says the City of Hamilton will have to exempt “affordable residential units” from at least some municipal development charges if a new unit rents for the following amounts or less:
$1,017 per month for a bachelor unit;
$1,326 for a one-bedroom unit;
$1,543 for a two-bedroom unit; and
$1,670 per month for a three-or-more-bedroom unit.
[The amounts are not inclusive, only base-rent.]
If a new home is sold for $370,100 or less, it is defined as an affordable residential unit.
The new regulation came into effect on June 1, 2024.
So basically my municipal taxes go up to subsidise money grasping developers increase profits on a affordable homes, while raking in even more building McMansions in the Greenbelt. Not a bad trade for beer in the corner store for a tea totaller. Like the licence fee break for non-drivers.
Thanks Dougie.
Based on the standard definition, that rent (+ utilities) is affordable if it costs less than 30 per cent of pre-tax household income, these guideline rents are affordable at incomes of:
$40,680 for a bachelor
$53,040 for a one-bedroom
$61,720 for a two-bedroom and
$66,800 for a three-bedroom,
but only if the utilities were not extra.
Today’s minimum wage, for a full-time job (2,000 hours a year) would pay $33,100, well short of a supposedly affordable bachelor.