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Cut development feesCMHC says cutting charges in half would boost the number of viable projects by about 5% in Toronto and VancouverLast updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.Development charges are especially popular in Ontario and British Columbia and can vary greatly.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorTrimming development fees would make dozens of housing projects across the country more economically viable in a time when Canada looks to seriously boost construction, says the nation’s housing agency.Development charges, which municipalities levy on housing developers to pay for the new infrastructure such as roads, water and transit needed for these projects, are especially popular in Ontario and British Columbia and can vary greatly.For example, a two-bedroom apartment in Ottawa commands development charges of $39,600 while Markham takes $121,500, according to data from Canada Mortgage and Housing Corp. (CMHC).Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againGiven that the average new build was 55 units in Ottawa in 2024 and 246 units in Markham, a developer could be on the hook for $2.2 million and $29.9 million, respectively, in upfront fees for a build.As a result, developers face a real hurdle in getting their projects off the ground.But cutting the charges in half would boost the number of viable projects by about five per cent in Toronto and Vancouver, according to CMHC. An all-out cut would boost that figure to about 10 per cent.“Reducing development charges can improve housing project viability, especially in communities where they are highest, but meaningful gains in supply require substantial reductions and they are only one part of the solution,” Mathieu Laberge, CMHC’s chief economist, said in a release.“Improving affordability will require a broader approach, including improved land-use regulation and increased scale and innovation to boost productivity in the construction industry.”On top of stalling projects, development charges also hurt housing affordability.CMHC said development charges are passed down to homebuyers and that the price increases are often larger than the development fees themselves. The higher prices on new builds can also drive up prices for existing homes on the market.High development charges, however, can be a bit of a double-edged sword since they can drive down prices of vacant land and help alleviate property taxes.CMHC estimates Canada needs to double its annual housing starts to between 430,000 and 480,000 new units by 2035 to meet demand.As of April, Canada was on pace for 256,777 housing starts in 2026.Sign up here to get Posthaste delivered straight to your inbox.Professional stock pickers are having a hard time gaining an edge as Big Tech strengthens its grip on the stock market.Only about 20 per cent of stock pickers have outperfromed the S&P 500 this year, according to Strategas Securities, which marks the worst performance since 2021. IPO debuts of SpaceX, Anthropic PBC and OpenAI are expected to magnify the concentration at the top. The S&P 500 is up 16 per cent this quarter.Today’s Data: Canada and U.S. employment reports for MayOpening a joint account with adult children may seem like a simple way to avoid probate fees or the delays of inheritance pay outs, but there are risks.Ida Khajadourian of Richardson Wealth explains how joint ownership, often intended as a simple estate-planning shortcut, can create serious tax, legal, and family consequences if not structured properly.Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on one of the country’s most important sectors.Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).Want to learn more about mortgages? Mortgage strategist Robert McLister’s Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his mortgage rate page for Canada’s lowest national mortgage rates, updated daily.Visit the Financial Post’s YouTube channel for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff and Bloomberg.Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? 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