Peterborough city council votes to hike development charges for new homes by 48%

It will get a lot pricier for developers to build in Peterborough come the new year. City council voted to increase development charges on new homes by 48 per cent. For single and semi-detached units, this means the current rate of $48,000 will climb to nearly $71,000. The city collects development charges to fund new infrastructure and services needed as a result of residential growth. Back in September, a report by the city’s consultant estimated Peterborough’s population will add more than 8,500 people by the next decade, costing the city $2.5 billion for services. But, many in the home-building industry are concerned surging development charges could make the viability of new projects in the city very low. Meanwhile, the rate for non-residential development will go up by 55 per cent. The vote to amend the by-law was unanimous.