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ARTICLE · 10 AUGUST 2018

Recent Updates On Education Development Charges In The City Of Toronto

McCarthy Tétrault
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For developers considering or participating in residential or non-residential development projects within the City of Toronto, a new by-law proposed by the TCDSB could significantly impact the financing...

CanadaReal Estate and Construction
The Lay Of The Land
The Lay Of The Land
Iris Li (Summer Student)
Iris Li (Summer Student)
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For developers considering or participating in residential or non-residential development projects within the City of Toronto, a new by-law proposed by the Toronto Catholic District School Board (the "TCDSB") could significantly impact the financing of such developments, increasing education development charges ("EDCs") applicable to such developments by almost 800%. The proposed by-law would increase the residential EDC rates to $7,336 per unit, and the non-residential EDC rates to $8.02 per square feet of non-exempt GFA.

The proposed by-law would also mean significant changes in the methodology used to calculate EDC rates.  The new methodology does not count any leased schools against capacity projections, any existing capacity in schools greater than 1.5km from where students live, and it operates under the assumption that there will be a dramatic increase in the projected appraisal value of the lands that TCDSB will need to purchase, from $200M to $2B.

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