Understanding Development Charges

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When you are looking to buy a high rise condo as a pre-construction project or by way of an assignment sale which is prevalent these days, we hear a term call Development Charges. This article is for bringing clarity and remove confusion around development charges; these are the fees collected by the local municipality from the developers at the time when they apply for a building permit, and it is issued. These charges are meant to be utilized to ensure that there are enough civic amenities like parks, street lights, roads, transit infrastructure, sewer pipes setup, community centers, emergency and …