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In the bustling city of Mississauga, expanding your residential property with a garden suite can be a strategic addition. Garden suites, often seen as a clever way to maximize property use and value, are becoming increasingly popular among homeowners seeking additional living space or rental income.
Recent changes to development charge policies in Mississauga bring good news for those looking to enhance their living space. These changes allow homeowners to build garden suites with reduced financial burden, as the hefty fees typically associated with new constructions are now significantly lowered. This policy shift aims to encourage more residents to consider this sustainable and economical addition to their properties.
What Are Development Charges?
Development charges are fees collected by the city prior to the issuance of a building permit. These charges help cover the cost of increased municipal services and infrastructure required due to population growth. In Mississauga, these fees are collected on behalf of multiple entities including the City itself, Region of Peel, GO Transit, and the Peel and Dufferin-Peel School Boards.
Exemptions for Garden Suites
For homeowners in Mississauga considering the addition of a garden suite to their property, there’s an enticing financial incentive. According to the Development Charges Act 1997, if a garden suite is ancillary to an existing detached house, it qualifies for significant exemptions:
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- City of Mississauga: $20,875.00
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- Region of Peel: $28,673.38
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- GO Transit: $306.96
Total Exempted: $49,855.34
However, it’s important to note that while some fees are waived, others still apply. School Board development charges remain payable:
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- Peel District School Board: $3,776.00
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- Dufferin-Peel Catholic District School Board: $1,300.00
Total Payable: $5,076.00
This exemption policy offers a significant reduction in upfront costs, making the construction of a garden suite more accessible and financially feasible.
Summary
Building a garden suite in Mississauga not only provides an excellent opportunity to expand your living space but also includes enticing financial incentives through development charge exemptions. These exemptions significantly reduce the initial costs associated with such construction projects, making the idea even more appealing to property owners.
This financial advantage serves as a compelling reason for residents to consider adding a garden suite. By making this option more accessible, the City of Mississauga is actively encouraging sustainable residential growth and enhancing the overall value of its housing market.
References
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- Development Charges Act, 1997 https://www.ontario.ca/laws/statute/97d27
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The information provided above is of a general nature and should not be considered as advice. Each transaction or situation is unique and requires specific advice to meet your specific needs. Therefore, if you have questions about residential and commercial construction, consulting with an expert in the field is recommended.