Toronto Council voted to extend development charges for two years in order to help cushion the development industry including new  Toronto Condo construction in the face of tough economic times.

Had the freeze not occurred the City of Toronto indicated increases of 130 per cent for commercial developments and 100 per cent for residential developments.

Prominent Toronto developers made it clear they could not absorb these charges going forward in starting any building in this Toronto Real Estate Market.

The feedback from these developers encouraged the Mayor and City council to freeze the charges for not one year as suggested but for two years and council will begin to phase them in once the building cranes return to the Toronto Skyline.