“Major office development is vital to York Region’s overall competitiveness and fiscal sustainability. Building complete communities that offer robust employment and housing options will attract both growth and investment to our cities and towns,” said York Region Chairman and CEO Wayne Emmerson. “Providing financial incentives to encourage this growth reconfirms Council’s commitment to creating vibrant and sustainable city centres where people and businesses can thrive for generations to come.”
These new incentive programs support the Region’s city-building initiatives aimed at promoting complete communities close to transit. This includes developing long-term employment opportunities for the labour force and different types of affordable housing options that support residents to work and live within the boundaries of the community.
The new incentives are intended to increase the supply of affordable rental options and provide office space for York Region’s growing knowledge-based economy. New longer-term, interest free, incentives include:
- Affordable, purpose-built rental housing
- Office buildings between 75,000 and 150,000 square feet located in Regional city centres or specific local centres
- Affordable, purpose-built rental located in Regional city centres or specific local centres
- Affordable, purpose-built rental with 100 units or more
- Office buildings between 150,000 and 250,000 square feet located in Regional city centres or specific local centres
- Office buildings between 250,000 and 400,000 square feet located in Regional city centres or specific local centres
- Affordable, purpose-built rental in Regional city centres or local centres with 200 units or more
- Office building greater than 400,000 square feet located in Regional city centres or specific local centres
The new three-year office incentive pilot project is available to 1.5 million square feet of office space and the new affordable rental incentive program is available to 1,500 housing units over the next three years.
“Inclusive and accessible communities provide more affordable housing options and deliver more jobs to our residents,” said City of Markham Regional Councillor Jim Jones, Chair of Planning and Economic Development. “By taking steps to facilitate development in our city centres we are helping to build the kind of communities that supports residents at all ages and stages.”