Ontario Housing Task Force Report
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Please find attached a media release regarding one of the key recommendations of the Ontario Housing Task Force Report to call for a requirement for municipalities to offer developers an option of securing their obligations under a subdivision agreement by posting a subdivision surety bond.
In the release, Steven D. Ness, President of the Surety Association of Canada, stated: “Developers in Ontario have their cash tied up as security for existing projects. Replacing these deposits with subdivision surety bonds would free up that money to invest in more housing developments.”
Further information and details can be found in the attached English and French versions.
Should you have any questions, or require more information in this regard, please contact Steven D. Ness at sness@suretycanada.com or me directly.
