Thank you, Mr. Chair.
Thank you to the witnesses for coming back. We really appreciate that. I hope you enjoyed your summer as much as I did.
I want to start with Ms. Bond.
Ms. Bond, in your testimony, you spoke at length about the lack of investment in housing, particularly rental housing, and that the privately and publicly owned rental homes in the city, in Toronto, were mostly built 35 years ago. I'm wondering if we could get to that and what it costs to build in the city of Toronto. We know that housing starts have dropped about 10% this year over last year in the city of Toronto, while development charges have gone up about 42%.
I'm wondering if you could speak to the committee about the cost of local fees and charges. When they go up like that, what does that mean for the construction of new units?