Based on where we are today, the current structure around how development charges are addressed isn't working, so we need to think about how we address paying for development-related infrastructure and housing-related infrastructure differently. Municipalities only have so many revenue tools. They are feeling very overwhelmed with it.
You talked about how, decades ago, there were different interest rates. Of course, development charges weren't nearly as impactful or they didn't even exist many decades ago. It wasn't the same impact on the cost to build. When it's $900,000 to build an apartment in Toronto or $700,000 to build an apartment in Ottawa, we have a problem. That's not the sole problem, but I think it's a big one.
On amortizing the cost over the life of the infrastructure, you're putting pipe in the ground, and that pipe is going to be useful for 30, 40 or 50 years. Right now, development charges mean that's paid all up front. We have to look at how we can better amortize the cost, how we can better finance the cost and who is responsible, ultimately. We don't have enough time today to get into that.
I do think it's fair to say that it can't be the municipality alone. Developers are going to do their part. We're not looking to get out of our obligation. If we want to build more housing, and we want it to be more affordable, then we can't keep doing things the way we've been doing it. We have to do things differently, period.