MarkhamFees & ChargesDevelopment Charge Studies & Policies
Development Charge Interest Policy
Published by City of Markham
This is the City of Markham’s document, as published on its website on 18 October 2026. The municipality may have changed it since: check the current version at the source. Legal notice
- Type
- Guide
- Published by
- City of Markham
- Date
- June 1, 2023
- For
- builder
- Building types
- All building types
- Pages
- 5
- Instruments
- Development Charges Act, 1997 · Planning Act · Building Code Act, 1992
Overview
The City of Markham's Development Charge Interest Policy, approved by Council and effective June 1, 2023, owned by Financial Strategy & Investments in Financial Services, with a next review in 2028. It sets out how the City charges interest under sections 26.1, 26.2 and 26.3 of the Development Charges Act, 1997: instalments for rental housing and institutional development, the rate freeze at site plan or zoning application, the maximum rate of average prime plus 1%, simple interest and prorating, and departmental roles.
What it covers
- Purpose Statement
- Applicability and Scope Statement
- Background
- Legislative Framework
- Instalment Payments under section 26.1 of the Act
- Development Charge Freeze under section 26.2 of the Act
- Maximum Interest Rate under sections 26.1 and 26.2
- Definitions
- Policy Statements
- Interest Rate Charged
- Amendment or Revision to Interest Rates
- Interest Rate Publication and Notification
- Simple Interest and Prorating
- Effective Date
- Roles and Responsibilities
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