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Metro Vancouver Votes for Aggressive Increases in Development Cost Charges

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Metro Vancouver,Development Cost Charges,Dccs

Metro Vancouver has voted to significantly increase its development cost charges (DCCs), causing concern among developers. The new amendments will result in a 73% increase in rates for townhouses, a 64% increase for detached homes, and a 59% increase for apartment units by 2026. These increases will triple the amount developers pay for construction, leading to uncertainties and potential project delays.

Metro Vancouver has voted for aggressive increases on its development cost charges , raising the ire of developers.

DCCs for apartment units will rise 59 per cent to $6,791 per unit, slightly more than the 56 per cent increase non-residential construction faces that will see office and industrial space charged $5.30 a square foot. “There is a growing call for a more consistent strategy for DCC increases,” Fawley said, noting that the approach has been encouraged by the Urban Development Institute and others. “This strategy includes fixed-schedule reviews, phased approaches, enhanced reporting and accountability, and a standardized consulting process.”

The fees technically fund the cost of infrastructure needed to support new housing, but the impact goes well beyond infrastructure costs. Burnaby led the way with charges for row housing at $70,202 per unit, while Township of Langley delivered the most pain to developers of detached housing at $36,965 per unit.

Source: Real Estate Daily Report (realestatedailyreport.net)

Metro Vancouver Development Cost Charges Dccs Developers Amendments Rates Townhouses Detached Homes Apartment Units Construction Uncertainties Project Delays

 

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