Metro board has directed staff to adjust its upcoming budget to boost development cost charges and soften a rising tax burden on residents
Metro Vancouver’s board of directors has approved a motion to re-work its budget to ease the rising tax burden for the region’s 2.8 million residents – and saddle real estate developers with much higher costs.
On April 28, the Metro board will decide whether developers, including those building new homes, will cover almost 100 per cent of the ballooning cost of water and sewage, the most expensive infrastructure, as part of Metro's 2024-2028 Financial Plan. The Metro Vancouver DCC rates would be on top of any municipal charges for new real estate developments.
Commercial DCC rates are up as much as 51 per cent. The biggest hike is in major new industrial projects in Richmond, where the DCC per acre has increased 99 per cent to more than $206,000.Dana Westermark, a Richmond developer, called these DCCs “punishing,” saying they will ultimately be passed on to buyers.
The City of Vancouver adjusted its DCC rates last September 30, as it does each year. For a high-density residential project, the DCC rate is $343 per square metre, or about $32,000 for every 1,000 square feet of new housing. In Port Moody, where DCC rates are from $13 to $14 per square foot for new strata units, Edgar Developments recently paid $30 million for a new road, $2.8 million for public art works and donated 5.1 acres to BC Housing to gain approval for a 2,000-home master-planned development, the first, and largest, in the city in 20 years.
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