Mayors from Burnaby and Surrey were ready to accept a combined $138 million to fund an acceleration of housing permits and new affordable housing projects until the federal housing minister kiboshed those plans.
Federal housing minister Sean Fraser has pulled the plug — at least for now — on funding for Burnaby and Surrey, saying he wants to review proposed development cost charge increases by the Metro Vancouver regional government, for which they are part of.
Burnaby Mayor Mike Hurley called the cancellation a “fiasco,” saying he was never briefed by Fraser, despite meeting with him on Monday, in Ottawa, alongside Metro Vancouver staff to discuss housing. Locke told Glacier Media there was likely confusion about how the DCCs were to apply to below-market housing projects.
Locke and Hurley said they could use the money to hire new staff to accelerate permitting but the largest amounts would go to affordable rental housing projects the cities can support. Metro Vancouver is faced with needing to add even more infrastructure; however, without increasing the DCC rates, existing homeowners would continue to face even greater property tax increases.
On behalf of Metro Vancouver, Coriolis Consulting conducted an analysis for impact on land values, developer profit margins and end unit pricing on residential units. Coriolis concluded it will add to cost of new construction but it remains “ambiguous” as to how those costs will be divided or will the higher DCCs simply add to the final price tag of a new unit?).
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Federal housing minister's 'fiasco' flip-flop on housing funds puzzles B.C. mayorsMayors from Burnaby and Surrey were ready to accept a combined $138 million to fund an acceleration of housing permits and new affordable housing projects until the federal housing minister kiboshed those plans.
Read more »
Video: Burnaby's Christine Sinclair receives ovation in potential last game on Canadian soilThe Burnaby icon came on as a substitute in Canada's win against Jamaica, ultimately qualifying for the Paris 2024 Summer Olympics.
Read more »
Banking records suggest Ibrahim Ali was in Burnaby day slain girl went missingVancity statements show point-of-sale purchases were made on Ibrahim Ali's account at a Burnaby FreshSlice Pizza and Chevron on the day the 13-year-old girl went missing.
Read more »
Indigenous art on display at Burnaby City Hall for Truth and Reconciliation DayPrivate donors have added key pieces to Burnaby's permanent art collection, some that share experiences of the residential school system.
Read more »
Unexpected absence of injuries analyzed at Burnaby murder trialSexual assault expert Dr. Tracy Pickett told the jury at the Ibrahim Ali murder trial the absence of some injuries can be telling.
Read more »
New Westminster-Burnaby MP says Speaker made the 'right call' in resigningVeteran NDP MP says Friday’s incident in the House of Commons has harmed the Jewish community and weaponized Russia.
Read more »