Community amenity contributions (CACs) and development cost charges (DCCs) are among the many government fees built into the construction process.
Resolving B.C.’s housing affordability crisis in B.C. has been focused on increasing supply, but some industry experts say the government needs to examine how housing is financed.
“Because there’s no framework around CACs, it’s all over the ice and, as a consequence, you can see CACs that are a few thousand to tens of thousands of dollars.” Municipal fees account for the majority of this total at 44.27 per cent; federal and provincial fees account for 28.39 and 24.15 per cent, respectively. The remaining 3.18 per cent is attributed to regional fees. For a typical wood-frame condo development in Vancouver, the fees represent 29.25 per cent of the unit’s final purchase price and are three times higher in Vancouver compared with Saanich, which costs end-users between 8.66 per cent and 10.32 per cent of the unit’s value.
“CACs and DCLs are critical growth-related funding sources. With new development comes the need to provide additional amenities and infrastructure to support a growing population and employment base,” said Robertson in the statement.
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