TransLink will increase fares by 2.3 per cent this year and another four per cent next year (proposed); meanwhile, it seeks approval from the Mayors' Council to implement a one-time property tax surcharge in 2025, as it faces financial pressures.
Transit fares in the Lower Mainland will rise between five and 15 cents per ride on Canada Day, after TransLink’s board of directors approved a 2.3 per cent fare hike Wednesday at its first quarterly meeting in 2024.
But, in 2025, the government-sanctioned agency is expected to raise fares by four per cent across the system. Overall, in 2023, ridership reached just 85.6 per cent of pre-COVID levels in 2023, on average, according to an annual report presented to the board. Another report indicates ridership peaked at one point in 2023 to 90 per cent compared to pre-pandemic levels.
Additionally, $958 million is estimated to be lost via declining fuel taxes, with the advent of ubiquitous electric vehicles.And as less money is expected to come in, more money exits the agency by way of inflationary pressures: operating costs per kilometre have increased, on average, 4.3 per cent annually since 2018 and costs increased 6.5 per cent last year as a result of higher labour and maintenance costs driven by inflation, the report stated.
TransLink CEO Kevin Quinn told the board another unknown factor for ridership projections is a provincial government plan to build more housing units along transit corridors.
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