Developers say hikes make the delivery of new housing impossible in many cases
Rendering of Wesgroup's 130-acre, master-planned River District, on the banks of the Fraser River, in Vancouver. 'The increases resulting from the Metro Vancouver DCCs are nearing $70-million,' said Wesgroup's Beau Jarvis. 'These are fees that were never contemplated for the project.
Last week they met with Mr. Hurley, and according to Wesgroup president Beau Jarvis, Mr. Hurley proposed that they form a task force made up of developers and Metro Vancouver staff. They will also be allowed to speak Oct. 7 at a finance committee meeting, according to Mr. Jarvis. “The housing supply crisis in Metro Vancouver is no longer the primary issue,” developer Zenterra’s letter said, referring to the non-building that is going on.
The call for an additional 3.5 million units of housing to be built by 2030 comes with a cost. A report released in July by the Canadian Urban Institute and funded by the Canada Infrastructure Bank said the average cost of infrastructure per home in fast-growing areas of Canada is more than $100,000. Those funds will go toward transit, roads, sewers, schools, parks, water and other necessities – costs that exceed municipal budgets.
Mr. Hurley said in a statement: “Unfortunately, senior government funding for infrastructure hasn’t been nearly enough to support affordability for residents. Without increasing , households would need to pay for the vast majority of the cost of new infrastructure through their utility bills.”Wesgroup and others are calling for a two-year pause on the new fees to allow them to complete the projects they already have under way.
Vancouver Real Estate Real Estate Noastack
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.
Metro Vancouver board chair responds to developers seeking relief from fee hikesThe alternative is higher utility bills for the region’s residents, says regional district representative
Read more »
Vancouver Developers Link Arms, Take Aim At DCC IncreasesHoward is based in Burnaby and covers real estate, housing policy, and the development industry. Signal: HowardChai.24
Read more »
The King of Champagnes Is Coming to Vancouver - Vancouver MagazineWine peeps are among the secretly most judgy folks around. The big […]
Read more »
B.C. mayors write to governments demanding mental health actionVancouver Mayor Ken Sim speaks during a news conference in Vancouver, B.C., Monday, Sept. 16, 2024.
Read more »
B.C., First Nations partner to build ‘attainable’ below-market homes in VancouverThe proposal is to build 2,600 homes for sale to middle-income British Columbians at 60 per cent of market price.
Read more »
Saanich developers could see reduced parking requirementsIf passed, the minimum number of parking stalls for projects of fewer than 12 units would be one per unit, while larger projects could offer a maximum of 1.5 stalls per unit
Read more »