Vancouver's sky-high development fees aren't making it easier to address the city's housing shortage. CHBANational | realestate realestatenews housingcrisis
The CHBA also estimated development fees for low-rise buildings, with Vancouver sitting at $61,414, Surrey at $84,678, and Burnaby at $29,533. While Vancouver didn’t have the highest fees per unit for low-rises, it was the only one of the three BC municipalities included in the report that had a higher per-unit fee for high-rises than low-rises.
The CHBA examined 21 municipalities across Canada and ranked them based on three categories: development approval speeds, government development fees, and planning features. By development fee, Vancouver ranked near the bottom, at 17, with all municipalities ranking lower being those in Ontario. In Toronto, which was ranked dead last in terms of development fees, the charge per high-rise unit was estimated at $99,894, and $189,325 per low-rise unit.Although the numbers differ, the overall findings are in line with a similarconducted by the Canada Mortgage and Housing Corporation in July 2022.
According to the City of Burnaby, the development fee for a “Multiple Family High-Density Residential Highrise” isIn Surrey, the equivalent “Multi-Family Residential” has a development fee of
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