March home sales and new listings set records in Metro Vancouver VANCOUVER, BC –…
The City of Vancouver is presenting a plan of spending for the next four years and tucked into the fine print of a draft is a sharp increase in how much the public budget is tied to funds charged to real estate developers.
The City is proposing to spend some $2.6 billion in capital investments with significant emphasis on affordable housing and child care spaces, as well as arts and culture and community facilities.
Vancouver Real Estate News, Market Updates, Insider Tips, Stats, & Analysis
Of the estimated total $2.57 billion, over 55 per cent, or some $1.44 billion, is earmarked to come from “development contributions,” which are raised by charging real estate developers.
It’s a big jump from the city’s last capital plan of 2015 to 2018 when development contributions were 33 per cent, or $366 million, of a total budget of $1.085 billion. In the 2012-2014 plan development contributions were $87 million out of a total budget of $702 million, or 12 per cent.