Inflation, rising interest rates create caution across Metro Vancouver’s housing market 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.
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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.