Review of Low-End Market Rental Contribution Rates

Given current market uncertainty, staff will also explore changes to existing program settings that can be implemented on a time-limited basis and reviewed periodically to ensure they remain effective as market conditions change. At present, development applications that have already secured third reading of a zoning amendment bylaw, or that are currently under review and subject to the existing built LEMR requirement, would continue to be processed in accordance with the City’s current policy unless and until Council adopts any future changes. Budgetary Implications As part of the LEMR contribution rate review, it is anticipated that consulting services totaling $75,000 will be required in the execution of financial feasibility analyses and community consultation. Provincial grant funding previously received is available to address these costs.

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