PROPOSED AMENDMENT TO THE DEVELOPMENT COST CHARGES IMPOSITION BYLAW

The proposed increase of DCC recoverable value from $1.22 billion (2017) to $1.87 billion (2023) was mainly the reflection of the following cost drivers: • Building Construction Price Index for Metro Vancouver (as published by Statistics Canada) has increased by over 40% since 2017 which was attributed to the rising costs of labour, raw materials and commodities that have been exacerbated by the pandemic and global supply chain issues. The increase has specifically affected the projected costs of the Engineering programs where raw materials and associated construction costs are significant cost drivers in providing the required capital infrastructures. • Increase in land values over the past years, especially notable in the densified City Centre area where land value has increased by more than two-folds. Both the Roads and the Park Acquisition DCC program values have been updated to reflect the current land acquisition costs for the roadways and park spaces required by growth. • A new diking component has been included in the proposed Drainage DCC program for the City to provide a robust dike network and infrastructure with increased capacity to support growth.

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