Vancouver Mayor Ken Sim has extended a request to the Province of B.C. to secure a housing and infrastructure agreement with the federal government.<\/p>\n
The aim is to make development costs more affordable while having housing projects moving to completion.<\/p>\n
This happens after the federal government and the Province of Ontario signed an agreement with a commitment of $4.4 billion to fund new infrastructure projects which would enable municipalities to reduce costs by up to 50 per cent.<\/p>\n
\u201cThe agreement in Ontario offers a template for funding infrastructure and lowering the cost of building,\u201d said Sim. \u201cWe need a similar deal here in B.C., one that sees the province match federal funds dollar-for-dollar to reduce development charges directly so projects can continue moving forward.\u201d<\/p>\n
Vancouver City Council has tried to accelerate approvals, reduce red tape, and cut development cost levies by 20 per cent, but says slowing construction activity is creating risks for housing and affordability.<\/p>\n
\u201cVancouver has done the work to lower building costs and speed up approvals. As a result, we\u2019ve seen decades-high rental delivery in 2025 and rents declining over the past two years,\u201d said Sim. \u201cWe can\u2019t afford to lose that progress.\u201d<\/p>\n
While the City of Vancouver has had a 20 per cent reduction in development cost levies for projects across Vancouver, increases in other areas of Metro Vancouver have offset the progress that Vancouver has seen, Sim explained.<\/p>\n
\u201cWe know the only way to improve long-term affordability is to keep building more homes,\u201d said Sim. \u201cThis is a window of opportunity for the province to partner with the federal government and municipalities to lower costs and deliver the homes people need.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Vancouver Mayor Ken Sim has extended a request to the Province of B.C. to secure a housing and…\n","protected":false},"author":2,"featured_media":512631,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[194298],"tags":[49,48,55],"class_list":["post-578292","post","type-post","status-publish","format-standard","has-post-thumbnail","category-vancouver","tag-ca","tag-canada","tag-vancouver"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/578292","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=578292"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/578292\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/512631"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=578292"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=578292"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=578292"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}