At their meeting on July 22nd, Council approved the proposed updates to the Amenity Contributions Policy including new amenity contribution rates that will come into force on January 1, 2025, and January 1, 2026.  

As outlined in the report, the City is seeing increased growth following the introduction of the Skytrain in 2029 and new Provincial Housing Legislations (Small-Scale Multi-Unit Housing & Transit-Oriented Areas). As such, the City engaged a land economist to undertake proformas to determine if amenity contribution rates could be increased (to fund more projects and deliver them faster), while ensuring development remains economically viable. 

Based on the proformas undertaken, the following updated amenity contribution rates will be implemented in two phases:  

The City will continue to collect Amenity Contributions through this updated policy until an Amenity Cost Charge (ACC) Bylaw is adopted by the City.  

Additional information can be found in the full report by City staff.