August 1st, 2024

As mentioned in previous updates, on July 23rd and 25th, Council amended the Zoning and Development Bylaw to adopt the 2024 inflationary rate adjustment of 5.7% for the Development Cost Levy (DCL) Bylaw, Utilities DCL Bylaw, and the Area Specific DCL Bylaw. In recognition of the 2023 inflationary rate adjustment scheduled to come into effect on September 30th, 2024 and current economic conditions, the implementation of the 2024 increase is recommended for deferral for inclusion in the 2025 annual inflationary rate adjustment that is to come into effect on September 30th, 2025. City staff are also seeking approval in principle of a 2024 inflationary rate adjustment of 5.7% for Community Amenity Contributions (CAC) and Density Bonus targets, accompanied by a recommendation for deferral and inclusion as part of the 2025 annual inflationary rate adjustment that is to come into effect on September 30th, 2025 (for the same reason as the DCL adjustment). 

More information can be found in the DCL/CAC and Density Bonus reports by City staff. 

July 18th, 2024

On July 9th and 10th, Council approved in principle a 2024 inflationary rate adjustment of 5.7% for the Development Cost Levy (DCL) Bylaw, Utilities DCL Bylaw, and the Area Specific DCL Bylaw. In recognition of the 2023 inflationary rate adjustment scheduled to come into effect on September 30th, 2024 and current economic conditions, the implementation of the 2024 increase is recommended for deferral for inclusion in the 2025 annual inflationary rate adjustment that is to come into effect on September 30th, 2025. City staff are also seeking approval in principle of a 2024 inflationary rate adjustment of 5.7% for Community Amenity Contributions (CAC) and Density Bonus targets, accompanied by a recommendation for deferral and inclusion as part of the 2025 annual inflationary rate adjustment that is to come into effect on September 30th, 2025 (for the same reason as the DCL adjustment). 

While Bill 46 - Housing Statutes (Development Financing) Amendment Act, 2023 brought forward by the Province in November 2023 presents an opportunity for the City to modernize and optimize its Financing Growth framework and tools, the available tools for municipalities to support growth are limited and outdated. Further, the shift in housing delivery to focus on rental and non-market housing will likely result in proportionately less development contributions to support delivery of core infrastructure and amenities. As such, staff will continue to pursue advocacy through the Federation of Canadian Municipalities (FCM) on modernization of the municipal growth framework to address the core challenges associated with securing funding for renewing and expanding core infrastructure and amenities to support growth and build complete community. Should Council approve the recommended deferral of the 2024 inflationary adjustment set out in this report, the City will forego approximately $8 million in DCL and CAC Target revenue. 

More information can be found in the DCL/CAC and Density Bonus reports by City staff.