Overview

• Housing Minister Ravi Kahlon announced that the province will require homebuilders to split development fees into 25% at permit approval and 75% at occupancy under the new rules.
• The deadline for settling development charges has been extended from two years to four years to help developers navigate high construction costs and tight credit conditions.
• On-demand surety bonds will be accepted provincewide as financial guarantees in place of bank letters of credit to free up capital for builders.
• The provincewide reforms build on pilot programs in Vancouver, Surrey and other jurisdictions and have drawn backing from industry groups seeking to revive stalled projects.
• Municipal governments will offset delayed fee revenue by tapping recently raised short- and long-term borrowing limits to maintain infrastructure funding.