BC Government Revolutionizes Developer Fees in All Cities, Replacing CACs with ACCs!
See full statement below:
The British Columbia government has unveiled groundbreaking legislation that will transform the way real estate developers interact with municipal governments regarding public benefits tied to density and new property uses. Community amenity contributions (CACs) in cities like Vancouver and Surrey, or the Community Benefit Bonus (CBB) in Burnaby, have traditionally included public amenities like parks, libraries, childcare facilities, and affordable housing, supported by developers.
Developers typically meet their CAC obligations either by providing cash contributions or by delivering the in-kind value of amenities like childcare facilities in their new developments. However, the inconsistency in CAC calculations, especially in cities like Vancouver, where negotiations could drag on for years, has added both costs and delays to housing construction.
The provincial government's new legislation introduces the Amenity Cost Charge (ACC) framework to create a more efficient and transparent development-finance tool. With this change, amenity costs and agreements will be established upfront during the planning process, streamlining the development process.
For clarification on any of the above topics or to discuss them more in detail, please reach out to us at info@varinggroup.com or by phone at 604.565.3478
