Density Bonus Recalibration Approval

Summary

• Council approved updates to the Density Bonus Contribution rates across multiple Vancouver zones, with new rates taking effect September 30, 2023, following a recalibration based on current market conditions and development viability analysis by external consultants.
• Nine existing contribution rates were recommended to remain unchanged, while four rates were recommended for increase to better reflect the City's rising costs for delivering public amenities and infrastructure.
• A new exemption was approved for secured market rental developments in the Joyce-Collingwood RM-10N zone, consistent with exemptions already in place in other residential density bonus zones.
• The definition of eligible amenities was expanded to include Cultural Facilities and Transportation and Public Realm Infrastructure, and eligibility criteria were standardized across all density bonus zoning districts to improve consistency.
• The recalibration is intended to ensure developers contribute their fair share toward growth-related costs, reducing pressure on property taxes and utility fees, while being balanced against the need to maintain financial viability for new housing and employment development.

Vote

Documents

• Summary and Recommendation
• Referral Report dated March 28, 2023
• Draft Zoning and Dvelopment By-Law
• Yellow memorandum dated April 26, 2023
• Staff Presentation