CACs serve growth in Vancouver, while reducing pressure on other funding sources like property taxes
VANCOUVER City Council on Tuesday approved the next steps to increase the number of fixed-rate Community Amenity Contributions (CACs), which will simplify and add predictability to low- and mid-rise residential development projects across Vancouver.
“We’re confident that these measures will help get more housing built,” said Vancouver Mayor Ken Sim. “This fixed-rate system for low and mid-rise housing will reduce development cost uncertainty while protecting important community amenity contributions.”
In December 2022, Council directed staff to report back on a plan to implement fixed-rate CACs (officially known as target-rate CACs) for low-rise and mid-rise residential projects across Vancouver. Staff are now developing a framework to prioritize certainty and improve development processes by expanding the use of fixed-rate CACs and other development contribution tools across the city.
When setting fixed-rate CACs, the City engages consultants to complete economic testing so that new CAC rates reflect updated market conditions, while not negatively impacting the cost and supply of new housing or job spaces.
This new framework, which includes new fixed rates, will be presented to Council early in 2024 with the goal of simplifying and streamlining development processes to ensure greater clarity and transparency for development opportunities in line with Vancouver’s goal of adding more housing options across the city.
To help deliver new amenities needed to serve Vancouver’s growth, the City collects CACs. When a property is rezoned to include additional development permissions, in-kind or cash contributions are collected to offset the cost of the amenities needed to support growth.
CACs ensure the City is able to deliver required public benefits like improved community centres, libraries, childcare facilities, parks and green spaces, arts and cultural hubs, transportation and public realm. CACs serve growth in Vancouver, while reducing pressure on other funding sources like property taxes.
For more information, visit: https://vancouver.ca/home-
