The Province is proposing to speed up construction timelines by reducing up-front costs for builders with an update to the 1984 Development Cost Charge and Amenity Cost Charge (Instalments) Regulation.
The Government intends to expands on0demand surety bonds provincewide. These bonds are financial guarantees that homebuilders provide to give assurances that they will fulfil their construction contract. Currently, homebuilders are able to use on-demand surety bonds in 40 municipalities across Canada, including Burnaby, Surrey, Vancouver and Mission.
Also, the current regulation requires developers to pay a minimum of one-third of the total charge when the subdivision or building permit is approved and the full amount within two years. Proposed changes to start on January 1, 2026 may allow 25% at subdivision or permit approval and the remaining at occupancy or within four years, whichever comes first.
For more information, read the news release here.
Source: BC Government.
Building Links Construction Reports and Statistics: The weekly #1 construction projects resource for 30 years. New and updated projects, permits, tenders, and industry connections for Vancouver Island – Central North, West Coast and Powell River. Helping you build connections so you can build communities! Where are you getting your information from? Support local trades – Subscribe Now!
