Vancouver levies $77,988 per new home
February 3, 2018
Civic costs and fees levied on home builders by the City of Vancouver now average $77,988 per residential unit, by far the highest in B.C. according to a new study.
City fees include community amenity contributions, transit levies, permit fees and other costs, according to MILA, a Vancouver research and communication firm linked to the development industry.
The Fraser Institute municipal regulatory cost survey was conducted last year.
The study found that while Vancouver had the highest civic-related cost per home, other Metro suburban communities were also pricey. Surrey’s regulatory costs and fees equaled $51,804 per new home, for example, while Richmond levied total charges of more than $41,000 per new home.
The average across the Lower Mainland of B.C. was just under $36,000 in total fees and civic costs per new home constructed.
“All these costs eventually get passed onto the consumer, adding additional pressures to the debate around affordability,” MILA stated.
The study also pegged the average construction cost for a mid-level Vancouver concrete condo tower at $338 per square foot, with a retail selling price of around $980 per square foot.