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ARTICLE · 29 DECEMBER 2023

Bill 46: A New And Expanded Development Financing Framework In British Columbia

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Introduced as part of the provincial government's housing strategy, Bill 46 aims to streamline the delivery of homes, services and infrastructure in high-growth communities.

CanadaReal Estate and Construction
Jennifer Williams
Jennifer Williams
Anna Schlagintweit
Anna Schlagintweit
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Introduced as part of the provincial government's housing strategy, Bill 46 aims to streamline the delivery of homes, services and infrastructure in high-growth communities.

On November 30, 2023, Bill 46: Housing Statutes (Development Financing) Amendment Act, 2023 (“Bill 46”) received royal assent. The Bill proposes several changes to the Local Government Act, RSBC 2015, c 1, and the Vancouver Charter, SBC 1953, c 55 which are anticipated to impact how local governments plan for and finance development in their jurisdictions. Below is a summary of key changes under Bill 46.

Amenity cost charges

Bill 46 introduces amenity cost charges (“ACCs”) as a new development financing tool to help local governments cover increased capital costs associated with providing or altering amenities to benefit a development and any associated increase in population of residents or workers.

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