We are in the process of developing a new latecomer agreement policy. Our interim policy has not yet been approved by City Council and is subject to change. We expect to present the policy to Council in late 2021. Please check back regularly for more information.
What is a latecomer agreement?
Latecomer agreements are development finance agreements between municipalities or regional districts and land or property developers.
These development-financing agreements set the terms for developers to recover costs associated with certain infrastructure works by cost-sharing with neighbouring properties that are developed within a maximum period of 15 years.
As part of the development process, we may require that a property developer construct infrastructure (called "excess or extended services") that serves not only their development, but also other lands in the neighbouring area.
For development approvals after March 5, 2020, we are offering property developers that incur excess or extended services costs the option to enter into a latecomer agreement with us, allowing the initial developer to share the costs with neighbouring properties that develop within a defined area (called the "benefitting area") for a period of up to 15 years.
Note Development approvals prior to March 5, 2020, are not eligible.
Understanding the latecomer agreement policy
March 5, 2020
BC Legislature added latecomer options to Vancouver Charter
March 5, 2020 - present
We apply latecomers on a case-by-case basis
March 2020 -
Interim policy development
We are here
March 2020 - July 2021
Consultation with development industry
Present final latecomer policy to City Council for approval
2022 - ongoing
Monitor and implement final policy