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 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
March 2020 - September 2021
Consultation with development industry
Present final latecomer policy to City Council for approval
We are here
2022 - ongoing
Monitor and implement final policy
- Publish a latecomer manual: Reflects more details on process and administration. Will be maintained and updated from time to time, as determined necessary, by the General Manager of Engineering Service
- Administrative cost recovery payment (anticipated to be on average $8,500-$10,000)
- Publish typical agreement terms:
- Standard latecomer agreement (initial developer)
- 24 hour latecomer agreement (initial developer)
- Deposit/latecomer charge letter (subsequent developer)