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Land speculation can contribute to rising land costs, impact housing and job space affordability, and hurt our ability to achieve affordable rental housing and provide public benefits to serve the needs of a growing population.
To limit land speculation along the Broadway corridor, Council approved a new policy measure on June 20, 2018, that established interim development contribution expectations prior to community planning. The interim rate expectations (dollars per square foot) set will remain in place until the planning program is complete.
A substantial contribution was determined by independent analysis from a City consultant, based on the anticipated market value along the corridor, where additional market condominium density is being sought.
This measure will help ensure that land owners, realtors, and developers are aware of our intention to achieve affordable housing and community benefits as part of the community plan for the area.
Development Contribution Expectations (DCE) Policy
The DCE Policy is intended to add clarity to land acquisition decisions, allowing purchasers to factor in the potential costs of providing required amenities when rezoning or density bonusing occurs. It is not intended to convey any certainty about heights, densities, and type of uses that will be permitted when the plan is complete.
After the planning process is complete, the DCE Policy will be revisited to reflect actual densities, mix of uses, and amenity needs and costs in the plan.
The Broadway Plan may or may not include opportunities for increased strata residential density. There will be no additional density of market condominiums in areas that are already protected against the loss of rental housing through the Rental Housing Stock Official Development Plan - which requires a one for one replacement of rental units for new developments of three units or more.
We currently prioritize job space along Broadway between Yukon and Oak, and no additional residential density will be considered in this area.