The Mayors’ Council and the Province of British Columbia have approved to fund the regional share of an unprecedented transportation network expansion. The funding announcement is Phase 2 of the 10-year transportation plan.
In total, Metro Vancouver’s transit and transportation plan is worth $7 billion, making it largest transit infrastructure investment in the province’s history and one of the largest-ever in Canada.
The plan includes the construction of a light rail system to Surrey and the Millennium Line Broadway extension; upgrades to the existing Expo-Millennium Lines to expand capacity and improvements to sidewalks, bikeways, multi-use pathways and roadways.
“This is a huge win for transit users, drivers, cyclists and pedestrians,” said Burnaby Mayor Derek Corrigan and Council chair.
To deliver these projects, the Mayors’ Council is proposing:
- $1.6 billion in fare revenues expected from higher ridership resulting from service expansion in Phase Two, TransLink resources and efficiencies.
- A 2% increase to all transit fares over two years beginning in 2020. This amounts to a five to 15 cent increase to adult and concession transit fares and 1 to 3 dollar increase to adult and concession monthly passes to pay for more bus improvements.
- 15 cents per hour increase for an average $5 per hour parking. This is an increase from 21% to 24% to the existing parking lot rate. Legislative amendments would be required to enable TransLink to make this change.
- $5.50 increase in property taxes per average household each year or about 46 cents a month, beginning in 2019.
- About $300 to $600/unit increase to the Development Cost Charge on new residential developments depending on type of dwelling. Legislative changes are required to enable the Mayors Council to levy the DCC.
- Revenue from a variety of transit-related commercial opportunities.
Public consultation on the Broadway rapid transit line and Surrey’s LRT will happen in April and May, with construction scheduled to begin in late 2019 or early 2020.
