The Mayors’ Council and the Province of British Columbia have agreed on a plan to fund the regional share for Phase Two of the 10-Year Vision. This regional funding is another step forward to secure an historic investment in transit and transportation in Metro Vancouver.
Key elements of the plan for Phase Two include:
- Construction of Surrey-Newton-Guildford Light Rail
- Construction of Millennium Line Broadway Extension
- Significant upgrade of existing Expo-Millennium Lines to expand capacity to meet and improve the customer experience
- An 8 percent increase in bus service to address overcrowding, reduce wait times and bring bus services to communities with limited service
- Improvements to sidewalks, bikeways, multi-use pathways and roadways
This investment will ensure a sustainable regional share to help us continue to meet the demands of today and prepare for the future. In 2017 alone, there was a 6 percent increase in transit ridership. Demand for transit will only continue to grow as we add more than one million people to the region in the next 30 years.
It was imperative to the mayors and the Province that the funding model be fair for transit users, drivers, property owners and developers alike.
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 percent 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 percent to 24 percent 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.
While securing regional funding is a critical step for Phase Two, moving forward in implementing this phase is subject to federal and provincial funding. Work continues between the province and Canada to finalize approvals, with more details on a senior government agreement expected in the near future.
