Surrey,| British Columbia — More affordable homes are expected to be built faster in British Columbia as the Province announces new regulatory changes aimed at reducing costs and construction delays for homebuilders.
Starting January 1, 2026, the B.C. government will implement reforms that extend payment timelines and expand financial tools for developers—measures designed to boost housing supply amid high construction costs and interest rates.
“We are committed to finding innovative and cost-effective solutions to build housing, so everyone has a fair chance to live in communities where they work and belong,” said Ravi Kahlon, Minister of Housing and Municipal Affairs. “These changes are about supporting housing development and easing the financial burden on builders and developers so they can get shovels in the ground faster.”
One key change is the expanded use of on-demand surety bonds—a form of financial guarantee that allows developers to secure project funding without limiting their access to credit. Currently permitted in 40 municipalities including Vancouver, Burnaby, Surrey, and Mission, these bonds will now be available provincewide, replacing the more restrictive irrevocable letters of credit used in many other jurisdictions.
In addition to financial tools, developers will benefit from extended payment timelines for Development Cost Charges (DCCs), Amenity Cost Charges (ACCs), and School-Site Acquisition Charges (SSACs). Qualified developers will now have up to four years—double the current time—to pay these charges. They will be required to pay 25% at the time of permit approval and the remaining 75% either at the time of occupancy or within four years, whichever comes first.
These reforms are the result of a collaborative effort between the provincial government, local governments, and B.C.’s development and homebuilding industry associations. They aim to unlock stalled projects, lower carrying costs, and support more investment in housing at a time when the need is critical.
The changes are part of the Province’s broader commitment to tackle the housing crisis by making it easier and more viable to build affordable homes in communities across B.C.
Local governments are expected to use the remainder of 2025 to prepare for implementation through system upgrades, staff training, and planning adjustments.
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