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Provincial Policy Aims to Expedite Housing Construction

July 25, 2025

Provincial Policy Aims to Expedite Housing Construction

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BC Housing Minister Ravi Kahlon announced a new policy in early July 2025 aimed at increasing housing construction by giving developers more time and flexibility to pay municipal development fees.

Starting January 2026, BC developers can use on-demand surety bonds—already used in cities like Vancouver, Burnaby, and Surrey—instead of irrevocable letters of credit, which tie up capital by limiting developers’ ability to borrow additional funds. This change will allow developers to invest in new projects sooner and reduce carrying costs.

The policy also extends the payment period: instead of paying the full amount within two years, developers can now pay 25% at permit approval and the remainder at occupancy or within four years, whichever is earlier.

Developers have praised the initiative, citing current market challenges like high interest rates, weak presales, and limited credit. Developers are hoping that shifting municipal fee payments to the time of occupancy could enable more projects to proceed.

Many investors have noted the harsh economic conditions forcing project delays and layoffs, calling the situation a “cost-of-delivery crisis.”

The province hopes the policy will speed up construction and ease pressure on B.C.’s strained housing market.

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Aman S. Bindra

Aman Bindra and his team assist clients with all real estate, banking, and business matters, including purchases and sales of real estate and businesses, borrowing and lending, land development and construction, and leasing.

Aman has extensive experience working with individual, business and corporate clients throughout British Columbia. He regularly advises on and prepares agreements relating to land, asset, and share purchases, financings, and construction projects, and he assists with leasing, incorporations, partnerships, corporate reorganizations, and more.

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