The City of Vancouver last night (March 3) voted to approve its draft 2015 budget, which includes a 2.4 per cent increase in property taxes and a 4.3 per cent average utility rate increase.
Under the new budget, total City of Vancouver taxes and utility fees on a $1 million residential property will increase by $88 over 2014 to a total of $2,894. City utilities include solid waste, sewer and water services.
The budget plans to spend $61.3 million for affordable housing, including the creation of 358 units of co-op rental and social housing in partnership with the Community Housing Land Trust Foundation. The budget also allows for the development of the Vancouver Affordable Housing Agency.
Other budget highlights include $38.4 million for transportation, $31.7 million for parks and recreation, and $28.5 million for community facilities.