Funding the 10-Year Vision
The 10-Year Vision will deliver billions of dollars of new transportation infrastructure and services across the region. This includes new major rapid transit projects as well as increased transit service and improvements to roads, cycling, and walking infrastructure region-wide.
Funding the Phase Two Plan
The Phase Two Plan is an estimated $7.3 billion investment in regional transportation, before financing costs. The Government of Canada and Government of British Columbia have committed an unprecedented amount of funding to cost-share the new transportation investments in the Phase Two Plan:
- $2.01 billion from the Government of Canada towards the capital costs of Phase Two projects, and
- $2.55 billion from the Government of British Columbia for their commitment to contribute 40% of the capital costs of Phase Two projects.
With the availability of this new federal and provincial funding, the region has a chance to improve the transportation system at a substantially lower cost to local taxpayers.
To fully leverage these new federal and provincial contributions, the region must also provide its share of funding for the Phase Two Plan. Most of the regional share will come from TransLink and other regional government resources, such as: borrowing and private financing; future revenues, such as gas tax revenues allocated through the Greater Vancouver Regional Fund and anticipated fare revenues from increased transit ridership; and new TransLink revenue capacity, to be enabled by the Government of British Columbia.
To complete the regional share, the Mayors’ Council proposes the following changes to TransLink funding:
- Transit fare increase: an increase to transit fares in 2020 and 2021 (10 to 15 cents on a single fare, 50 cents to $1 on a monthly pass), in addition to increases approved in the Phase One Plan
- Parking sales tax increase: a 3% increase to the parking sales tax beginning in 2019
- Property tax increase: an increase to property taxes beginning in 2019, estimated at $5.50 per average household
- Development cost charge (DCC): an increase in annual revenues generated by the Development Cost Charge (DCC) for transit
- Commercial revenues: collection of new commercial revenues (retail, filming, fibre optics) around SkyTrain infrastructure
The proposed changes are intended to be modest and balanced across Metro Vancouver residents. The changes would affect transit users, drivers, property owners and real estate developers.The changes would provide an average of $43 million per year in funding for regional transportation, starting in 2019 – approximately 5% of the total new funding in the Phase Two Plan. Learn more about funding for the Phase Two Plan in the Discussion Guide.
Funding the Phase One Plan
The Phase One Plan is an estimated $2 billion investment in regional transportation, made possible through a partnership between all three levels of government. The Government of Canada committed $370 million and the Government of British Columbia committed $245 million to cost-share the new transportation investments in the Phase One Plan. Most of the regional share was contributed through TransLink and other regional government resources, such as borrowing, gas tax revenues allocated through the Greater Vancouver Regional Fund, fare revenues from increased transit ridership and the sale of surplus property.
Engagement on the Phase Two Plan ended on May 11, 2018. If approved, the new projects funded in the Phase Two Plan will begin to advance in late 2018, and Metro Vancouver residents will start to see new Phase Two Plan transit services as early as 2019.