Mayors announce fare hikes, property tax increases to pay for transit upgrades

The Metro Vancouver Mayors' Council has announced $2 billion in transit spending in the first phase of a 10-year regional transportation plan and to help pay for it, transit fares and property taxes are going up.

It includes 178 new buses, 50 new SkyTrain cars, five new B-Line bus routes and a new SeaBus, as well as improvements to road, cycling and walking infrastructure.

The plan includes funding from both the federal and provincial governments. Premier Christy Clark said the province will be contributing $250 million.

"I'm so pleased to hear that the Mayors' Council today agreed to move forward with phase one on transit improvements," Clark said. "It really has never been more important than now."

To raise the required funds, transit fares will go up five to ten cents a year, and property taxes will be raised about $3 annually. TransLink will also sell off some old property.

The Mayors' Council is also proposing a new development tax and some form of mobility pricing system, but no details have yet been finalized.

More density required along transit lines, premier says

The spending announced Friday is only the first phase of a 10-year plan. Bigger ticket items, such as the much-anticipated Broadway and Surrey rapid transit lines, will be implemented in later phases.

Clark said these future rapid transit projects will need to include plans for increased residential density along their routes.

"You could go through some of the existing transit lines [in Vancouver and Surrey] and you'll find yourself practically landing in somebody's backyard," she said. There's almost no density around some of those stations."

"We want to make sure we don't make that same mistake again."

Phase one of the 10-year plan will begin early next year. Phase two and beyond are still being negotiated.

With files from Jesse Johnston.