In March of 2018, the City of Vancouver (COV) approved a bylaw that requires new multi-unit residential buildings to have 100% of parking stalls (excluding visitor stalls) be electric vehicle (EV) ready. This is to say that new buildings are required to have accessible electrical outlets fitted, that will allow multiple residents to sufficiently charge their electric vehicles without overloading an electric circuit. This recent change is a big jump from the city’s previous requirement of only 20% of parking stalls in multi-unit buildings developments to be EV-ready.
Developers must be ready to abide by the bylaw starting on January 1st, 2019, as per the Electric Vehicle Ecosystem Program. The program was put into action by the COV with the objective to encourage electric vehicle use, and ultimately improve air quality, reduce noise pollution, and help save residents and businesses money in the long run. With ambitions to move into greener and renewable energy in the city of Vancouver, Mayor Gregor Robertson and the Vancouver Council believe, “… Embracing renewable energy is crucial to restoring our climate and environment, and generates remarkable economic opportunities. It’s also about improving quality of life, health and affordability—now and for future generations,” (Renewable City Strategy).
So, what does this mean for Vancouver condo developers and its strata corporations?
According to developers currently in the process of building EV ready stations for residents, this may not be much of a shift with regards to cost. As outlined in COV’s Electric Vehicle Ecosystem Program, the additional costs to meet the requirement for 100% of stalls in new multi-unit residential buildings to be EV-ready would be up to $300 per parking stall. Also, reiterated in an interview conducted by Global News, Grant Murray of Concord Pacific says “… the cost of putting it in is not a big [or] serious problem.”
The Renewable City Strategy has Vancouver increasing commitment and effort into a greener transition. There are other initiatives like the Curbside Electric Vehicle Pilot Program, that look to implement electric vehicle charging stations (or EVCS) around the city; where charging stations are available to public users, but require them to register their license, sign a licensing agreement, and carry the appropriate level of insurance.
The implementation and support of electric and renewable energy is looking to be a necessary pursuit as researchers from SFU have estimated the amount of EV sales will be rising steadily to about 9,300 to 25,000 units by the year 2024 and will continue rise eventually reaching 30,000 to 35,000 units sold by 2030.
As Canada’s premier Insurance Appraisal provider, Normac is committed to understanding and monitoring green energy initiatives and trends municipalities are implementing. The cost of fitted electrical outlets will impact the value of a building, and thus the building’s replacement costs. For more information or for a no-obligation insurance appraisal proposal, email us at info@normac.ca or request a quote here.
