As per TransLink's legislative requirements, we periodically update our Investment Plan to ensure a balanced outlook over a 10-year period, outlining major projects, programs, service levels, and funding sources. Today through April 5, public engagement is open for the 2024 Investment Plan (IP2024).
 
Recently, Metro Vancouver has experienced unprecedented growth, adding over 150,000 residents since 2022, leading to increased ridership, exacerbating overcrowding issues surpassing pre-pandemic levels.
 
The IP2024 will temporarily address critical service gaps over the next year and respond to the region’s unprecedented growth, while preparing to implement our 10-year Access for Everyone Plan. The plan will:

1. Address urgent transit service needs: IP2024 proposes a three per cent increase in bus service, enhancing approximately 60 routes, introducing new service in East Fraser Heights in Surrey (promised in 2018 and delayed by the pandemic), and improving off-peak frequency on key routes. SeaBus and HandyDART services will also see enhancements.
2. Continue the local government cost-share programs: Supporting investment in walking, biking, rolling, and road safety infrastructure for our local government partners, with nearly $70 million allocated for 2025.
3. Preparing for Expansion: Early investments in fleet and supporting infrastructure to align with the Access for Everyone plan and Climate Action Strategy, including procuring new buses, infrastructure upgrades, and capacity expansions.

TransLink relies on fare revenues, property taxes, and provincial support to finance these endeavors:

1. Fares will increase an average of 2.3 per cent, as previously approved in the 2022 Investment Plan. Customers will see a $0.05 to $0.15 increase per trip starting in July.

 

2. Property taxes will increase $3.08 per month for the median household (a property value of $900,000)--this amounts to about a one per cent increase on the total average property tax bill.
    

The proposed IP2024 takes immediate steps to begin improving transit and addressing overcrowding while the region’s population and job base rapidly grows while we work closely with the Provincial Government on how best to return TransLink to long-term financial sustainability – allowing us to fix the structural deficit and implement the Access for Everyone plan. More information on IP2024 is available in the attached backgrounder or by visiting www.translinklistens.ca.