Port Moody property owners can expect their utility bills to increase significantly over the next five years. By 2027, costs are projected to jump 38 percent.
“We can see we are looking at substantial increases . . . mostly attributed to Metro Vancouver costs.” said Tyson Ganske, manager of financial planning for the city.
“We’re seeing those cost pressures reflected in our rates and charges.”
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The city’s annual utilities budget is increasing by $1.3 million to $20.5 million next year, with 61 percent of the cost increase being kicked up Metro Vancouver for regional services and capital projects.
Most utility costs are shared between the 21 municipalities under Metro Vancouver, which has nearly $10 billion in capital projects queued up in its own regional financial plans over the next four years.
Metro Vancouver is increasing its water levy on the city by 6.3 percent next year and its sewer levy by 19.3 percent.
In Port Moody, single-family homes will pay a small increase of 3.91 percent in 2023, $60 more than last year’s $1,535 bill. By 2027, that number is slated to reach $2,230.
Every year beyond 2023 has at least a 7.5 percent increase, peaking at nearly 10 percent in 2026.
By 2027, annual water rates will increase $255 for single-family homes, $234 for townhomes, $161 for condos and $123 for secondary suites.
Sewer rates are increasing by 60 percent across all housing types by 2027: $322 more for single-family homes, $302 for townhomes, $204 for condos, and $154 for secondary suites.
The drainage rate, the only service funded by municipal taxes, is set to rise 65 percent in five years, to $165.
The city approved funding earlier this year for a project aiming to expand its water metering around the city. Currently only the city’s industrial and commercial properties are metered, and a few single-family homes on a pilot basis.
The outgoing council unanimously approved the provisional five-year utility budget on Oct. 18. It will come before the new council for review and adoption in November.