The NDP government is making changes to development cost charges that builders say could help reduce the burden they face as material and labour costs continue to increase and the number of projects under construction drop. Starting in 2026, builders will only have to pay 25 per cent of their fees to municipalities up front and will be able to defer the remaining 75 per cent for four years or until people move into the building. The fees help cover the cost of infrastructure such as community centres, roads, sewers and parks. The changes will also allow developers to use bonds instead of irrevocable letters of credit as financial guarantees, allowing them to preserve access to capital throughout the project. Wendy McNeil, CEO of the Homebuilders Association Vancouver, said the changes will allow builders certainty when it comes to the cost of the project and the timeframe for making payments to municipalities.