City of North Vancouver council votes 4-3 to ban money exchanges on ground floor

The City of North Vancouver council voted 4-3 on November 4 to ban new money exchange businesses from operating at the ground floor. The motion was passed with support from councillors Don Bell, Tony Valente, Holly Back, and Shervin Shahriari. Councillors Jessica McIlroy, Angela Girard, and Mayor Linda Buchanan opposed the decision.

A motion to defer the issue until a Great Stree Project for Lonsdale was completed was defeated by councillors who wanted action on the increase in money exchanges. Several people who spoke before the council said the City seemed to be unfairly targeting money exchanges.

Mehdi Fardad, the CEO of a local money exchange service, reminded the council that Money service providers (MSPs) are highly regulated and overseen by various agencies, including FINTRAC, the Bank of Canada, and soon the BC Financial Services Authority. He said these businesses comply with strict regulatory, reporting, and compliance standards. MSPs often serve newcomers to Canada, many of whom have fled oppressive regimes seeking safety and the chance to rebuild their lives. Limiting MSPs could restrict access to essential financial services for these communities, impacting their ability to support their families and manage their financial assets, he said.

The council’s decision followed a previous motion brought by Councillor Don Bell, which highlighted concerns over the increase in the number of currency exchanges in the Central Lonsdale area over the past few years.  A similar motion was brought forward by Coun. Shariari in July. Bell underscored that currency exchanges do not align with the city’s vision of vibrant, walkable streets as outlined in the City of North Vancouver Strategic Plan, which aims to “activate public spaces — parks, streets, plazas, outdoor areas — for residents to gather, interact, and engage in activities.”

Bell also pointed to the city’s policy of restricting licenses for cannabis and liquor stores while currently not having similar regulations for money services businesses. The motion included provisions for adding a definition of Money Services Business in the city’s zoning bylaws and limiting their locations away from street-level units adjacent to sidewalks.

Speaking at the November 4 meeting, Councillor Don Bell said the objective was to keep the street level diverse and animated. “We are not eliminating existing exchanges. This is to ensure no over-concentration of one type of business along the Lonsdale corridor,” Bell said. He emphasized that the amendment would allow new money services businesses to operate from upper floors or apply for rezoning if they wished to be located at street level.

Councillor Tony Valente noted the council’s precedent in regulating business types for balanced growth. “We manage usage in significant ways for liquor and cannabis stores. It’s about responsible governance to ensure no single type of business dominates the area,” Valente commented.

In opposing the motion, Councillor Jessica McIlroy raised concerns about singling out money exchanges without addressing broader issues related to street-level vibrancy. “We haven’t defined what activated streetscapes mean or how money exchanges specifically impact them compared to other businesses,” McIlroy said.

Councillor Angela Girard also opposed the motion, questioning the focus on one type of business. “These businesses are highly regulated and serve essential needs, including those of immigrants who may not have access to traditional banking,” Girard stated. She added that policies should create a diverse business environment rather than targeting specific business types.

Mayor Linda Buchanan expressed reservations, citing insufficient public feedback as a basis for such a decision. “Policy changes need to be based on substantial evidence and feedback. We’ve only received 18 emails on this matter over the past year, 14 of which contained unsubstantiated claims,” Buchanan said.

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