The Residential Revitalization Tax Exemption Program is designed to encourage the development of rental housing by providing partial tax exemptions to offset the increase in a property’s assessed value attributable to the construction of new residential rental units.

Tax exemptions are for set terms, only apply to the municipal portion of property taxes, and only apply to the increase in property value as determined by BC Assessment to be the result of building a new unit. Click the link above for details.

To be eligible for the program, two primary key criteria must be met:

1. A new dwelling unit must be built.
2. The owner must enter into a Housing Agreement, which secures the rental unit for a period of 10-15 years.
   
   

The Residential Revitalization Tax Exemption program is focused on promoting Purpose-Built Housing, Multi-family developments, and Secondary suites.