Developers looking to build long-term rental housing in Radium Hot Springs will be able to get a tax break thanks to a decision from village council.
“Council has identified housing development, and incenting long-term rental housing, as a priority for the Village”, said acting mayor Dale Shudra. “From the campaign, into this council’s first year, it has been and will remain a point of focus of Council and Village staff.”
Village officials said the Radium Hot Springs Long-Term Rental Housing Revitalization Tax Exemption Program Bylaw will waive taxes for up to 10 years on qualifying rental developments.
Construction of five units or fewer can net developers a 75 per cent tax break if the owner enters an agreement with the Village.
“The agreement is then registered on the property’s title, thereby cementing the long-term rental status of these properties for the life of the agreement,” said Village officials.
Larger-scale development over five units can get 100 per cent off their municipal taxes but must enter a long-term housing agreement with BC Housing.
“The reason for the 100% reduction of municipal taxes for larger projects is to greater incent larger developments that work with the province’s rental housing corporation – BC Housing,” said Village staff.
Secondary suites and accessory dwelling units are eligible for this program, but units that were established before Nov 14, 2023, are not.
The program does not apply to short-term rental properties.