Housing development incentive program

The Housing Development Incentive Program aims to encourage the development of new rental units. It will phase-in assessment values on newly constructed apartment buildings with two or more units or existing buildings being refurbished to add more rental units.  The assessment value of qualifying property (or portion(s) of qualifying property) will be phased in over three years at 33% in the first year, 66% in the second year and 100% in the third year.

Properties must meet the following criteria:

• the property must be non-owner-occupied and include at least two rental units (newly constructed or vacant existing)
• construction costs for existing buildings being converted into multi-unit buildings or adding units must equal at least 20% of the property’s assessed value before work begins
• vacant multi-unit buildings being restored must have been vacant for at least two years
• construction must begin within 12 months of the building permit being issued

Any change of use of a property will result in a review to determine if it will continue to benefit from the phased-in assessment. 
 
The program is not transferable to another applicant or property owner.