Homeowners and developers building new rental units in Radium can apply to the Village for a property tax exemption. Several programs are available to support the creation of long-term rental housing in the community.
Click on the incentives below to learn more.
Homeowners and developers building new rental units in Radium can apply to the Village for a property tax exemption. Several programs are available to support the creation of long-term rental housing in the community.
If you are looking to build any of the following, you may be eligible for this program:
• new purpose-built rental housing
• new secondary suites in existing homes
• new accessory dwelling units (ADUs) (like carriage houses or garden suites)
• either a large-scale or small-scale development
Development Incentives:
Small-Scale Developments (fewer than 5 units, including secondary suites and ADUs): 100% municipal tax exemption for the building permit value for the first 1-5 years; 75% municipal tax exemption for the building permit value for the following 6-10 years
Large-Scale Developments (5 or more units): 100% municipal tax exemption for the building permit value for a 10-year period
Eligibility Requirements:
• To be eligible for these incentives, long-term rentals must be secured through a 10-year housing agreement with the Village
• The exemption applies only to new long-term rental housing created after November 2023
• Short-term vacation rentals (STRs) do not qualify
• Existing rental housing does not qualify
Development Cost Charges (DCCs) are levies placed on developments to fund growth-related infrastructure needs (such as water and sewer). The Village has implemented a waiver for purpose built affordable housing developments.
Developers who build dwellings rented at an affordable rate (currently up to $1,551 /month) with a 15-year commitment to affordable long-term rentals are eligible for:
• Partial DCC waiver if 25% or less of the housing units are rented at an affordable rate; OR
• Total DCC waiver if more than 25% of housing units are rented at an affordable rate.
Non-profit affordable housing developments are also eligible for DCC waivers.
Projects which meet any of the criteria above will be administered by the Village on a priority basis – ahead of any which may already be in the queue.
All new residential developments are required to provide off-street parking. Projects eligible for the incentives listed above are also eligible for a development variance permit (issued by staff) for a reduction of up to 50% of the off-street parking requirement.
Homeowners in Radium Hot Springs may be eligible for up to $40,000 to help create a new secondary suite in their home.
This provincial program provides a forgivable loan (money you don’t need to repay if you follow the program terms) to help homeowners convert part of their property into a new affordable rental suite.
Important details:
• You can receive a rebate of up to $40,000
• The new suite must be rented at below-market rates for at least 5 years
• Homeowners must meet program eligibility requirements
Learn more:
For full program details, eligibility requirements, and to apply, visit BC Housing’s Secondary Suite Incentive Program page or call BC Housing at 1.800.257.7756.
Contact the Village’s development department to discuss your project and the application process.
- Email: building@radiumhotsprings.ca
- Phone: 250.347.6455
