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COVID-19: Key developments and considerations for real estate stakeholders

COVID-19: Key developments and considerations for real estate stakeholders

Mar 26, 2020
Like many industries, the real estate industry has felt the effects of COVID-19. As Canadians continue to adapt to new realities, stakeholders across the real estate sector look to support both their people and business needs through these unprecedented times. In a climate that is constantly evolving and changing, this Update presents key developments and considerations to assist real estate investors, landlords, tenants and other interested parties.

Realty tax relief

In response to COVID-19, municipalities across Canada have begun instituting property tax relief measures in order to aid businesses. Below is a non-exhaustive summary of relief granted by municipalities that have implemented these measures. Please refer to the applicable municipality’s publications with respect to any relief provided before relying on such relief, as there may be conditions to the applicability of the relief that are not covered by the brief summaries below.

British Columbia

City of Vancouver
Relief measure
Property tax payments will be deferred for a period of 60 days.

Government of BC
Relief measure
COVID-19 Provincial Support and

Government of Canada
Relief measure
Canada’s COVID-19 Economic
Response Plan: Support for
Canadians and Businesses.