What Have We Done?

On January 11th, 2022, Council adopted the new Town of Creston’s Residential Revitalization Tax Exemption Bylaw No. 1944, 2021. A Residential Revitalization Tax Exemption (RTE) Program is a tool that may encourage rental housing development. An RTE, specifically providing tax exemptions for the construction of residential rental dwelling units, would support the development of overall housing stock, addressing one component of affordable housing. Many factors play into eligibility for the program. However, there are two key components – a new dwelling unit must be constructed, and the owner must enter into a 'Housing Agreement'. The Housing Agreement secures the rental unit for 10-15 years, ensuring long-term rentals for occupants.

The RTE encourages:

  • Purpose Built Housing
  • Multi-family developments
  • Secondary suites

Affordable housing is a complex issue, and there is no silver-bullet solution. However, an RTE focused on rental housing is an important measure to increase long-term rental inventory.

In addition to the RTE, the new zoning bylaw allows for more flexibility when developing secondary suites in your home or on your property. Those choosing to build a secondary suite can take advantage of the RTE program.

Find out more HERE

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