With the COVID-19 pandemic resulting in business closures across
British Columbia (BC), both the BC and federal governments are
taking steps, including those to address real estate-related
concerns, to support businesses struggling with the economic
fallout of COVID-19. Below is a roundup of these recent real estate
developments relating to COVID-19 that are of relevance to
businesses in BC.
Reduction of School Tax Rates for Commercial Properties
On March 23, 2020, the BC government introduced its $5 billion
COVID-19 Action Plan, which includes a real estate tax reduction
for businesses. Specifically, the BC government announced a
reduction to the provincial school property tax rate for commercial
properties (Classes 4, 5, and 6) by 50% for the 2020 tax
year.1 It is anticipated that this reduction will
provide $500 million in immediate relief for businesses that own
their property and will allow commercial landlords to pass these
savings onto their tenants in