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ARTICLE · 28 APRIL 2020

COVID-19 Impact: BC Real Estate

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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.

CanadaReal Estate and Construction

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

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