That with respect to Revised Notice of Motion EC2025-0117, the following be adopted: NOW THEREFORE BE IT RESOLVED that Council direct Administration to return to Executive Committee by Q2 2026 with a scoping report, workplan, and supporting budget request for consideration in the 2027-2030 Service Plans and Budgets for a: Purpose-Built Rental Tax Exemption Program for existing market-ready City-identified Transit Oriented Development (TOD) locations that: Utilizes the ability granted to municipalities by the Municipal Affairs Statutes Amendment Act, 2024 (Bill 20) to exempt purpose built rental buildings from property taxes, in part or in full, when developed in existing market-ready City-identified Transit Oriented Development locations.
Council asked City staff to study and design tax incentives for multi-unit housing and a potential property-tax exemption for new purpose-built rental near transit, and to return by Q2 2026 with scoping reports, workplans and budget requests.
The studies could lead to new residential tax sub-classes and updated assessment/tax models that reflect how density affects per-capita service costs and productivity, potentially changing tax levels and influencing where and what types of multi-unit housing are built. A tax-exemption for purpose-built rental in Transit Oriented Development (TOD) locations is intended to encourage rental housing near transit but could reduce property tax revenue and require funding decisions in the 2027–2030 budget process.