In many smaller B.C. cities with comfortable and well-appointed suburbs, bringing shoppers (and even potential homebuyers) downtown can be challenging. Historic buildings can contribute mightily to a city’s sense of place, but developers need incentives to renovate leaky walls and creaky floors. In Kamloops, new wording to an old bylaw will help provide greater incentive to developers and business owners wishing to revitalize its aging downtown. The Revitalization Tax Exemption (basically, a 10-year tax holiday on renovations or new developments) has already led to impressive new buildings in the city’s North Shore, like the Station on Tranquille, home to the new Bright Eye Brewing. Any commercial developments within the city boundaries of the North Shore and downtown are able to qualify for a 10-year tax deferral. kamloops.ca
Buy here: Typical assessed value a single-family home in Kamloops in 2020: $461,000 (+7%).