The City’s new tax exemption programs for the Downtown and Victoria Avenue corridors offer targeted incentives that make it easier to build, improve, and elevate. It’s an open invitation to developers and property owners to help reimagine the heart of Cranbrook.
Revitalization Tax Exemption
Downtown Cranbrook
In the downtown, the new bylaw supports a range of qualifying projects, including:
- New commercial or mixed-use buildings valued at $1 million or more,
- Renovations to existing buildings worth at least $50,000, and
- Exterior façade improvements valued at $5,000 or more.
Depending on the type of project, those who apply and qualify may receive between 80% and 100% exemption on the municipal portion of their property taxes for up to 5 years.
Victoria Corridor
For the Victoria Avenue corridor, the focus is on new medium and high-density residential or mixed-use residential/commercial buildings. To qualify, projects must include at least 5 living spaces and have a minimum construction value of $1 million. These developments will also be eligible for a 5-year tax exemption, starting at 100% in the first year and gradually decreasing to 20% by the 5th year.
More Information
To learn more about the revitalization efforts in Cranbrook, explore the following resources:
- Choose Cranbrook – Discover why Cranbrook is an ideal place to invest, live, and grow: www.choosecranbrook.ca
- Data Portal - Access key statistics and community insights to support your planning or investment decisions. https://data.choosecranbrook.ca
- GIS Portal - Explore interactive maps and spatial data to better understand the city's infrastructure and development opportunities. https://cranbrook-open-data-cranbrook.hub.arcgis.com/
- Contact Us - For specific questions or planning-related inquiries, please reach out to our team at planning@cranbrook.ca