This Vancouver housing co-op is facing a $1M tax if it wants to renew its lease for more than 30 years

Vancouver housing co-op faces $1M transfer tax bill for lease renewal — despite not owning the land

Helen’s Court must pay province $1.036M in property transfer tax by June 1 to renew lease with City of Vancouver, which owns land, buildings

This Vancouver housing co-op is facing a $1M tax if it wants to renew its lease for more than 30 years

Right now, rent at the co-op goes up about three per cent annually to build up reserves for maintenance. To accommodate the property transfer tax, it would have to go up at least seven per cent for several years.

Property transfer tax - Province of British Columbia

When you purchase or gain an interest in property that is registered at the Land Title Office, you need to pay property transfer tax