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10.1 Definitions In Relation To Purpose-built Rental Program

In This Volume

  • 10.1 (1) In this section and in sections 10.2 to 10.6:
  • “apartment” means a self-contained residential accommodation unit that has cooking, sleeping, bathroom and living room facilities;
  • “eligible transaction”, for the purposes of determining the eligibility of a transferee for an exemption or refund under sections 10.2 to 10.6, means a taxable transaction not referred to in paragraph (b), (c), (f) or (g) of the definition of “taxable transaction” in section 1(1);
  • “qualifying property” means a parcel of land
  • (a) that is the subject matter of an eligible transaction in respect of which the residential property value exceeds $3 000 000, and
  • (b) that, on the registration date, contains a residential improvement;
  • “registration date”, in respect of an eligible transaction, means the date on which the application for registration of the eligible transaction is made at a land title office;
  • “residential improvement” means an improvement in respect of which the following requirements are met:
  • (a) the improvement is permanently affixed to land;
  • (b) the improvement is designed or constructed for the purpose of providing rental accommodation;
  • (c) the improvement is residential property because it is described as class 1 property in section 1 of the Prescribed Classes of Property Regulation, B.C. Reg. 438/81;
  • (d) the improvement does not consist of strata lots;
  • (e) the improvement contains at least 4 apartments;
  • “residential property” has the same meaning as in section 3.01(1);
  • “residential property value” has the same meaning as in section 3.01(1).
  • (2) For the purposes of the definition of “qualifying property”, if the same residential improvement is located on more than one parcel, the parcels are deemed to be one parcel.

2023-23-149.