Financial Incentives

HCF believes better financial incentives for historic properties are critical to the revitalization of Canada's older communities.

Financial incentive programs exist to encourage private sector investment in the preservation of historic properties. Generally, they counter demolition by giving owners the financial ability — tax breaks, grants, waivers of fees, material and labour donations, and non-monetary density bonuses—to proceed with rehabilitation projects that might not otherwise happen.   

The investment would act as a catalyst to:

• neighbourhood renewal;
• support sustainable development;
• reduce greenhouse gas emissions; and
• improve overall economic prosperity.

Over the last 30 years Canada has lost more than 25 percent of its pre-1920 historic buildings to demolition. Financial considerations have played a pivotal role:

• an unpredictable bottom line for heritage building rehabilitation projects scares lenders and developers;
• rising land values in Canada’s big cities encourage large new buildings; and
• smaller urban centres are experiencing a lack of development activity.

Currently, it is municipalities and, to a lesser extent, provinces that have put financial incentives in place. Canada`s federal government is almost entirely absent.