Property taxes need to be considered when calculating cost of home ownership but the rates vary widely from city to city across Canada. A study done by the Altus Group and published in 2019 estimated that residential property tax rates would from a low of about $2.56 per $1000 of assessed value in Vancouver to about $12.33 per $1000 of assessed value in Winnipeg. The national average was estimated to at $8.91 per $1000 of assessed value.
When applying these rates to a $500 thousand property the estimated property taxes would be
- National Average: $4455
- Vancouver: $1280
- Winnipeg: $6165
While the there seems to be a huge range in residential property taxes paid on similarly value properties, homeowners also need to keep in mind that a $500 thousand property in Winnipeg is likely to be a much larger property than a similarly priced property in Vancouver.
The complete study can be viewed at https://www.altusgroup.com/services/reports/canadian-property-tax-rate-benchmark-report-2019/
While the following table is not all encompassing it does provide a snapshot of estimated property tax rates across Canada and can be used as a guideline when including these taxes into your total home ownership costs.
2019 Estimated residential property taxes per $1,000 of assessment as per The Altus Group https://www.altusgroup.com/
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