A new ranking of Canadian residential tax rates is giving homeowners a glimpse into how their property tax bill compares to other markets across the country.
The research, prepared by listing service Zoocasa, says Ottawa is nearly squarely in the middle, ranking 14 out of 25 major Canadian markets, with a property tax rate of 1.07 per cent. This means the owner of a property assessed at $500,000 would pay $5,342 annually.
However, tax rates only tell part of the story. A homeowner’s tax bill is calculated by multiplying the rate by the property’s value. This means that home prices – which can vary widely across the country – directly influence a property tax bill.
OBJ360 (Sponsored)
Mann Lawyers grows litigation practice with pair of savvy veteran additions
Full-service law firm Mann Lawyers has built a longstanding reputation for delivering high-quality legal services to its clients in all its service areas, including its litigation practice, over its 30-plus-year
When David McPhedran’s parents emigrated from the United Kingdom in 1968, they didn’t have much, but Canada was known as the land of opportunity, and that’s what they sought for
It also means that municipalities with high home prices, such as Vancouver, tend to have lower property tax rates than more affordable markets, such as those in Atlantic Canada.
Zoocasa didn’t factor that into its ranking. Here’s an approximation of typical property tax bills in Ontario look like, using the most recent average resale prices from local real estate boards and published listings data:k
Ottawa: $4,799 (average home price of $449,200)
Waterloo: $5,319 (average home price of $480,145)
Toronto: $5,532 (average home price of $782,129)
Guelph: $6,380 (average home price of $544,709)
Burlington: $6,568 (average home price of $805,697)
Hamilton: $6,990 (average home price of $553,935)
