Kelowna 
As expected, Canadian cities and municipalities are increasing property taxes as part of their 2024 budgets. This increase is in response to the financial impacts of the pandemic, and proposed hikes range from 2% to 15%.
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The full-service brokerage Zoocasa analyzed changes in property tax rates from 2014 to 2024 across six major Canadian cities. The study uses total residential tax rates, except for Toronto, where the residential tax rate was used, and specific levies were excluded. The 2024 rates include estimates, with final numbers due in February, highlighting regional variations influenced by unique municipal factors.
Here are the study’s highlights:
- Vancouver: Vancouver is proposing more than a 7% increase for 2024. Interestingly, Zoocasa says their property tax rate has seen an 18.7% decline since 2014, dropping to 0.298925%. However, the 2024 rate marks the highest since 2016, translating to property taxes of approximately $1,495 for a $500,000 home.
- Calgary: Calgary, proposing a 7.8% hike, has witnessed a 14.7% increase in property tax rates since 2016. The 2024 rate, estimated at 0.70844%, means a $500,000 home could incur taxes around $3,542, significantly higher than Vancouver for the same home value.
- Winnipeg: Despite having the highest rate among analyzed cities, Winnipeg’s property tax rate has decreased by 3.9% since 2014 finds Zoocasa. The speculated 2024 rate shows a minor increase from 2023 but remains lower than its 2014 level.
- Toronto: Toronto faces the largest increase from 2023 to 2024 at 9.5%. Over ten years, its tax rate has climbed by 8.9%, leading to estimated taxes of about $2,771 for a $500,000 home in 2024.
- Hamilton: Hamilton’s 2024 increase is 7.9%, but over the past decade, the change has been modest at 3.2%. Homeowners could face $7,159 in taxes for a $500,000 home.
- Ottawa: Ottawa’s property tax is set to rise by 2.5% in 2024, a 6.4% increase from 2014. Taxes for a $500,000 home could be around $5,993.
