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Josh Pringle | CTV News
Ottawa homeowners pay higher property taxes on properties than residents in Canada's largest cities, but a new report shows property taxes in the capital are the second lowest among Ontario cities.
A new report by Zoocasa looks at the 2024 property tax rates for 24 cities in Canada and calculates taxes on homes valued at $500,000, $750,000 and $1 million.
Ottawa ranks 13th out of 24 Canadian cities for the 2024 tax rate, at 1.19564 per cent, according to Zoocasa. Vancouver has the lowest tax rate in Canada, followed by Abbotsford, Victoria, Montreal and Calgary. Toronto is ranked 6th and Edmonton is 10th.
Ottawa has the second lowest tax rate of the nine Ontario cities surveyed by Zoocasa. Waterloo, Kitchener, Hamilton and London all have tax rates over 1.2 per cent.
"Understanding the relationship between housing costs and property tax rates is key to making informed decisions when buying real estate," Carrie Lysenko, CEO of Zoocasa, said in a statement.
"Some cities with lower housing costs may have higher property tax rates, while homes in major cities may have lower rates. This can help you avoid unexpected financial burdens and plan your next move more effectively. It's a crucial expense that all home buyers should keep in mind."
The report says Ottawa homeowners pay $5,978 in property taxes on a home assessed at $500,000, $8,967 in taxes on a home assessed at $750,000 and $11,956 in property taxes on a home assessed at $1 million.
"Ottawa, known for its relatively affordable cost of living compared to other major Ontario cities, has a higher tax rate of 1.19564 per cent, despite its moderate property price," says the report.
Homeowners in Vancouver pay $1,484 in taxes on a home assessed at $500,000, while home owners with a home assessed at $1 million pay $2,968 in taxes, according to Zoocasa. Toronto homeowners pay $3,567 in taxes on a home assessed at $500,000 and $7,153 on a home assessed at $1 million.
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