Four B.C. cities have Canada’s lowest property tax rates: Zoocasa

B.C. has some of the lowest property tax rates in Canada – a feature of the local real estate market that can create a difficult environment for the average homebuyer, according to Zoocasa.

B.C. has some of the lowest property tax rates in Canada – a feature of the local real estate market that can create a difficult environment for the average homebuyer, according to Zoocasa.

A June 12 report from the online real estate brokerage found the province is home to four out the five cities with the lowest property taxes in the country.

Vancouver, Victoria, Abbotsford and Kelowna all have property tax rates under 0.5 per cent. If a Vancouverite paid $1,188,000 for a home, they would have to pay $3,303 in property taxes annually.

In contrast, a homeowner in Toronto would pay $7,969 for a similarly priced home.

“Although at first glance it sounds like lower property taxes are really good and appealing to buyers, it can make conditions quite difficult for the average homebuyer,” said Zoocasa spokeswoman Patti Cosgarea. “Lower property taxes are appealing to investors. So this really brings a lot of competition to Vancouver and surrounding markets.”