In Canada, we are used to paying an awful lot of taxes. While it is true that taxes are directly tied to the quality of living in any country (including education rates, the health of the population, and others) we are all reluctant to hear about them. One of the taxes which often comes as a surprise to residents of Canada is the one on real estate. You might own Oakville real estate or real estate in Victoria BC, either way coast to coast you are going to have to pay some form of property taxes.
This tax is really the only way the municipality you live in has of collecting revenue for various city programs. That includes the facilities where your children may attend school; although education is provincial jurisdiction, many local boards must raise their own fund. They do so by taking a cut of the taxes paid by North York condominiums owners and other property holders in the cities where they operate. The city uses what is left over to pay for other programs and salaries for which it is responsible.
Just like any other tax which is not generated at the federal level, property taxes will change from one location to the next. Province to province and even from one city to another within the same province, property taxes will be calculated, expressed, and spent differently. Here in Victoria, for example, property taxes are expressed as dollars per thousand. For every $1000 of home value, you will pay about $11 in property taxes. If you own Pickering condos, on the other hand, you can expect to pay on a percentage of your home's value.
As far as residential real estate goes, there is some surprising news out of an Edmonton based report. It turns out that people in Brewery lofts and other locations in Toronto pay the highest property taxes of anyone in the entire country. Despite the facts that home values there are lower than those in Victoria, home owners still pay more taxes.
In fact, people living here might be surprised to learn that their average property taxes are much less than most cities in the country's largest province. Although Richmond Hill listings are considerably lower than those in Oak Bay and other Victoria neighbourhoods, most municipalities in Ontario don't enjoy the luxury of a home owner grant. This province wide benefit saves residents a considerable amount of money on property taxes each year.
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