In a province that is home to some of the country's most expensive real estate markets, British Columbians need to take wins where they can find them.
Good news comes in the form of a new study by real estate website Zoocasa, which surveyed 25 major Canadian cities and found that residents of major B.C. cities pay the lowest property tax rates in the country.
Vancouver property taxes were found to be the lowest in the country, at 0.24683 per cent of assessed value. This is less than half that of the second-lowest city, Abbotsford, which has a rate of 0.51300 per cent.
Zoocasa found the four cities with the lowest property tax rates were all in B.C., with Victoria at 0.52035 per cent and Kelowna at 0.52605 per cent. No other B.C. municipalities were included in the study.
However, as Zoocasa pointed out, “Living in a region with a low tax rate doesn’t necessarily translate to less tax paid, if average home prices are higher.”