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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altus Group Limited | TSX:AIF | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.32 | 0.67% | 48.19 | 47.93 | 48.37 | 48.23 | 47.88 | 47.98 | 39,086 | 21:12:15 |
Across Canada, all property owners pay tax based on the assessed value of their property, but the tax rate per dollar of property value varies depending on whether that property is used for residential or commercial purposes. This report reviews how Canadian municipalities respond to the challenges of increased costs and market fluctuations, and monitors the impacts of municipal tax policies on commercial taxpayers.
Commercial-to-residential tax ratio
The commercial-to-residential tax ratio is the key measure in the report that compares the commercial tax rate to the residential tax rate. For example, if the ratio is 2.50, this means that the commercial tax rate is two-and-a-half times (2.5x) the residential tax rate.
The 2023 report found that six out of the 11 cities surveyed have a commercial tax rate that is more than three times the residential tax rate, which means that a commercial property incurs property taxes more than three times the amount of an equally valued residential property. The average commercial-to-residential tax ratio in 2023 was 2.82, reflecting a slight increase of 0.84% from the 2022 average ratio of 2.80. The rise in the average ratio was largely driven by the ratio increases in Calgary, Montreal, Halifax and Quebec City. The results raise questions of inequity in the distribution of the tax burden that could weigh on Canada’s business viability and community growth.
Year-Over-Year Commercial-to-Residential Tax Ratios | ||||
City | 2023 | 2022 | % Change 2022 to 2023 | |
Montreal | 4.33 | 4.21 | 6.08 | % |
Quebec City | 3.53 | 3.51 | 1.24 | % |
Vancouver | 3.37 | 3.46 | -2.34 | % |
Calgary | 3.36 | 3.07 | 9.49 | % |
Toronto | 3.26 | 3.36 | -3.02 | % |
Halifax | 3.10 | 3.06 | 1.27 | % |
Average | 2.82 | 2.80 | 0.84 | % |
Edmonton | 2.59 | 2.68 | -3.45 | % |
Ottawa | 2.42 | 2.39 | 1.23 | % |
Winnipeg | 1.93 | 1.92 | 0.49 | % |
Saskatoon | 1.61 | 1.61 | 0.00 | % |
Regina | 1.50 | 1.51 | -0.07 | % |
"In today's rapidly changing commercial real estate environment, it is crucial for governments to take a proactive approach in addressing shifts in property values while maintaining tax fairness for both commercial and residential property owners. Jurisdictions such as Ontario need to consider more frequent property reassessments to align with market dynamics,” said Ryan Fagan, Head of Operations & Technology, Tax Canada at Altus Group. "As we assess this ever-changing landscape of commercial and residential property tax, it becomes clear that adaptability is key to navigating these times. Property owners and stakeholders must stay informed about regulatory changes and leverage data-driven insights to optimize their tax strategies.”
Regional trend analysis
Ontario’s failure to launch reassessment
This year’s report provides a spotlight on the extended tax cycle in Ontario, Canada’s most populous province. The province recently confirmed that no reassessment will take place for 2024 without providing a timeline for the next assessment update. At a time when most regions in Canada reassess properties annually – and even those annual assessments are resulting in tax shifts – next year’s assessments in Ontario will be nine years out of date. The ongoing delay in reassessment is compromising the province’s economic competitiveness and could ultimately translate to higher property tax rates.
A copy of the Altus Group 2023 Canadian Property Tax Rate Benchmark Report can be downloaded at: https://www.altusgroup.com/insights/canadian-property-tax-benchmark-report/
About Altus Group
Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, proprietors, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 2,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit altusgroup.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Elizabeth LambeDirector, Global Communications, Altus Group(416) 641-9787Elizabeth.Lambe@altusgroup.com
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