The Canadian housing market is booming. Unfortunately, that also means that home prices are skyrocketing.
While Vancouver and Toronto continue to have wildly unafforable real estate values, the highest on the continent, other Canadian cities, too, are increasing in price.
Montreal, too, long a destination for potential homebuyers for its remarkably low prices, is seeing costs creep up as international investment spurs development in the downtown core.
Canada's notoriously high taxes don't help the situation. While Canadians should take pride in the fantastic social services that those taxes cover, it's understandable that they can be a little bit of a nuisance, though a welcome one.
New homebuyers should take into consideration not only the cost of real estate and living, but also the property taxes they will have to pay for the remainder of their stay in a new area.
Luckily, a new ranking from Zoocasa makes that evaluation a little easier. The comprehensive study looks at property tax rates across the country.
The results are pretty surprsing! While Vancouver has the highest property values on the continent, its property tax rate is the lowest in Canada!
In fact, the top four municipalities with the lowest property tax rate are all in British Columbia.
Toronto comes in at the fifth lowest, Calgary the sixth, and Montreal the eighth.
St. John's, Newfoundland, the town otherwise known for its bright colours and cheap prices, lands at the very bottom of the top twenty-five with a rate of 1.785%!
It's also worth remembering that your money will have very different value across the country when it comes to real estate. While $500,000 can get you an entire house in Halifax, you'll only get a micro apartment in Vancouver.
So is the westernmost major city's low tax rate really worth a move? Probably not.
You can check out the full ranking here!