Ontario's condo values, taxes pressing upon this consumer segment

by Ephraim Vecina on 28 Oct 2018

More than any other consumer segment, residential tenants in Ontario shoulder a remarkably large proportion of property taxes, according to the latest study by the Altus Group.

In its newly released 2018 Canadian Property Tax Rate Benchmark Report, Altus Group found that renters in Toronto and Ottawa are especially burdened. The renter-to-home-owner tax burden ratios in these cities stood at 2.07 and 1.36, respectively, over the last year.

For perspective, the ideal ratio is 1.00, with Quebec City (1.04) and Edmonton (1.11) veering closest.

These findings coincided with a new analysis by real estate information portal Zoocasa, which stated that the average price of condos across the city of Toronto went up by 11% year-over-year last month.

The condo value growth rate outpaced that of low-rises in 23 out of 35 neighborhoods. Indeed, in 18 of the 35 neighborhoods covered by the analysis, condo prices saw greater increases than the city average.

Read more: GTA rents continue surge

The Altus Group report cited the provincial government as a major factor in this situation.

“No policy changes were implemented by the Ontario Liberal government to cause a significant reduction in the ratios,” Altus stated.

“With the election of the Ontario PC government in June 2018, it remains to be seen if the new government will act on this issue and implement a significant correction in the multi-residential ratio or choose to continue status quo.”

Post a Comment



Most Trending News

Canada-wide sales decreased again in August
News

Home sales dipped ever so slightly by 0.5% in August from a month earlier, says the Canadian Real Estate Association (CREA), adding that markets are beginning to stabilize after months of historically accelerated levels.

Read More
Condo insurance surged in Q2 in B.C., Alberta
News

Condo insurance premiums are maintaining their elevated pace, which began around a year ago, as a consequence of extreme weather events, says LowestRates.ca.

Read More
Broker shares social media tips for growing business
News

Social media is a great way for realtors to reach wider audiences, including both industry peers and consumers, but not everybody is cut out for it. In that case, says Simeon Papailias, co-founder and managing partner of REC Canada, be authentic.

Read More