2024 Canadian Property Tax Rate Benchmark Report

Altus Group’s annual analysis of property tax rates and commercial-to-residential property tax ratios across Canada.

Our analysis highlights commercial property tax trends and opportunities across urban centres and industry sectors

Building on our history of addressing the disparities between taxation of commercial and residential real estate, our 2024 report provides a deeper dive into taxation and assessment in 11 major Canadian cities. Altus Group’s Canadian Property Tax Rate Benchmark Report addresses the broader issue of over-taxation of commercial properties and provides a roadmap for more strategic tax planning.

What's inside:

Property tax analysis of eleven major urban centres across Canada
Analysis of commercial-to-residential property tax ratios and year-over-year changes
A spotlight on additional taxes increasing the tax burden on commercial properties.
Comparison of 2023-24 transactions, assessed values and benchmark property taxes per square foot for each sector and city

Download the report

Commercial-to-residential property tax ratios in 2024

Highlights from the report

CRE value growth slows as taxes increase

Across Canada, the commercial-to-residential ratios show CRE pays almost 3 times more taxes than residential properties of the same value, on average.

Parking tax trends complicate downtown recovery

Congested urban centres like Vancouver and Montreal charge parking taxes on CRE, and a proposed tax in Toronto in 2025 will increase costs for each parking space – even free parking – by up to $180 per year.

Layers of taxation a challenge for residential developers

A vacant home tax on a residential home in Vancouver could potentially create a total tax rate more than 22 times the property tax rate.

Delayed reassessment magnifies tax inequties

Assessment to sale ratios show that more than 50% of the industrial properties sold in Toronto in 2023 and 2024 are assessed at less than 35% of their sale price – well below the average commercial assessments.