Ottawa: Second Highest Property Taxes Among Ontario Cities
New Zoocasa Report Reveals the Dynamics of Tax Rates and Their Impact on Ottawa's Real Estate Market
According to the latest report from Zoocasa, property taxes in Ottawa are higher than in major Canadian cities like Vancouver, Toronto, and Calgary. However, Canada's capital ranks second in tax rates among cities in Ontario.
The report highlights that Ottawa's tax rate for 2024 is 1.19564%, making it one of the lowest among cities in the province. Among all major Canadian cities, only Vancouver, Abbotsford, Victoria, Montreal, and Calgary have lower tax rates than Ottawa.
For comparison, homeowners in Ottawa with properties valued at $500,000 CAD pay $5,978 CAD in taxes, $8,967 CAD for homes valued at $750,000 CAD, and $11,956 CAD for homes valued at $1 million CAD. These figures, despite relatively moderate real estate prices in Ottawa, represent significant financial commitments for local residents.
Zoocasa CEO, Carrie Lysenko, noted that understanding the relationship between housing costs and tax rates is crucial for making real estate purchases and financial planning decisions.
