Increased Pressure on Small Business
Commercial property tax rates are almost three times as high as residential rates across Canada
Altus, in conjunction with Real Property Association of Canada, recently released the 2019 Canadian Property Tax Benchmark Report, which provides an in-depth look at property tax rates, both commercial and residential, in 11 major urban centres across Canada. The report found that eight of the 11 cities surveyed have a commercial rate which is at least double that of the residential tax rate. This means that a commercial property would incur property taxes more than twice the amount of an equally valued residential property, having dramatic impacts on Canadian small businesses.