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Cost of housing in Canada

The median list price of homes in Regina, SK overall was $293,441 in February 2024,

Oh, I thought this thread had transitioned to sharing super expensive listings that were notably above regional average costs? 🤔
 
Oh, I thought this thread had transitioned to sharing super expensive listings that were notably above regional average costs? 🤔

Looks like I won’t be moving to Regina any time soon…anyone have $2.7M?


Other than Regina and its previously noted $2.7M mansions, of course.

You seem pretty hung up on this property.

Time on REALTOR.ca
111 days

Let us know when they find a buyer. 🤔

$2.7 million for an average detached home price is not "super expensive" in some City of Toronto neighborhoods.

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You want "super expensive"? 🤔

Here are five for you.


$34,981,778.

$34,500,000.

$28 million.

$25 million.

$23,880,000.
 
If you think property tax is hilarious, maybe you will get a kick out this,

Dec 6, 2023



Toronto $1,666

Halifax $2,885

Ottawa $2,923

Winnipeg $6,610

Edmonton $2,362

Lethbridge $2,684


What city in Canada has the highest property tax?​



Residential Tax Rate

Toronto 0.666274%

Halifax 1.154%

Saskatoon 1.28932%

Regina 1.556501%

Ottawa 1.169276%

Guelph 1.229079%

Winnipeg 2.6429%

Edmonton 0.94475%

Lethbridge 1.07365%

Doesn't necessarily mean much. In BC, the mill rates are adjusted to account for fluctuations in assessed value. Ultimately all that matters is the total payable. If one were looking for some kind of proportional value, property area would make more sense.
 
Ultimately all that matters is the total payable.

Forbes put it this way.

10 Jan., 2024

There is a basic formula used across Canada to determine your property tax amount:

Property Tax = Assessment Value x Municipal Tax Rate​


Cities with high home values + low property tax ultimately = higher total payable.

Cities with low home values + high property tax ultimately = lower total payable.

Cities such as Vancouver and Toronto have high home values and low property taxes, while Fredericton, Winnipeg and other cities with low home values have some of the highest tax rates.

 
Forbes put it this way.

"Cities such as Vancouver and Toronto have high home values and low property taxes, while Fredericton, Winnipeg and other cities with low home values have some of the highest tax rates."

"Low property taxes" and "highest tax rates" are two different claims; the former (taxes) are calculated using the latter (rate). I can only assume the writer meant to write "low property tax rates". Again, if pundits want to provide illumination into property taxes, they can state clearly what the payable is per square foot in neighbourhoods that most people can recognize by name or easily learn about with a web search. All this tap-dancing around home values and rates is unnecessary obfuscation.
 
Again, if pundits want to provide illumination into property taxes, they can state clearly what the payable is per square foot in neighbourhoods that most people can recognize by name or easily learn about with a web search.

Regarding neighbourhoods,

Through this analysis, it's clear that there’s a significant price gap between the most affordable and the most expensive neighborhoods for detached homes in Toronto. While houses in the cheapest neighbourhood average $1,028,669, those in the priciest neighborhood average $4,296,250. It's a $3 million dollar difference worth watching.

This is the Property Tax Calculator used in our town.



Our municipal rate is 0.506079%. ( 2023 )

Education tax is the same throughout Ontario 0.153000%.

Municipal + Ontario education tax = 0.666274.

Property Tax = Assessment Value x Municipal Tax Rate.

Cities with high home values + low property tax = higher total payable.

The Assessment Value of a residential property, is located on your Property Assessment Notice from the Municipal Property Assessment Corporation (MPAC) or shown on your City of Toronto final property tax bill.
 
The house I am living in now is, far and away the most expensive house I have ever owned.

It also has the lowest property taxes of any house that I have ever owned.

What matters are the services you receive, the mill rate and where your house is valued in relation to all the other houses in your municipality…
 
What matters are the services you receive, the mill rate and where your house is valued in relation to all the other houses in your municipality…
Purchasing modestly…and being the small house on the block (stop laughing SKT!) is a relatively good thing to aspire to.
 
Purchasing modestly…and being the small house on the block (stop laughing SKT!) is a relatively good thing to aspire to.
We affectionally call the house we bought our "Clearance Rack Special." Its a modest 1990s semi-detached, that backs onto the main drag. That said, as we walk closer towards the water in our neighborhood, property values go up like crazy.

Like my father to taught me, "Better to have the cheapest house in the best area, than the other way round. Location, location, location..."
 
Like my father to taught me, "Better to have the cheapest house in the best area, than the other way round. Location, location, location..."
Absolutely, @rmc_wannabe! In our bouncing across the country, we consistently had the ‘smaller than average’ house, and generally felt the surrounding houses buoy up our value when it came time to selling…almost made it easier/faster to sell since it was at a favourable price point in the neighborhood. Upon retiring, we got a place that was a bit bigger than we originally planned, but we were also mindful of the ‘parents getting older, may be part of the household one day’ planning factor…but still smallest on the block. (SKT, says “😆”)
 
Absolutely, @rmc_wannabe! In our bouncing across the country, we consistently had the ‘smaller than average’ house, and generally felt the surrounding houses buoy up our value when it came time to selling…almost made it easier/faster to sell since it was at a favourable price point in the neighborhood. Upon retiring, we got a place that was a bit bigger than we originally planned, but we were also mindful of the ‘parents getting older, may be part of the household one day’ planning factor…but still smallest on the block. (SKT, says “😆”)
Suuuuure it is….

That was always our policy on postings- don’t buy our “dream” house. Buy a house that we could live with for 2-4 years in a price bracket the most people in that area could afford.

It worked for us…
 
Like my father to taught me, "Better to have the cheapest house in the best area, than the other way round. Location, location, location..."

Right.

Houses in the cheapest neighbourhood in our town average $1,028,669.

Houses in the "best" neighborhood average $4,296,250.

A $3 million dollar difference...
 
Suuuuure it is….

That was always our policy on postings- don’t buy our “dream” house. Buy a house that we could live with for 2-4 years in a price bracket the most people in that area could afford.

It worked for us…
Indeed it did, SKT! Hey, we’re coming out west for a few weeks, I’ll drop you a note SEPCOR to coord drinkies with us and our respective much better halves! 🍻 🍷
 
Homebuyers seeking luxury * may find this ReMax spotlight on luxury real estate report of interest.

* Luxury is classified as twice the average residential price.


A good percentage of buyers who purchased in 2018 and 2019 are well positioned to make their next moves. For example, in the Greater Toronto market, buyers who purchased homes at an average price in 2018 saw equity rise by almost 43 per cent by the end of 2023 ($787,842/$1,126,591). These buyers are coming to the table with a larger downstroke and reduced risk from a lending perspective.



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Homebuyers seeking luxury * may find this ReMax spotlight on luxury real estate report of interest.

* Luxury is classified as twice the average residential price.






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Vancouver is now part of Ontario??? I gotta start following the news more.
 
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