Cost of housing in Canada

[Lumber]

I don't think you would, and I don't think our property taxes would have risen as much.

The reason we have to keep putting them up is the cap, we need to raise taxes to cover the shortfall it creates.

Mind you we also need a city council that understands needs V wants...

Ive been in my house 15 years, I am capped. And I think its wrong.

Capped as in it never goes up? How does that work? How is that even at thing?

 

[Halifax Tar]

Capped as in it never goes up? How does that work? How is that even at thing?

I dont understand your question.

Capped Assessment Program (CAP) | Property Valuation Services Corporation

In addition to providing annual property assessments, PVSC administers the Capped Assessment Program (CAP) on behalf of the Nova Scotia Government. The Capped Assessment Program (CAP) places a ‘cap’ on the amount that the taxable assessment for eligible residential property can increase year...

www.pvsc.ca

 

[mariomike]

Home buyers calculating Property taxes across Canada may find this of interest to the discussion,

Canada Property Tax Guide 2026​

Highest to Lowest Property Taxes Across Canada in 2026​

Major Cities With the Highest and Lowest Property Taxes Across Canada​

Canada Property Tax Guide 2026 - nesto.ca

Compare property taxes across Canada by province and city. Learn how municipal tax rates affect your mortgage qualification and affordability.

www.nesto.ca

 

[Brad Sallows]

Capped as in it never goes up? How does that work? How is that even at thing?

They pretend to limit the change of an exogenous variable which is beyond their control from which they calculate a result.

Control freaks, who exercise a strange kind of denial when the real world exceeds the parameters within which they want to operate.

 

[foresterab]

No, they are always lower than true market value (or at least mine have always been). It was the same when I lived in Ontario; the assessed value was always lower than the market rate, but the two would go up together, just not always by the same amount.

I always took it as a rule that legally assessed values for tax purposes were always less than market value, but now that I think of it I have no idea if that's a universal truth.

In terms of property assessments I've been using it as an annual "health" check of my house value. Bought 15+ years ago in a "low" point and saw tax assessment drop next year to just under what I paid...and now it's only up +8%. That said when looking at similar homes in the neighborhood that have sold I find the office property tax assessment about $25K below market list price. So if I was to list my home I'd be in the +16-20% profit range or to express it another way...1% gain per year.

Thankfully housing in town hasn't been bad. Raw rural land though has doubled in price in the last 5 years and seems to continue to increase at a vastly different rate than housing.

 

[IKnowNothing]

Everyone who stays in a house longer than intended before downsizing is militating against solving the "housing crisis".

Which is already happening due to people feeling entitled to 2021-2022 valuations and not being willing to take the "hit" of selling a property for 3-6 times what they paid instead of the 4-7 (depending on how long they've been in it)

Ha- put a downsizing/exiting seniors exemption/credit that is not applicable for deemed disposition upon death