The Taxman Cometh: Understanding Vancouver’s Property Taxes and How They Affect You

Marci • June 6, 2014

When it comes to owning or purchasing Vancouver real estate, it’s important to understand property taxes and how they are calculated, as well as how they will affect you. There are annual property taxes to consider, as well as property taxes that are applicable upon the purchase of real estate. Property tax rates may also affect your mortgage in Vancouver, and should be discussed with your broker. Here are some components of Vancouver’s property taxes to help you understand them and how they affect you.
The Taxman Cometh- Understanding Vancouver's Property Taxes and How They Affect You

Proponents of the General Tax Levy

The general tax levy is applicable to every $1,000 of your property’s assessed value. The City of Vancouver, along with five other institutions—namely BC Government, Metro Vancouver Regional District, Municipal Finance Authority, BC Assessment, and TransLink—receive part of their annual revenue from property taxes. In 2013, the total tax levy was $3.79 for every $1,000 of the assessed property value.

Assessed Property Value Components

When it comes to discovering what the assessed value of your property is in order to determine your property taxes, two components are taken into account: the land value and the actual property (or improvement) value. Land assessment averaging is implemented into this process, which offers temporary relief to property owners by adjusting tax rates over a number of years in order to phase-in a tax increase.

Reasons for Increases to Your Property Taxes

If you’ve noticed an increase in your property taxes this year, you’re likely wondering about the cause. There are several common reasons why property taxes might increase. One explanation may be that there has been an increase in your property’s assessment value, perhaps as the outcome of renovations or additions to the home that have resulted in its increasing market value. Other explanations could be that there has been an increase in utility charges, there are new cost-shared improvements in your area, or there has been a change in your available homeowner grants.

Property Transfer Tax: Tax on Purchase

Aside from regular annual property taxes that can be found on your tax assessment and vary depending on your location, there is also another property tax that is charged at the time of purchase. This is called the Property Transfer Tax, which equates to 1% on the first $200,000 of the fair market value of the property, and 2% on the remainder. This provincial tax is payable by the buyer, unless they qualify for the exemption. PTT exemption is available to first-time buyers who are purchasing a home up to $475,000, with a tiered discount up to $500,000.

If you still find yourself confused about Vancouver’s property taxes, how they are calculated, or how they specifically affect you, consider taking the time to talk to a professional. Whether it’s your mortgage broker or your realtor, real estate industry professionals have the ability to help considerably. For more neighbourhood-specific information on property taxes in Vancouver, email us your information and your questions today.

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Smart Strategies to Save for Your Down Payment

By Marci Deane • March 25, 2026
How to Start Saving for a Down Payment (Without Overhauling Your Life) Let’s face it—saving money isn’t always easy. Life is expensive, and setting aside extra cash takes discipline and a clear plan. Whether your goal is to buy your first home or make a move to something new, building up a down payment is one of the biggest financial hurdles. The good news? You don’t have to do it alone—and it might be simpler than you think. Step 1: Know Your Numbers Before you can start saving, you need to know where you stand. That means getting clear on two things: how much money you bring in and how much of it is going out. Figure out your monthly income. Use your net (after-tax) income, not your gross. If you’re self-employed or your income fluctuates, take an average over the last few months. Don’t forget to include occasional income like tax returns, bonuses, or government benefits. Track your spending. Go through your last 2–3 months of bank and credit card statements. List out your regular bills (rent, phone, groceries), then your extras (dining out, subscriptions, impulse buys). You might be surprised where your money’s going. This part isn’t always fun—but it’s empowering. You can’t change what you don’t see. Step 2: Create a Plan That Works for You Once you have the full picture, it’s time to make a plan. The basic formula for saving is simple: Spend less than you earn. Save the difference. But in real life, it’s more about small adjustments than major sacrifices. Cut what doesn’t matter. Cancel unused subscriptions or set a dining-out limit. Automate your savings. Set up a separate “down payment” account and auto-transfer money on payday—even if it’s just $50. Find ways to boost your income. Can you pick up a side job, sell unused stuff, or ask for a raise? Consistency matters more than big chunks. Start small and build momentum. Step 3: Think Bigger Than Just Saving A lot of people assume saving for a down payment is the first—and only—step toward buying a home. But there’s more to it. When you apply for a mortgage, lenders look at: Your income Your debt Your credit score Your down payment That means even while you’re saving, you can (and should) be doing things like: Building your credit score Paying down high-interest debt Gathering documents for pre-approval That’s where we come in. Step 4: Get Advice Early Saving up for a home doesn’t have to be a solo mission. In fact, talking to a mortgage professional early in the process can help you avoid missteps and reach your goal faster. We can: Help you calculate how much you actually need to save Offer tips to strengthen your application while you save Explore alternate down payment options (like gifts or programs for first-time buyers) Build a step-by-step plan to get you mortgage-ready Ready to get serious about buying a home? We’d love to help you build a plan that fits your life—and your goals. Reach out anytime for a no-pressure conversation.

Bank of Canada Holds Rate at 2.25% — March 18, 2026

By Marci Deane • March 18, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.

Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

By Marci Deane • March 17, 2026
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?