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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RRSP Home Buyers’ Plan Explained: A Smart Way to Buy Your First Home

By Marci Deane • July 22, 2026
Saving for a down payment is one of the biggest challenges first-time buyers face. What many don’t realize is that the Canadian government offers a program designed to make it easier—the Home Buyers’ Plan (HBP) . This program allows you to withdraw money from your RRSP to help purchase your first home, without immediate tax consequences. Here’s how it works: Who Qualifies? To be eligible, you generally need to be a first-time home buyer. In practical terms, this means you must not have owned a home in the past four years, nor lived in a property owned by your spouse or partner during that time. There are also special allowances if you’re living with a disability or helping a relative with a disability. In these cases, you can use the HBP even if you’ve owned a home more recently. How Much Can You Withdraw? Under the program, you can access up to $35,000 from your RRSP as an individual. Couples can combine their withdrawals for a total of $70,000 . These funds must have been in your RRSP for at least 90 days before you take them out. Paying It Back The HBP isn’t “free money”—it’s an interest-free loan from your own retirement savings. You’ll have 15 years to repay the full amount back into your RRSP, starting in the second year after withdrawal. Each year, the CRA will send you an HBP Statement of Account outlining how much needs to be repaid. If you don’t make your repayment in a given year, that amount will be added to your taxable income. Why It’s a Smart Strategy The HBP can give first-time buyers a powerful boost toward homeownership. It helps you put together a larger down payment, which can reduce your mortgage amount and monthly payments. Just remember: it’s important to balance the short-term benefit of homeownership with the long-term impact on your retirement savings. Next Steps Thinking about using the Home Buyers’ Plan? Let’s sit down and review whether it’s the right move for you. Together, we can create a strategy that gets you into your first home while keeping your future financial goals on track. 📞 Reach out anytime—it would be a pleasure to guide you through the process.

Bank of Canada Holds Rate at 2.25% — July 15, 2026

By Marci Deane • July 15, 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%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.

Let’s Talk About Getting Top Dollar for Your Property

By Marci Deane • July 8, 2026
When it comes to selling your home, most people think the first call should be to a real estate agent. But the smartest first step often isn’t with your agent—it’s with an independent mortgage professional. Why? Because your mortgage plays a bigger role in your bottom line than most people realize. Planning to Buy After You Sell If selling means you’ll also be purchasing another property, you’ll want to know exactly where you stand financially before listing. Mortgage rules change regularly, and qualifying once doesn’t guarantee you’ll qualify again. Getting a pre-approval in place ensures you know what you can afford and eliminates surprises later. On top of that, reviewing the terms of your existing mortgage could uncover options you may not have considered. For example, porting your mortgage instead of arranging a brand-new one could save you thousands. Selling Without Buying Even if you aren’t planning to buy right away, there’s still an important step: understanding the cost of breaking your mortgage. Unless your mortgage is open, penalties apply—and they can be significant. By reviewing the numbers with a mortgage professional, you might find that simply adjusting your timeline could reduce or even avoid costly fees. Navigating Life Changes In situations like a marital breakdown, it can feel like selling the family home is the only path forward. But that’s not always the case. With the right guidance and a legal separation agreement, one spouse may be able to buy out the other, keeping the home and providing stability for everyone involved. The Bottom Line Selling your property is more than just putting a sign on the lawn—it’s about creating a financial plan that protects your equity and positions you for the best possible outcome. Before you take the leap, let’s sit down and review your options. 📞 If you’re ready to talk strategy and make sure you get top dollar for your property, I’d be happy to connect anytime.