Over the past several years, property owners across Canada have seen steadily increasing property taxes, and housing co-ops are no exception.
With inflation and COVID 19 aftereffects squeezing municipal budgets, we wondered how these increases have played out in the property taxes reported by our co-ops clients in BC, Alberta, Ontario and PEI.
What we found was a steady climb across three provinces, with PEI leading the way, while Alberta has enjoyed a slight decrease in the median amount co-ops are paying.
Here are the year-by-year breakdowns showing the median change in property taxes per unit:
Prov | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2023-24 |
BC | 18% | 4% | -5% | 1% | 3% |
ON | 4% | 3% | 3% | 4% | 5% |
PE | 4% | 5% | 7% | 8% | 10% |
AB | 3% | 0% | 0% | 2% | -1% |
Average annual change in the Consumer Price Index (CPI) | 1.3% | 2% | 5.1% | 5.3% | 3.1% |
While increases in some provinces have outpaced inflation, we are also seeing governments start to take action to offer some relief. Beginning in 2025, Alberta created an exemption for affordable housing providers that meet certain conditions. In British Columbia, a home owner grant can help pay for property taxes.
With property taxes resulting in increased operating costs, it’s crucial for non-profit housing co-ops to balance their budgets through housing charge increases paid by their members.