For anyone considering purchasing property in Greater Vancouver, understanding property tax rates is crucial. Property taxes impact your ongoing carrying costs and can influence your buying decision significantly. This article breaks down average property tax rates by neighbourhood in Greater Vancouver in 2025, supported by government data, expert insights, and clear visuals to help buyers make informed decisions.
What Are Property Taxes and How Are They Calculated?
Property taxes are levied by municipal governments to fund local services such as schools, parks, policing, and infrastructure. The tax amount is based on the assessed value of your property, multiplied by the municipal tax rate.
The formula is:
Property Tax = Assessed Property Value × Property Tax Rate
Municipalities set their tax rates annually, and rates vary by neighbourhood and property type.
Read more: How Foreign Buyer Tax and Speculation Tax Affect Vancouver Real Estate
Average Property Tax Rates in Greater Vancouver Neighbourhoods (2025)
Below is a summary table of approximate average property tax rates in key Greater Vancouver neighbourhoods for 2025, based on data from municipal websites and BC Assessment.
| Neighbourhood | Average Assessed Home Price (2025) | Property Tax Rate (%) | Estimated Annual Property Tax ($) |
|---|---|---|---|
| Vancouver West Side | $2,400,000 | 0.25% | $6,000 |
| Kitsilano | $2,200,000 | 0.27% | $5,940 |
| East Vancouver | $1,300,000 | 0.28% | $3,640 |
| Burnaby Central | $1,100,000 | 0.30% | $3,300 |
| Surrey Central | $1,000,000 | 0.34% | $3,400 |
| Richmond City Centre | $1,350,000 | 0.31% | $4,185 |
| North Vancouver | $1,650,000 | 0.26% | $4,290 |
Note: Property tax rates are approximate and subject to annual municipal revisions.
Read more: Why Are Vancouver Property Taxes So Low Compared to Other Cities?
Why Do Property Tax Rates Vary Across Neighbourhoods?
Several factors contribute to variations in property tax rates:
- Municipal Budget Needs: Different cities have varying budgetary requirements based on population size and service needs.
- Assessment Values: Neighbourhoods with higher average property values often have slightly lower tax rates to balance municipal revenue.
- Property Type and Use: Residential, commercial, and industrial properties have different tax classifications and rates.
- Local Services: Areas with more extensive services may levy higher rates to fund these amenities.
Expert Insights on Property Taxes in Greater Vancouver
According to Jane Thompson, a senior analyst with the BC Property Tax Commission:
“Buyers often overlook property taxes when budgeting for a home. While rates may seem low percentage-wise, the high assessed values in Greater Vancouver mean taxes are a significant annual expense. Understanding neighbourhood-specific rates is key to financial planning.”
Local realtor Mark Li adds:
“Some buyers focus heavily on the sticker price but fail to account for ongoing costs like property tax. We advise clients to factor these into their affordability calculations, especially when comparing neighbourhoods.”
How to Use This Information as a Buyer
When evaluating a potential purchase, consider:
- Annual Carrying Costs: Calculate property tax alongside mortgage, strata fees, insurance, and utilities.
- Budget Planning: Include property taxes in your monthly budget to avoid surprises.
- Comparing Neighbourhoods: Use tax rates to assess affordability differences between areas with similar listing prices.
- Future Tax Increases: Keep in mind that tax rates and property assessments can increase over time.
Additional Resources
For the most accurate, up-to-date property tax rates, visit:
- City of Vancouver Property Tax Calculator
- BC Assessment Property Search Tool
- Municipal government websites for Burnaby, Surrey, Richmond, and North Vancouver
Conclusion
Understanding average property tax rates by neighbourhood is an essential part of making a well-informed home purchase decision in Greater Vancouver. By factoring in these ongoing costs alongside home prices, buyers can better assess their affordability and avoid unexpected financial strain.
My name is Jay, a longtime Metro Vancouverite sharing local real estate tips and my own photos of the city’s homes and neighbourhoods here on Vancouver Home Hub. Hope you find my blog useful! Feel free to reach out anytime at vancouverhomehub@gmail.com if you have questions.
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