Commercial Benchmarking
Within HRM |
Select Cities |
International |
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In January 2011, HRM hired Colliers International (Atlantic) Inc. to survey property information from HRM and across North America to answer two questions:
- How do HRM’s commercial taxes compare to those in other cities across the region and across Canada?
- How do commercial taxes compare across (different locations within) HRM?
This survey used a sample size of approximately 60% of all residential and office space in HRM and more than 90% of all industrial properties within the specified areas.
4th Quarter 2010 |
Average Real Property Tax* (per square foot) |
| Location |
Downtown
Class 'A'
Office1 |
Downtown
Class 'B'
Office2 |
Industrial3 |
| St. John's NL |
$2.53 |
$1.34 |
$0.80 |
| Sydney, NS |
$7.97 |
$3.35 |
$0.58 |
| Halifax, NS |
$4.88 |
$3.22 |
$2.06 |
| Moncton, NB |
$5.81 |
$3.18 |
$1.73 |
| Montreal, QC |
$7.15 |
$4.19 |
$1.40 |
| Quebec City, QC |
$5.00 |
$4.00 |
$1.36 |
| Toronto, ON |
$18.87 |
$13.21 |
$1.09 |
| Kitchener, ON |
$4.08 |
$2.50 |
$1.30 |
| London, ON |
$4.50 |
$3.43 |
$1.40 |
| Ottawa, ON |
$14.07 |
$8.90 |
$1.83 |
| Winnipeg, MB |
$5.00 |
$4.00 |
$1.22 |
| Regina, SK |
$5.00 |
$3.75 |
$2.00 |
| Edmonton, AB |
$6.06 |
$4.91 |
$1.25 |
| Calgary, AB |
$6.30 |
$5.04 |
$1.75 |
| Vancouver. BC |
$11.00 |
$8.50 |
$2.00 |
| Victoria, BC |
$7.00 |
$5.00 |
$2.00 |
| Boston, MA |
$7.00 |
$4.00 |
$1.45 |
| Hartford, CT |
$8.00 |
$6.50 |
$1.88 |
| Jersey City, NJ |
$3.50 |
$2.75 |
$1.35 |
| Hamilton, Bermuda |
$3.62 |
$3.53 |
$1.54 |
* weighted average real property taxes (not including business occupancy taxes)
Notes:
- Class ‘A’ is the newest, highest-quality office space;
- Class ‘B’ is good quality office space;
- Industrial space may include retail and office space, as well as warehouse or manufacturing.
Source: Colliers International (Atlantic) Inc., January 2011
Related Charts
Class ‘A’ Offices - International
Print Graph in .pdf format
Class ‘B’ Offices - International
Print Graph in .pdf format
Industrial Space - International
Print Graph in .pdf format
Commercial – Class ‘A’
Property Tax Comparison – Select Canadian Cities1
4th Quarter, 2010
Downtown Class 'A' Office2
|
| Location |
Real Property Tax |
Business
Occupancy Tax3 |
Overall Property Tax |
| |
(per sq ft) |
(per sq ft) |
(per sq ft) |
| St. John's NL |
$2.53 |
$3.22 |
$5.75 |
| Halifax, NS |
$4.88 |
$0.73 |
$5.25 |
| Quebec City, QC |
$5.00 |
|
$5.00 |
| London, ON |
$4.50 |
|
$4.50 |
| Regina, SK |
$5.00 |
|
$5.00 |
| Victoria, BC |
$7.00 |
|
$7.00 |
Notes:
- Cities selected as those most similar to HRM with respect to demographic and economic factors, e.g. size, industry mix, etc.;
- Class ‘A’ is the newest, highest-quality office space;
- Taxes billed directly to tenants; level of tax varies by use, assumed 10% bank/insurance.
Source: Colliers International (Atlantic) Inc., January 2011
Related Charts
Class ‘A’ Offices – Select Canadian Cities
Graph in .pdf format
Commercial – Class ‘B’
Property Tax Comparison – Select Canadian Cities1
Location |
4th Quarter, 2010 |
Downtown Class 'B' Office2 |
Real Property Tax
|
Business
Occupancy Tax3 |
Overall Property Tax |
|
|
|
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| |
(per sq ft) |
(per sq ft) |
(per sq ft) |
St. John’s, NL |
$1.34 |
$1.71 |
$3.05 |
Halifax, NS |
$3.22 |
$0.24 |
$3.46 |
Quebec City, QC |
$4.00 |
|
$4.00 |
London, ON |
$3.43 |
|
$3.43 |
Regina, SK |
$3.75 |
|
$3.75 |
Victoria, BC |
$5.00 |
|
$5.00 |
Notes:
- Cities selected as those most similar to HRM with respect to demographic and economic factors, e.g. size, industry mix, etc.;
- Class ‘B’ is good quality office space;
- Taxes billed directly to tenants; level of tax varies by use, assumed 10% bank/insurance.
Source: Colliers International (Atlantic) Inc., January 2011
Related Charts
Class ‘B’ Offices – Select Canadian Cities
Graph in .pdf format
Industrial
Property Tax Comparison – Select Canadian Cities1
Location |
4th Quarter, 2010 |
Industrial Space2 |
Real Property Tax
|
Business
Occupancy Tax3 |
Overall Property Tax |
|
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| |
(per sq ft) |
(per sq ft) |
(per sq ft) |
St. John’s, NL |
$0.80 |
$0.83 |
$1.63 |
Halifax, NS |
$2.06 |
|
$2.06 |
Quebec City, QC |
$1.36 |
|
$1.36 |
London, ON |
$1.40 |
|
$1.40 |
Regina, SK |
$2.00 |
|
$2.00 |
Victoria, BC |
$2.00 |
|
$2.00 |
|
Notes:
- Cities selected as those most similar to HRM with respect to demographic and economic factors, e.g. size, industry mix, etc.;
- Industrial space may include retail and office space, as well as warehouse or manufacturing;
- Taxes billed directly to tenants; level of tax varies by use, assumed 0% bank/insurance.
Source: Colliers International (Atlantic) Inc., January 2011
Related Charts
Industrial Space – Select Canadian Cities
Graph in .pdf format
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