Saturday, December 01, 2007

Are They Lining Up To Buy?

Saskatchewan real estate values/investing has increased in value recently whether it is due to native Saskatchewan returning home, speculative buyers lured into the market now that Alberta has softened or an exodus due to fear of the effect on Royalties on the Alberta Oil Sands is unclear. I know I say this all the time but - as my mentor says, "What's behind the curtain?"

Take this news release I found on CNW Telbec on the 2007 Property Tax Assessment and Tax Analysis of 2006 Data.

A little background on the assessment it is released by REALpac and prepared by Altus Derbyshire, Realty Tax Consulting and hopes to show both the range of commercial and residential property tax assessments coast to coast in Canada and to determine the trends amongst urban centres, allowing REALpac to extrapolate which cities taxes are going up, going down, and how quickly.

This is their take on Regina Saskatchewan:

"Employees won't be standing in line to move to Regina, since the city also has the highest residential tax rate in Canada, with 2.25% of the value of the property going to municipal tax coffers, followed closely by Winnipeg at 2.20%. On a $200,000 home in Regina, that's an annual property tax bill of $4,500. "It's not clear why Regina's commercial and residential rates are so high as to be leading in both categories, when comparable cities such as Edmonton, are consistently much lower," Michael Brooks, Executive Director of the Real Property Association of Canada

Though real estate prices are rising in Saskatchewan what do people encounter when they buy that cheaper house in Regina? Higher taxes and less employment than Edmonton, not to mention it’s as cold as the arctic over there.

1 comment:

Unknown said...

Thanks for the great real estate blog. this is a very interesting topic

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