
Altus Group has just published their most recent annual analysis of property tax rates and commercial-to-residential property tax ratios across Canada. The report called the Canadian Property Tax Rate Benchmark Report 2024 takes a deep dive into the taxation rates of commercial properties in major municipalities and across most provinces. This gives a look at how the commercial property tax rates in Saskatchewan fare versus other major markets in Canada.
Highlights of their report featuring Saskatchewan include:
2024 Commercial and Residential effective tax rates
Report Section: 2024 commercial and residential tax rates
- National Average – Commercial: 2.513%
- Multi-Family: 1.022%
- Residential: 0.934%
- Regina – Commercial: 1.787%
- Multi-Family: 1.181%
- Residential: 1.181%
- Saskatoon – Commercial: 1.741%
- Multi-Family: 1.072%
- Residential: 1.072%
Limited sales were available for analysis in Regina and Saskatoon, and the data is widely dispersed. Since Saskatchewan assessments are being updated next year from a 2019 to 2023 effective date, commercial assessments will reflect the impact of the pandemic. This means office assessments are likely to decline, while values of industrial properties may increase, and retail outcomes may be mixed.
Report Section: Property tax assessments and sale prices

Image source: Altus Group
2024 Property taxes per square foot
Report Section: Benchmark properties – analysis of 2024 property taxes per square foot
- National Average
- Office – $7.33
- Multi-Family – $3.05
- Retail – $7.39
- Industrial – $3.56
- Regina
- Office – $4.41
- Multi-Family – $1.63
- Retail – $6.15
- Industrial – $2.16
- Saskatoon
- Office – $4.41
- Multi-Family – $2.34
- Retail – $7.35
- Industrial – $1.95
For the 2024 taxation year, Saskatoon increased the municipal portion of its tax rate by 7.59% and the library mill rate by 5.4%, as the city is still struggling to recover revenue lost due to the pandemic and inflation. A 5.64% tax increase is planned for 2025. In Regina, the municipal mill rate increased by a more moderate 2.85% and the library mill rate by 5.5%.
2024 is the last year in Saskatchewan’s four-year assessment cycle. For this year, assessments continue to be based on values as of January 1, 2019. Although the effective date of the assessed value has not changed, taxpayers can file new appeals each year. Recently, assessment reductions have been achieved for several hotel properties based on higher capitalization rates to reflect the rising risks associated with hospitality properties. Similar issues have been raised in appeals for many office buildings, and we are waiting for those decisions.
2025 will be the first year of the new revaluation cycle that will see assessment updated values from a January 1, 2019, base date to a January 1, 2023, base date. The 2025 revaluation will be the first year that the effects of the pandemic should be included in the assessor’s models.
“We anticipate that with the revaluation, that taxes will shift upwards for warehouse, retail, and newer office buildings in Saskatoon, while restaurants, hotels and older offices will likely see reductions.” — Garry Coleman, Managing Senior Director, Altus GroupReport Section: Property tax summaries by city 2024

Image source: Altus Group
The entire report is available to download to see Altus Group’s complete anaylsis of the factors impacting the commercial real estate sector by clicking here.
Key commercial taxation topics covered in this report:
- 2024 commercial-to-residential tax ratios of major urban centres across Canada
- 2024 commercial-to-residential tax ratios and changes
- 2024 commercial and residential tax rates
- Property tax assessments and sale prices
- Benchmark properties – Analysis of 2024 property taxes per square foot
- Spotlight: Beyond property taxes: Commercial real estate in Canada facing rising tax pressures
- Property tax summaries by City 2024