Vancouver city council has approved a 7.5% commercial property tax increase.

The increase for commercial real estate owners matches the residential property tax hike but is down 3.2% from the 2023 rise. In 2024, the commercial tax bill will rise $472 for a median property assessed at $1.2 million, according to city figures.

“I think we’re all pleased to see this number driven down by over3% this year, and we’re going to continue to work hard in reducing property tax increases further in the upcoming years,” Mayor Ken Sim said as budget deliberations concluded, Vancouver is Awesome reported.

B.C. commercial property assessments are climbing while deal pace is slowing, says a recent Altus report. The report was authored by Sandi Prendergast, the firm’s senior research director.