Toronto City Council Approves 9.5% Residential Property Tax Hike

Toronto City

The Toronto City Council voted to approve a 9.5% residential property tax hike, the largest of its kind in more than 25 years.

According to a CBC report, the vote during a special budget meeting on Wednesday was based on the rate proposed by Mayor Olivia Chow. The increase is split between an 8% property tax increase and a 1.5% city building fund levy increase for residential properties.

“Eighty cents extra a day, folks can afford it,” said Chow in a press conference. “Those that cannot will have a tax cancellation and tax deferral program to assist them.”

The mayor added that at least half of residents who are tenants will not face a rent increase because of the city’s budget, which includes an operating budget of $17.1 billion and a 2024-2033 capital budget and plan of $49.8 billion.

“It’s also historic in a way,” she added. “We are finally having Toronto back on track, even though we inherited a huge $1.8-billion financial mess.”

Sandstone Group