"The City of Toronto is proposing a 2.2 per cent property tax increase in its 2026 budget, according to a statement from the mayor's office, after Olivia Chow said in late 2025 that a softer tax increase would be coming, as the city heads towards an election in October. The tax increase is broken down between a 0.7 per cent increase to the residential property tax and a 1.5 per cent increase to the city building levy."
"The increase would be by far the smallest of Chow's time in office. Her 2024 budget saw a 9.5 per cent increase which was the highest in 25 years, as the city faced a $1.8 billion shortfall. Her 2025 budget saw a 6.9 per cent increase. "The 2026 budget is about making life more affordable for Toronto families," the mayor said in a statement. "I hear from Torontonians every day about the stress they feel trying to keep up with the rising cost of living.""
Toronto proposes a 2.2 per cent property tax increase for 2026, composed of a 0.7 per cent residential tax rise and a 1.5 per cent city building levy. The proposal would be the smallest increase during Olivia Chow's mayoralty, following a 9.5 per cent rise in 2024 driven by a $1.8 billion shortfall and a 6.9 per cent increase in 2025. The timing comes as the city approaches an October election. The mayor frames the 2026 budget around affordability and cites residents' stress from rising living costs. Further budget details are pending.
Read at www.cbc.ca
Unable to calculate read time
Collection
[
|
...
]