"The City of Toronto's 2026 budget will prioritize affordability and will include a lower tax increase than the city has seen in recent years, Mayor Olivia Chow said ahead of the budget's reveal Thursday morning. Property taxes in Toronto are set to increase at 2.2 per cent, Mayor Olivia Chow said in a statement on Wednesday. The budget was made to improve affordability for residents, Chow said at a news conference on Thursday before the budget committee meeting."
"Torontonians saw a 6.9 per cent increase to property taxes last year and a 9.5 per cent increase in 2024. When Chow took office in 2023, there was a $1.8 billion deficit in the city's operating budget. Chow said after years of higher taxes to reduce the hole in the city's budget, the city's finances have stabilized. The shortfall has been reduced to $1 billion, Carroll said on Thursday."
"We make the budget more fair by shifting the burden from families like yours to speculators and luxury property buyers, Chow said, citing the increase to the municipal land transfer tax (MLTT) on houses valued at more than $3 million, which council voted in last month."
The City of Toronto's 2026 budget prioritizes affordability and sets overall property tax increases at 2.2 percent. The total tax increase comprises a 0.7 percent residential property tax rise and a 1.5 percent city building levy increase. Budget measures include funding for school meal programs, a TTC fare freeze with fare capping at 47 rides per month, and a five percent tax cut for small businesses. Revenue shifts target higher-value homebuyers through an increased municipal land transfer tax on houses over $3 million. The plan is part of a multi-year strategy to reduce the operating shortfall and stabilize municipal finances.
Read at www.cbc.ca
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