Toronto Mayor Opts for Less-Than-Expected 9.5% Property Tax Rise
- Olivia Chow says hard choices are needed to tackle city needs
- Toronto suffers from affordability crisis, especially housing
Olivia Chow
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Residents of one of Canada’s least affordable cities will likely face a 9.5% property tax hike in 2024 — but it could have been worse.
Toronto Mayor Olivia Chow announced the tax on Thursday with the release of the city’s budget. Residents will also be asked to pay an 8% property tax hike plus a 1.5% bump-up tax for the City Building Fund, bringing the total increase to 9.5%. An earlier budget draft last month had proposed a 10.5% total rise in the taxes.