Toronto Budget Proposes 10.5% Property Tax Hike

Toronto residents could see a hefty 10.5% property tax hike as a result of this year’s budget deliberations, which will take place over the coming weeks.

City Councillor Shelley Carroll, who is also budget chief for the City, confirmed the proposed increase on Wednesday morning. Prior to today, Carroll had only hinted at the increase, telling reporters earlier this week that it would be “substantial.”

The proposed hike is higher than the city has seen in several years. For some context, former Toronto Mayor John Tory raised the property tax rate by just 2.9% in 2022 and by 5.5% in 2023. Though last year’s hike was the highest since the city's amalgamation, it was still below Toronto's 6.6% rate of inflation.

Carroll says that the City is taking a more aggressive stance on property taxes because of Toronto’s enormous operating shortfall, which is estimated at close to $1.8B and is being exacerbated by growing demand for refugee claimant support and shelter spaces, as well as decreased transit revenues.

In light of those pressures, City staff have prepared a property tax increase of 9% for residential properties, “which allows for better alignment with other Greater Toronto and Hamilton Area municipalities,” according to a press release from the City.

“This amounts to an increase of $321 annually for the average assessed value of a Toronto home or the equivalent to a monthly increase of $26.75.”

On top of the 9%, a 1.5% increase for the city building levy has been proposed, the release also says, which would bring the overall property tax increase to 10.5%.

In speaking to reporters on Wednesday morning, Carroll said that the property tax rate is not set in stone, and could actually end up being quite a bit higher than 10.5% if the federal government is unable to provide $250M in funding for refugee claimants utilizing the city’s shelter system. Without that funding, Carroll says the City would be forced to impose a "federal impacts levy” of 6%, which would put the property tax increase at 16.5%.

City Council is set to vote on the final budget package on February 14.

From Your Site Articles

Taxes

Toronto Budget Proposes 10.5% Property Tax Hike For Residential Properties

Budget Chief Shelley Carroll said that the property tax rate could end up being quite a bit higher than 10.5% if the federal government is unable to provide $250M in funding for refugee claimants utilizing the city’s shelter system.

Trending

You may also like

On May 1, development charges on Toronto condos will increase 20.7% from their current rates, meaning the average one-bedroom and bachelor unit will now cost $44,774 in development charges (up from $37,081).

And when it comes to real estate, Whistler is all about luxurious cabins, cozy cottages, and chalet homes — such as 8349 Needles Drive, which is currently on the market for $3,799,000.

Budget 2024 documents reveal that the $1.5B Canada Rental Protection Fund will be launching with just $5M in its first year.

For those seeking to call a (sprawling) piece of cottage country all their own, newly listed 1161 Stephen Road encapsulates the best of what the region has to offer.

An investigation has found that Hira Custom Homes had previously “attempted to sell homes that were already under an Agreement of Purchase and Sale, unjustifiably increased prices, did not comply with conditions on its licence, and provided false information to both purchasers and the HCRA.”

The HCRA has revealed that Christopher Lamb and his former company Novel Condominiums “have been found guilty of 26 charges of selling new homes illegally,” and as a result, have been hit with a $150,000 fine.

​The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.

Contessa Developments’ plans to bring a 22-storey purpose-built rental building to the site have forcibly come to a stand-still after receivership proceedings were initiated last summer.

New home sales in March were down 16% from March 2023 and 66% below the 10-year average, according to Altus Group, BILD’s official source for new home market intelligence.

​The next group of municipalities to receive housing targets under the Housing Supply Act include Surrey, Kelowna, and New Westminster, among others.

The forthcoming master-plan community will comprise of four towers, and will jointly bring 2,364 new residential units to the site on Eglinton Avenue.

To kick off 2024, the presale market in Metro Vancouver has been a bit better than perhaps some were expecting, but also not great. So, what's next?

Toronto City Council approved a series of “updates” to RentSafeTO last week, and among those were new parameters for city inspections, a more hands-on system for tenant complaints, and increased fees for non-compliance.

Along with Jack Poole, David Podmore founded Concert Properties in 1989, then known as VLC Properties.

​If you haven’t met Callum MacLachlan, you’ve likely heard of him — or, even more likely, seen his work.

​Zoocasa crunched the numbers to see where it’s the most affordable to buy a home along the GO Station line.

2024 © STOREYS Publishing Inc. | All Rights Reserved

The Broadway-Commercial Safeway redevelopment by Westbank and Crombie REIT has seen numerous revisions over the past few years, and is going to get another.

The next group of municipalities to receive housing targets under the Housing Supply Act include Surrey, Kelowna, and New Westminster, among others.

If you haven’t met Callum MacLachlan, you’ve likely heard of him — or, even more likely, seen his work.

Zoocasa crunched the numbers to see where it’s the most affordable to buy a home along the GO Station line.