Toronto homeowners were less than happy with budget drafts in years past under the governance of Mayor Olivia Chow. But this year, the city has flipped the script, proposing a much leaner tax hike on residential properties at a combined rate of 2.2 per cent. In 2025, property owners saw a 6.9 per cent jump and in 2024, the historic 9.5 per cent raise.
There will be a municipal election in October. While Chow’s more conservative councillors are calling this year’s fiscal plan a political move to earn back the public’s trust, others on council defended the budget. Namely city councillor for Parkdale-High Park Gord Perks, who criticized past mayors for proposing tax hikes under or at the rate of inflation, said Thursday that after two consecutive years of higher-than usual increases, Toronto’s finances are in a better place.
More to come on Toronto’s 2026 budget. The formal proposal won’t be finalized until the public has a chance to give their opinion, which can be done at telephone town halls next week or by speaking directly to the budget committee on Jan. 20 and 21. City councillors will have time to debate on Feb. 10.