Wednesday, February 25, 2026

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2024 Budget Panic: Is Toronto Broke?

The City of Toronto is set to host public consultations on its 2024 budget, with a proposed 10.5% property tax increase marking the largest hike since amalgamation. 

The actual increase may surpass this figure, contingent on the federal government providing $250 million to accommodate asylum seekers. In the absence of federal funding, the city could implement an additional 6%, bringing the property tax to 16.5%. And even if the feds do give the $250 million, there may still not be enough budget to house all asylum seekers, based on the budget hearing last week.

With a deficit of nearly $1.8 billion, officials have identified over $600 million in cost savings for the upcoming fiscal year. This will include cutting the budget of the Toronto Police by $12.6 million and $16 million from cutting windrow-clearing services entirely.

If the police budget cut pushes through, Toronto Police Chief Myron Demkiw warned on Thursday that Toronto residents “will see a continued degradation in police service response.” The cuts would prevent them from ensuring adequate staffing across the city.

“We’re presently at over 22 minutes in responding to priority one calls in the city, which really, to humanize this a little bit, is when people call us in the most grave of circumstances where they’re fearing significant harm or imminent injury. It’s taking us, on average, now, over 22 minutes. Over time, we will see a continued degradation in that capacity,” he said.

Canceling windrow-clearing services, or the removal of the large dunes of snow left behind by plows when they clear residential roads, would in turn mean piles of snow would be left at driveways by next winter, which Deputy Mayor Jennifer McKelvie says most of the people in her ward do not want, especially the 20% who are seniors.

“They consider the windrow clearing an essential service provided to them and it ensures that they have accessibility throughout winter and they’re able to age in place and live in their homes,” she said.

The cuts, or “cost savings” have largely been met with criticism.

Torontonians still have a chance to debate the mammoth property tax increase and the implications of the cost savings. The in-person/video consultations on Monday and Tuesday across different locations follow the telephone town halls done last week. To further engage the public in the decision-making process, the budget committee meetings will be streamed live on the City Council YouTube channel. 

Mayor Olivia Chow will present the final budget on February 1. A special City Council meeting will be called on February 14 to approve it.


Information for this story was found via CBC News, CP24, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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