Olivia Chow Proposes 6.9% Tax Hike in $18.8 Billion Budget

Toronto Mayor Olivia Chow proposed a 6.9% tax increase for homeowners on Monday as part of an $18.8 billion operating budget aimed at expanding city services while addressing financial pressures.

The increase comprises a 5.4% property tax hike and a 1.5% city building levy, which would cost the average Toronto homeowner an additional $268 annually, according to budget documents.

The proposal follows last year’s 9.5% increase, and 2023’s 7% hike.

The 2025 budget includes the city’s largest-ever 10-year capital plan at $59.6 billion, with more than half allocated to address Toronto’s infrastructure repair backlog. Key initiatives include maintaining TTC fares while improving service frequency, extending operating hours at 67 libraries and public pools, and adding 276 emergency services positions. The Toronto Police Service would receive an additional $46.2 million.

City staff identified $680 million in savings to help address a $1.2 billion “opening pressure” — the amount needed to maintain existing service levels.

The plan drew criticism from Councillor Brad Bradford, who questioned its value for residents facing cost-of-living challenges. “What are Torontonians getting in return? Rising costs, stagnating services, and a city government that has been overrun with bureaucracy,” he posted on X

The city will hold public consultations through January, including two telephone town halls and in-person sessions across Toronto. Under provincial law, the final budget must be presented by February 1, with a council vote scheduled for February 11.


Information for this story was found via 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.

Video Articles

Gold Bulls Run Faster Than New Mines?! | Thomas Mumford – Scottie Resources

Is This the Start of a New Gold Rush | Russell Ashton – Juggernaut Exploration

Uranium Is Back On America’s Radar | Corey Dias –  Anfield Energy

Recommended

ESGold Secures $9 Million In Non-Dilutive Funding From Ocean Partners

Altamira Gold Encounters Porphyritic Intrusive Rocks In Initial Scout Drilling At Regional Targets

Related News

GTA New Home Sales Hit Record Low in July 2024

The Greater Toronto Area housing market experienced a significant downturn in July 2024, with new...

Saturday, August 31, 2024, 07:28:00 AM

Toronto Municipal Sales Tax? How About the Massive Land Transfer Tax?

While Toronto mulls over implementing a municipal sales tax to help fill its budget shortfall,...

Wednesday, September 6, 2023, 01:15:00 PM

Toronto Faces Potential 10.5% Property Tax Hike, Hinging on Federal Refugee Support

Toronto residents are bracing for a possible 10.5% increase in property taxes, marking the largest...

Thursday, January 11, 2024, 01:34:00 PM

Mortgage Delinquencies in Toronto Hit 12-Year High as Rate Triples to 0.22%

Mortgage delinquencies in the Greater Toronto Area have tripled to their highest level in over...

Friday, July 11, 2025, 09:49:00 AM

Toronto Grapples with Dramatic Increase in Carjackings, Police Chief Says It’s ‘Not Just A Law Enforcement Problem’

Toronto is facing a disturbing escalation in carjackings and auto thefts, with the city’s police...

Wednesday, March 20, 2024, 03:26:00 PM