"While the city still faces a roughly $1 billion dollar shortfall in its operating budget, the hole was at $1.8 billion when she took office in 2023, leading to a 9.5 per cent property tax hike in 2024. An increase will still be necessary in 2026, but the mayor said it will be softer. How much would it be? I haven't finished the calculation, said Chow, whose 2026 budget would be the freshest in voters' minds if she chooses to run again."
"Toronto's budget process kicks off next month, when city staff present their proposed spending. That begins a round of consultations. Then, the mayor takes all the feedback into account to put together her budget. The city's budget chief has warned the fiscal document in 2026 will be leaner. But in a series of pre-budget announcements about increases to her luxury home tax and fare capping on the TTC, the mayor has stressed the city is investing in affordability next year."
Olivia Chow is entering a potential final year as Toronto mayor and projects a softer property-tax increase in 2026 after a 9.5 per cent hike in 2024. Toronto's operating shortfall has narrowed to roughly $1 billion from $1.8 billion in 2023. The city improved its credit rating and plans to raise revenue from the wealthiest residents through an increased luxury home tax and TTC fare-capping measures. Budget consultations begin next month with staff proposals followed by mayoral consideration; the 2026 budget will be leaner while aiming to balance affordability investments and fiscal constraints.
Read at www.cbc.ca
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