Toronto residents may see a modest 2.2% rise in property taxes for the upcoming 2026 budget, according to Mayor Olivia Chow’s office. The proposed increase consists of a 0.7% uptick in property taxes and a 1.5% yearly boost in the City’s Building fund, aimed at enhancing transit and housing infrastructure.
Full details regarding the budget plan are set to be unveiled on Thursday morning, offering a comprehensive look at the city’s financial outlook.
This proposed increase marks the smallest property tax raise since 2020, following last year’s 6.9% uptick and a 9.5% increase two years prior.
Comparatively, Toronto’s proposed increase remains lower than nearby municipalities like Richmond Hill (3.46%), Markham (3.9%), and Burlington (5.8%).
Stay tuned for more updates on this developing story.