Toronto City Council Votes on Balanced 2026 Budget with Modest Tax Increase and Focus on Public Services
In a recent decision, Toronto’s city council has approved the mayor’s 2026 budget, marking a balanced approach with a slight increase in property taxes, fare limits on public transit, and enhanced funding for various public services.
The approved budget outlines a 2.2% rise in property taxes, a more moderate increase compared to previous years, aiming to generate approximately $91.53 extra annually for an average Toronto household valued at $692,140.
To benefit residents, the budget maintains TTC fare rates, introducing a cap of 47 rides per month later in the year to assist commuters. Additionally, it allocates resources to address homelessness, expand library hours to seven days a week, and bolster the recruitment of new police officers and paramedics over several years.
Mayor Olivia Chow has justified the budgetary allocation of over $93 million to the Toronto Police Service, citing the need to fulfill the force’s contractual agreements and recruitment strategies, despite recent controversies involving charges against seven officers in a corruption investigation.