Toronto, ON: The Canadian Taxpayers Federation is calling on Toronto Mayor Olivia Chow to freeze property taxes in her 2024 budget and keep spending increases under the rate of inflation.
“The reality is that if Chow scaled back the size of her planned spending increase, she wouldn’t have to raise anyone’s property tax rate at all,” said CTF Ontario Director Jay Goldberg. “The mayor needs to make tough decisions to control spending rather than making life even more unaffordable for struggling taxpayers.”
Chow’s budget includes plans to increase city spending by $884 million over 2023 levels and increase property taxes by $443 million. Toronto could instead freeze property taxes at 2023 levels and still have room to increase spending by up to $441 million.
“Chow could freeze property taxes and there still could be significant room for her to pursue certain targeted spending priorities,” said Goldberg.
The average home price in Toronto was $1,084,692 in 2023. A family that owns that home would see property taxes rise by $758 under Chow’s plan. Under Chow’s fallback plan, which is triggered if the federal government doesn’t provide the city with $250 million in additional funding for refugee housing, that same Toronto household would be on the hook for a $1,192 tax hike.
The budget currently being debated in Toronto is not a final version. Chow has to submit her full budget to council by Feb. 1.
“Chow still has an opportunity to present a budget plan that is affordable,” said Goldberg. “It’s time for Chow to roll up her sleeves, get to work and find budget savings.”
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