Calgary city council approves 1.6% property tax increase

After nearly 50 amendments debated over eight days, Calgary city council has rubber-stamped the 2026 budget, including a significant cut to the proposed property tax increase that homeowners had been nervously eyeing.

"Colleagues, I didn't actually think we'd ever get to this point," joked Calgary Mayor Jeromy Farkas ahead of the final vote on the budget on Wednesday.

In the end, the budget passed 12-3.

LiveWire Calgary founder and editor Darren Krause told CBC Radio's Calgary Eyeopener on Wednesday morning that the marathon hearings signalled the predominantly-rookie council took seriously its first major task since assuming office.

"It tells me that they really do have a genuine vested interest in compromise. They have a genuine interest in moving Calgary forward," Krause said.

It was a sentiment also echoed by Ward 6 Coun. John Pantazopoulos on the sidelines of the hearings.

"People are leaving dogma at the door and actually saying, 'What's best for Calgarians?'"

So what exactly does that compromise look like? Here are some of the highlights.

After he was elected as mayor, Farkas pledged to cut the proposed property tax hike in half.

Ultimately, councillors agreed to cut the proposed 3.6-per-cent increase to 1.6 per cent.

That means the typical homeowner will pay about $4.50 more per month.

The reduction comes in part thanks to council's decision to tap into its investment income, redirecting $50 million of it to the city's operating budget, both to offset taxes and invest in things like safety.

"It's essentially taking those dollars that would flow into reserves, and allocating it down for a temporary tax reduction," said Pantazopoulos, who put forward the motion.

Pantazopoulos had been among councillors pushing for a zero-per-cent property tax increase. A motion by Ward 1 Coun. Kim Tyers to do just that was defeated Wednesday 10-5.