Toronto proposing 2.2% tax increase in 2026 budget
CBC
The City of Toronto is proposing a 2.2 per cent property tax increase in its 2026 budget, according to a statement from the mayor's office, after Olivia Chow said in late 2025 that a softer tax increase would be coming, as the city heads towards an election in October.
The tax increase is broken down between a 0.7 per cent increase to the residential property tax and a 1.5 per cent increase to the city building levy.
The increase would be by far the smallest of Chow's time in office. Her 2024 budget saw a 9.5 per cent increase, which was the highest in 25 years, as the city faced a $1.8 billion shortfall. Her 2025 budget saw a 6.9 per cent increase.
"The 2026 budget is about making life more affordable for Toronto families," the mayor said in a statement. "I hear from Torontonians every day about the stress they feel trying to keep up with the rising cost of living."
The city's proposed budget will be revealed in detail on Thursday morning.
The 2026 fiscal document could be Chow's final budget as mayor; she has yet to say whether she's seeking re-election
CBC News previously reported her predecessor, former mayor John Tory, is said to be mulling another bid for the city's top job. If the contest becomes one between Tory and Chow, her final tax increase could be far lower than his, which saw residential property taxes rise by 5.5 per cent and the building levy by 1.5 per cent in 2023.
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