Toronto Homeowners Could See a Double-Digit Property Tax Hike as City Tries to Close $1.8B Budget Gap

The city says it may impose another 6 percent hike if the federal government doesn’t provide Toronto with $250 million toward refugee housing.

Toronto Mayor Olivia Chow attends a news conference with Ontario Premier Doug Ford, not shown, in Toronto on Nov. 27, 2023. The Canadian Press/Chris Young

Toronto Budget Chief Shelley Carroll announced a potential property tax increase of 10.5 percent as part of the first proposed budget of Mayor Olivia Chow’s tenure on Jan. 10.

That’s a nine percent hike combined with 1.5 percent toward the city building fund, for a 10.5 percent total.