January 10, 2023: Toronto Mayor John Tory announced that the increase is below the rate of 6.6 percent. But I recognize it is a significant increase, and we’re asking people to pay more,” Tory said. “I wish it could be lower because I know any cost increase right now is hard for people to bear.
Tory said he wishes it could be lower; the city’s budget faced severe issues this year, including ongoing COVID-19 pandemic costs, which have cost the city $5.5 billion since it began in 2020. I don’t think we can afford to cut the fire service or cut the ambulance service or cut parks or cut support to housing, Tory said.
I do not want to pause or cancel more projects to address this shortfall because I know this will negatively affect our city short term, longer term, and on much-needed jobs, he said.
In 2022, Toronto’s property tax increase was 2.9 percent plus the 1.5 percent city building levy increase. This saw the average homeowner’s bill rise by about $140. In addition, Tory said the 2023 budget includes a proposed three percent tax increase for water, wastewater and solid waste. He also increased the “hotel tax. For commercial properties, the proposed rate increase is 2.75 percent and a 5.5 per cent tax hike for industrial properties.
