2% Property Tax Increase Coming to Toronto

In an attempt to balance the budget, Toronto City Council has approved a 2% increase in property taxes for 2017, which could cost the average homeowner an additional $90 this year.

The increase will be more like 3.29% once the City Building Fund and other fees are factored in.

The Mayor’s office lauded the move, saying the increase is below the rate of inflation.  Critics, however, are calling the increase unsustainable and disadvantageous to the City’s most vulnerable.