Toronto staff are recommending a nine per cent hike to the city’s residential property tax — the largest single-year increase since amalgamation in 1998 — as they look to fill a nearly $1.8 billion budget shortfall in 2024 and a grim long-term fiscal outlook.
With the recommendation of an additional 1.5 per cent increase to the city building tax, property owners could see their tax bill jump 10.5 per cent this year if the figures go unchanged during five weeks of scheduled budget debates and consultations.
Agree on all points. Frankly speaking, part of the reason housing prices are as high as they are is because it’s so cheap to continue owning one. And by not selling as often, the market prices soar and it becomes more difficult to have more efficient housing options replace single detached homes.
Not only that, but by increasing housing density, it further increases the city’s revenue and reduces cost of the infrastructure since a similar amount of infrastructure can service several times as many people.
Frankly, I hope that this not only passes, but keeps going for a few years. Homes should never be treated as investments, but necessities of life. Unlike investing in businesses, investing in homes puts greater burden on the economy rather than expanding it, and it’s only a matter of time before the bubble bursts, causing millions to love everything.