Only 2.2% Property Tax Hike in Toronto in 2026.
“Affordability” is the trending term from New York to Toronto, but not every politician embodies it. While Trump campaigned on a similar platform, he later claimed he didn’t even know what the word meant. He went further and called it a “hoax” spread by the Democrats. In contrast, Zohran Mamdani genuinely appears committed to improving the lives of average New Yorkers, striving to fulfill every election promise since taking office. Mayor Chow seems equally dedicated to her constituents, and we are similarly sure she’ll do a fine job.
Some argue it’s unfair to accuse Mayor Chow of plagiarizing the word affordability. We agree. Affordability is a common English term that applies to both Toronto and NYC, as well as to the problems their residents face in their daily lives. While we recognize this, some of her promises sound remarkably similar—if not identical—to Mamdani’s speeches and press statements. This observation is not meant to belittle Mayor Chow, whom we greatly admire. Perhaps it’s simply a case of “great minds think alike.” For example, when Mayor Chow stated today, “If you work in Toronto, you should be able to afford to live in Toronto,” it echoed Mamdani’s June 2025 address: “If you work in NYC, you should be able to afford to live in NYC!” That’s it. As we noted, great minds!
Despite similarities, it is undeniable that Torontonians and New Yorkers both face the ongoing challenge of navigating a series of crises. From this perspective, Mayor Chow and her team have done well to limit the property tax hike to a manageable 2.2%, particularly compared to the burdensome increases of 6.9% in 2025 and 9.4% in 2024. In fact, this is the smallest property tax increase since 2021.
The proposal includes a base property tax increase of 0.7%, plus a 1.5% increase to the City Building Levy—a dedicated tax used to fund major capital projects, such as transit and affordable housing, which also appears on residents’ property tax bills.
For those interested in the numbers, each one-percentage-point increase in property taxes generates approximately $49 million in additional operating revenue for the City. Therefore, the proposed hike would raise about $34 million, excluding additional funds from the City Building Levy. Moreover, an expected $14 million will come from Mayor Chow’s recent increase of the municipal land transfer tax on homes sold for over $3 million.
Coun. Shelley Carroll (Don Valley North), who serves as Chow’s budget chief, previously indicated that larger tax increases were needed to “get our finances on track after more than a decade of underinvestment.” However, she signaled support for the 2.2% proposed hike.
“This budget focuses on being responsible with public dollars while protecting the essential services that people rely on every day. At a time when families and businesses are experiencing real financial pressures, the City is committed to managing expenses carefully and investing in the core services that support good jobs and a strong local economy,” Coun. Carroll stated.
The full budget is scheduled to be officially unveiled today, Thursday, January 8, 2026, kicking off a month-long debate at City Hall before councilors vote on the plan on February 10.
Mayor Chow has promised that the budget will also include funding for school meal programs, a fare freeze on the TTC, and fare capping at 47 rides per month.
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