Chow poised to increase Toronto property taxes in 2024

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Three stacks of coins next to a model house with letter blocks marked T, A and X being placed on top of them

In the wake of recent funding agreements between Toronto and higher levels of government, Mayor Olivia Chow has said the city must ‘do its part’ to address a $1.5 billion budget shortfall before seeking more federal support.

As Chow hinted during her mayoral campaign for 2023, this will likely include a "modest" increase to Toronto's property taxes.

On CBC Toronto last month, the Mayor said new tax rates will factor in the federal response to Toronto's funding requests as well as city resident input gathered since November. The budget, which will include specifics on the property tax increase, will be unveiled on February 1.

In 2023, Toronto approved a 5.5% hike in property tax rates, marking the city's largest residential property tax increase since 1998. If taxes continue to rise in 2024, rental property investors might think twice about buying in the city, which could put pressure on property managers.

But despite increases, Toronto remains one of the lowest-taxed cities for homeowners in the Greater Toronto Area. And even if taxes rise in line with the norm, the high rents in Ontario’s economic heart could still tempt investors.

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