Toronto home owners to be hit with double digit tax increase

January 11, 2024January 11, 202410.5% tax increase for Toronto, 2024 tax increase, canada, property tax, tax increase, toronto, Toronto city council, Toronto property tax, Toronto raising property taxes

Like in Vancouver, Toronto property tax is about to get even more ridiculous! Property tax in Toronto is about to get steeper for not single but double digit percentage this year! Budget manager Shelley Caroll revealed the anticipated tax rate ahead of the Budget Committee hearing on Wednesday, indicating that property taxes for homeowners in Toronto will rise by 10.5% in 2024.

The ten-percent tax increase, which is included in Mayor Olivia Chow’s first proposed budget, is the biggest Toronto has seen in years. Happy with the new Mayor yet? After the tax increase Mayor Olivia Chow could get some opposition among Torontonians.

In addition to the 1.5% increase to the City Building Fund, a levy that funds capital projects including housing and transit, the planned property tax increase for 2024 is 9%. Carroll claims that the typical Toronto home will have to spend $30 more a month.

Although city council has mostly kept tax hikes at or close to the rate of inflation during the previous ten years, some opponents claim that council has not gone far enough in addressing its own financial issues. The municipal building levy was increased by 1.5% and property taxes were increased by 5.5% by the council and former mayor John Tory last year.

And now question arises:

Because of the cost of living, increased taxes and increasing overall spending, how many Torontonians will decide to say goodbye to Toronto or Canada entirely? Canadians leaving Canada data varies sharply, there are no clear numbers on how many Canadians exactly have left Canada in past few years because many Canadians don’t call the Government and advise them on leaving. Many still have an address at family members where the post goes to but live outside the country. It is certain that many have left, every individual knows someone who has left GTA or Canada entirely. Immigrants and even born and raised Canadians leave the country due to unbearable cost of living, low wages and employment capabilities. Some date suggests that 424.000 residents have left Canada in 2023 alone, other data suggest that emigration has increased by 3% in third quarter of 2023 alone and represents 74.000 Canadians. The numbers are surely higher, taken in account that Canadians leaving Canada have mostly some sort of address of residency in Canada.

The fact is, more Canadians on daily basis are unhappy with skyrocketing housing prices, grocery bills, constant tax increases, frozen wages and limited employment opportunities.