Thousands of Toronto residents are bracing for a significant rate and tax hike come March 2019. That goes for the many investors of condos and townhomes in Toronto who live in Peel Region and elsewhere. This comes as the city aims to balance its budget amid growing city-wide “challenges” and millions still needed in savings.
This week city staff released their recommended $13.46 billion budget for 2019.
It contains an overall property tax increase of 1.8 per cent — which includes a 2.55 per cent increase for residential homes, tied to the rate of inflation — along with a 3 per cent water rate increase and 2.2 per cent hike for garbage collection. City staff also recommend phasing out a rebate program that offers a financial incentive for using smaller garbage bins and producing less waste.
City staff say the changes could add more than $100 to an average household property tax bill, $27 to average water costs, and at least $72 for garbage collection — potentially adding hundreds of dollars to Toronto residents’ yearly expenses.
The potential hikes also follow a previously-announced 10-cent fare hike proposed for transit riders, which was approved by the TTC board last week.
That sum represents a combination of factors: $10 million in yet-to-be-determined city cuts, $45 million in shelter funding requested from the federal government, and $24 million in potential TTC spending reductions.
According to the city, this year’s focus was on maintaining service levels, plus modest investments — including an additional $29.2 million for poverty reduction strategies, nearly $2 billion for city building efforts, and nearly $3 billion for environmental sustainability. -CINEWS