Jan 30, 2024
By Jane Brown
Toronto’s mayor is giving a property tax break to owners of multi-residential buildings in order to protect tenants from higher rents.
Following a speech to the Canadian Club at the Fairmont Royal York Hotel on Monday, Olivia Chow told reporters she would bring the multi-residential increase down to at least 3.75-percent but did not offer a precise figure.
“Certainly I don’t want to see the renters (that) are already having a hard time paying their rent, to see an increase,” Chow explained.
During her speech, the mayor gave the strongest indication yet that she could also lower the proposed 10.5-percent residential increase.
City Councillor Brad Bradford told Zoomer Radio’s Fight Back with Libby Znaimer, enough savings have been found to bring down the property tax hike a bit.
“I think they’re probably going to walk that down a percentage point, we’ll probably hear on Thursday, it’s going to be 9 or 9.5 (percent), but it’s still the largest tax increase ever,” Bradford revealed.
Thursday February 1st is when Mayor Chow releases her version of the 2024 City of Toronto budget.