Toronto residents could be in for another property tax hike, Toronto mayor warns

Toronto residents may face another property tax increase in 2025 as Mayor Olivia Chow highlights ongoing financial challenges and the need to retain city workers. After a significant 9.5% tax hike earlier this year to address a $1.8 billion deficit, the current budget pressure stands at $1.2 billion. Chow emphasizes the importance of investing in city infrastructure and services while also aiming to keep life affordable for renters and low-income earners. The budget process begins next month, with city council set to finalize it on February 11.