TORONTO – Mayor Olivia Chow has officially presented the City of Toronto’s 2026 budget, offering significant relief to property owners with a proposed tax increase of just 2.2 percent. This figure marks the lowest property tax hike the city has seen since 2020, standing in stark contrast to the 6.9 percent increase last year and the record 9.5 percent jump two years ago.
The mayor emphasized that the core objective of this budget is to ensure affordability for all residents. “A city is a promise we make to each other: if you work here, you should be able to afford to live here,” Mayor Chow stated during the launch. To support this goal, the budget includes a continued freeze on TTC fares for the next year and introduces “fare capping,” a system that allows frequent commuters to ride for free after a certain number of trips per month.
Beyond transit and taxes, the 2026 fiscal plan allocates an additional $93 million to the Toronto Police Service to support hiring and community safety. The budget also maintains funding for critical social programs, including student nutrition initiatives and specialized inspectors to protect renters’ rights.
This serves as the final budget of Mayor Chow’s current term before the municipal elections scheduled for this fall. City Council is set to debate and officially ratify the budget proposal on February 10.
