Vancouver homeowners could get several years of near-double-digit property tax increases
The City of Vancouver is in dire financial straits that could leave homeowners on the hook for property tax increases of close to 10 per cent in each of the next five years.
In a budget presentation to council, city staff said the average increase in taxes for a residential strata owner could be $116 and the increase for a median single family detached home would be $304.
"Taxpayers can't afford year-on-year nine-per-cent tax hikes," said Carson Binda, B.C. director of the Canadian Taxpayers Federation.
"That's going to cost average families hundreds of dollars a year. It's unacceptable and it's only going to make the problems in our city worse."
Council heard the projected budget shortfall is being driven by high inflation, upcoming collective bargaining with employees, and council initiatives like Ken Sim and A Better City Vancouver's plan to hire 100 additional police officers.
"We heard loud and clear during the campaign that public safety was one of the number one issues and we committed to fully funding both of our public safety services and that includes the Vancouver police," said ABC Coun. Sarah Kirby-Young.
City staff carefully stressed the projections for the potential tax increase would only be necessary if the city cannot find other areas to save or raise money.
"It weighs on Vancouverites already stressed with affordability," said OneCity Coun. Christine Boyle. "I want to make sure that where we are finding savings, it's not at the expense of residents who are already struggling."
The staff presentation is only the first step in a months-long budget process, and councillors plan to direct city staff to explore a number of ways to generate new revenue and find cost savings to offset the potential tax increase to homeowners.
CTVNews.ca Top Stories
Ontario Premier Doug Ford threatens to cut off energy to U.S. in response to Trump's tariffs
Ontario Premier Doug Ford has threatened to cut off energy supply to the U.S. in response to the tariffs President-elect Donald Trump plans to impose on all Canadian imports.
Elon Musk calls Justin Trudeau 'insufferable tool' in new social media post
Billionaire Elon Musk is calling Prime Minister Justin Trudeau 'an insufferable tool' in a new social media post on Wednesday. 'Won't be in power for much longer,' Musk also wrote about the prime minister on 'X.'
Sask. hockey coach convicted of historic sex crime back on day parole after 'behavioural concerns'
A former WHL coach found guilty last year of sexually assaulting a teen boy is back on day parole.
The Body Shop Canada to be sold to Serruya Private Equity
The Body Shop Canada is due to be sold to a company led by the co-founder of frozen yogurt chain Yogen Früz.
Trudeau will have to 'kiss the ring' to achieve smoother bilateral relations with Trump: John Bolton
If Prime Minister Justin Trudeau wants to get on U.S. president-elect Donald Trump's good side for the sake of a smooth bilateral relationship, he'll likely have to be openly deferential, says former U.S. National Security Advisor, John Bolton.
Luxury real estate brokers charged in federal indictment with sex trafficking in NYC
Two luxury real estate brokers and their brother have been charged with luring, drugging and violently raping dozens of women over more than a decade.
Alberta family doctor suspended for unprofessional conduct
An Alberta family doctor and veterinarian has been suspended for unprofessional conduct.
Police locate labyrinth of tunnels connecting tents to generator in Hamilton encampment
Hamilton police say that they discovered a series of 'man-made holes and tunnels' during a patrol of a downtown encampment earlier this week.
Certain foods may disrupt your body's fight against cancer cells, study says
The food you eat may be affecting your body’s ability to fight cancer cells in the colon, according to a new study.