Vancouver's 2024 draft budget includes 7.6% property tax hike

Downtown Vancouver is seen from City Hall on April 20, 2022. (CTV)

The 2024 draft budget being presented to Vancouver city council next month includes a 7.6 per cent property tax hike – slightly less than was forecast earlier this year.

Under the draft plan, the city's operating budget would surge to $2.15 billion, up from $1.96 billion this year, an increase of 9.8 per cent.

To balance the approximately $193 million in new spending, the draft budget notes that staff have identified a number additional revenue streams – though only to the tune of $15 million.

"Staff will continue to explore new revenue streams, service improvements and capacity building, and continued advocacy for senior government funding and partnerships to inform future budget processes," it reads.

The property tax increase would translate to an additional $170 per year for median residential homes worth $1.37 million, and $478 per year for median business properties worth $1.27 million, according to the document.

Of the 7.6 per cent hike, 2.8 per cent would go towards increased spending on policing services. The draft budget would see police spending balloon to $440 million next year, nearly $100 million more than the $348 million spent in 2021.

One per cent of the tax increase would pay for infrastructure renewal, and the remaining 3.8 per cent would fund "other city services, as well as risks around uncertain costs cross the city," including those of the Vancouver Police Department.

Part of the increased police spending – approximately $7.8 million – is for the 100 new officers that have been hired since Mayor Ken Sim took office.

Last year's budget included a 10.7 per cent property tax increase, and an outlook for 2024-2028 that was presented to council earlier this year suggested Vancouver would require an average property tax hike of 9 per cent over the next five years to balance the budget.