Vancouver's 2024 draft budget includes 7.6% property tax hike
![Downtown Vancouver from City Hall Downtown Vancouver is seen from City Hall on April 20, 2022. (CTV)](/content/dam/ctvnews/en/images/2022/4/20/downtown-vancouver-from-city-hall-1-5869873-1680541156467.jpg)
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.
CTVNews.ca Top Stories
![](https://www.ctvnews.ca/polopoly_fs/1.6975012.1721775341!/httpImage/image.jpg_gen/derivatives/landscape_800/image.jpg)
Canadian Olympic Committee offers 'heartfelt apology' after New Zealand accuses Canada Soccer of spying
The Canadian Olympic Committee offered a 'heartfelt' apology to New Zealand Football Tuesday after the New Zealand women's club accused the Canadian women's team of spying on them during a training session.
Jasper evacuees forced into B.C. to flee fires told to make U-turn to Alberta for aid
Thousands of wildfire evacuees forced from Jasper National Park into British Columbia along smoke-choked mountain roads Monday night were directed Tuesday to make a wide U-turn and head home if they needed a place to stay.
Pennsylvania state police commissioner reveals stunning details about Trump shooting
A local law enforcement commissioner revealed during a House Homeland Security hearing on Tuesday stunning new details about the security failures that led to the near assassination of Donald Trump, raising more questions for the embattled U.S. Secret Service.
Sunday was the hottest day ever recorded on Earth, scientists say
Sunday was the hottest day ever recorded, breaking global temperatures dating back to 1940, according to preliminary data from Europe's Copernicus Climate Change Service.
Polar bear at Calgary Zoo died by drowning following 'crushing' injury
The Wilder Institute/Calgary Zoo has revealed the cause of death for polar bear Baffin last week.
Clip resurfaces of Vance criticizing Harris for being 'childless,' testing Trump's new running mate
Comments Donald Trump’s running mate JD Vance made in 2021 questioning U.S. Vice President Kamala Harris’ leadership because she did not have biological children have resurfaced, testing the young conservative senator in his early days campaigning as part of the Republicans' presidential ticket.
Premier says fine-tuning needed for alert system after miscommunicated Jasper evacuation timing
Alberta's premier says changes are needed to the province's emergency alert system after incorrect information was shared about the Jasper evacuation on Monday night.
'I had to go into hiding': Manitoba man still being harassed after charges into alleged human trafficking ring dropped
A man whose charges were stayed following an investigation into an alleged child sex trafficking ring in Portage la Prairie says his life has been ruined.
'Stars are aligning' for Bank of Canada rate cut: economists
The Bank of Canada is expected to deliver a dose of interest rate relief Wednesday when economists and market watchers predict the central bank will cut its overnight lending rate.