Toronto

Your Toronto tax bill is likely going up, as Mayor John Tory backs city building fund boost

Toronto property tax bills will be going up in 2020 to help pay for public transit repairs and more affordable housing.

Average homeowner can expect to pay $43 more per year starting in 2020

Toronto Mayor John Tory is supporting a plan to extend and increase a property tax levy called the city building fund. (Cole Burston/Canadian Press)

Toronto property tax bills will be going up in 2020 and beyond as part of Mayor John Tory's plan to extend the city building fund to help pay for public transit repairs and more affordable housing.

Tory is backing a plan, revealed Wednesday, that would continue the property tax levy for six more years starting in 2020. The fund, which currently sits at 0.5 per cent, will also go up to 1.5 per cent in 2020 and 2021.

In a news release, Tory's office said this will cost the average Toronto household some $43 a year.

City council still has to approve the increase, but it's likely safe to start budgeting for the hike now as Tory usually controls the balance of power on council.

Enhancing the city building fund — first brought in to pay for mega-projects like the Scarborough subway extension — is expected to bring in some $6.6 billion.

Tory said that money will go toward maintaining the TTC, which struggled again during this week's blast of winter weather, and building more affordable housing. 

Yesterday, the city announced an ambitious 10-year housing strategy to create tens of thousands of affordable housing units, raising questions about how the city would afford its share of the costs.