Toronto's Mayor Just Made A Promise To Try To Make The City More Affordable
Every little bit helps in Toronto where real estate prices are so high.
Toronto is one of the most expensive housing markets not just in Canada, but all of North America.
And with the municipal election for the city just a few months away making the city affordable is one of the key issues for voters.
Current Toronto mayor John Tory has unveiled at least one new promise he hopes will win voters and keep the cost of living down.
Tory has announced that he will keep the cost of property taxes either at or below the rate of inflation.
Property taxes are the “"single biggest cheque" that most people who are living in a house have to pay each year in the city.
When asked if raising property taxes would be a good thing to pay for services such as transit in the city Tory said it's “just not on.”
The mayor made the same promise when he first ran for the job back in 2014, and it was a promise that he managed to keep.
However, over the course of his leadership he has introduced some new taxes to Toronto, including one to help pay for the TTC subway extension to Scarborough.
He has also added a 0.5 per cent building fund to the property tax when people upgrade their property.
Some say Toronto needs to raise property taxes as it is currently relying too much on the taxes it gets from when houses are sold. Jennifer Keesmaat,
Tory’s biggest rival running for mayor of the city, has not said if she would support raising property taxes in the city at this point.