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4mo ago

Chow Unveils Final 2026 Toronto Budget With Fare Freeze, 2.2% Tax Hike

City Hall casts the plan as an affordability push that protects core services by raising more from luxury property transactions.

Mayor Olivia Chow gives a snow removal update at one of Toronto’s snow dump sites in North York, Ont., on Jan. 28, 2026.

Overview

  • The TTC’s operating request is set to be funded, including a $93.8 million boost to day-to-day operations, with fares frozen for a third year and a new cap of 47 rides per month starting in September that is planned to drop to 40 by 2027.
  • The proposal limits the citywide property tax increase to 2.2 percent, which is lower than the hikes approved in 2025 and 2024.
  • Small businesses would see their property tax subclass discount rise to 20 percent, while buyers of homes valued at $3 million or more would face a higher municipal land transfer tax.
  • The budget provides an additional $93 million for a multi-year frontline hiring plan spanning 911 operators, police, paramedics, firefighters, and crisis workers.
  • Shelter operating spending would decline due to the closure of temporary shelter hotels and lower refugee claimant demand, alongside plans to grow long-term capacity.