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Mayor Olivia Chow's Toronto

It's really provincial law. You're allowed to evict tenants to do extensive renovations. There's provision for a right of first refusal to move back in after the renos, but people need to live somewhere, so mostly tenants will move on with their lives. And if they don't, you take some small portion of that $4M you're about to get from the sale to buy them out.
 
evandyk said:
I think the way she handled the budget and tax increase was pretty masterful. Everybody mostly knew Toronto needed higher taxes, and she just came in and did it with no drama.
Click to expand...

More on Chow's budgeting mastery...

www.thestar.com

Matt Elliott: A year ago Toronto’s budget was a dumpster fire. Now the city’s running a surprise surplus. What happened?

There are two main reasons why this week council will debate the first budget report since before the COVID-19 pandemic to offer relatively good news.
www.thestar.com www.thestar.com

I wonder if the stormwater charge issue will have more salience this year?
 
evandyk said:
More on Chow's budgeting mastery...

www.thestar.com

Matt Elliott: A year ago Toronto’s budget was a dumpster fire. Now the city’s running a surprise surplus. What happened?

There are two main reasons why this week council will debate the first budget report since before the COVID-19 pandemic to offer relatively good news.
www.thestar.com www.thestar.com

I wonder if the stormwater charge issue will have more salience this year?
Click to expand...

I think the choice is going to be to pursue the parking levy rather than the stormwater one.

The two overlap.

Both punish surface parking; but the stormwater tax is a bit more complex to implement and would effect a lot of SFH for relatively little tax revenue.
 
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Northern Light said:
I think the choice is going to be to pursue the parking levy rather than the stormwater one.

The two overlap.

Both punish surface parking; but the stormwater tax is a bit more complex to implement and would effect a lot of SFH for relatively little tax revenue.
Click to expand...

Though the stormwater tax is probably an easier sell when we just had that storm event - and she can probably use the "rain tax" label to her benefit now.

AoD
 
EddyMCD said:
So does this mean no absurd tax increase again next year?
Click to expand...

It does not.

It's likely this will be to cover the cost overruns for renaming Dundas Square, renaming a street for cultural significance and possibly money to assist with reports.

If the city did actually have an extra 2 billion, it would be better served as funding for the TTC or for things like street cleaning.
 
generalcanada said:
https://twitter.com/x/status/1816600513556689086

Where they have redirected the funds from the gardiner and dvp upload
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I reported this out on the previous page in the thread:

Mayor Olivia Chow's Toronto

https://www.cbc.ca/news/canada/toronto/toronto-ferry-purchase-approved-1.7252366 Not sure where to put this. Not much that’s new, except that the ferries will be built in Romania, and cost $92M vs. the 25M originally proposed (wow). This is really a story of two things...........design...
urbantoronto.ca urbantoronto.ca

EddyMCD said:
So does this mean no absurd tax increase again next year?
Click to expand...

200M per year, give or take, when the deficit in capital funding is in the tens of billions..............

Surely you jest.

After years of failing to increase taxes in line with inflation, or population growth.......there is a piper to pay.........

I expect this year's increase on the property tax side will be lower, but still above current inflation........but there will likely be a Commercial Parking Levy among other revenue generating moves.

Its likely that what will come up for approval this year still won't be enough to rectify the City's long term challenges, but it will reduce the gap to something more manageable.
 
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Richard White said:
It does not.

It's likely this will be to cover the cost overruns for renaming Dundas Square, renaming a street for cultural significance and possibly money to assist with reports.

If the city did actually have an extra 2 billion, it would be better served as funding for the TTC or for things like street cleaning.
Click to expand...
Except it's listed where this money is going, and it's none of that.
 
evandyk said:
I wonder what's happening with Land Transfer Tax revenues these days? It must be declining, and is a big slice of revenue.
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I’m wondering when I’ll see the benefits of the approx 20% increase in my property taxes. I’m fine with it, as long as we can get the infrastructure working, reliable transit, squats out of our parks and underpasses, etc.
 
Admiral Beez said:
I’m wondering when I’ll see the benefits of the approx 20% increase in my property taxes. I’m fine with it, as long as we can get the infrastructure working, reliable transit, squats out of our parks and underpasses, etc.
Click to expand...

There was no 20% increase in property taxes (rate); the increase was ~9.5% that includes the City building fund.
 
evandyk said:
I wonder what's happening with Land Transfer Tax revenues these days? It must be declining, and is a big slice of revenue.
Click to expand...

This was how the City budgeted for this year:

1722205736862.png


Budgeted Revenue 2024: 880M which would be a decline of just shy of 400M from the peak in 2021.

***

The current year budget variances are only out to April 30, 2024.

They show LTT revenue tracking 17M above budget at that time.


See p. 16

****

My guess is that this year's numbers are pretty solid, because LTT is paid on closing, not on initial purchase.

So revenue is more tied to completions than to starts, in the current year.

That said, the go-forward impacts could be very substantial.
 
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