Toronto Mayor Olivia Chow touted the merits of her budget Monday, saying the lowest property tax increase of her tenure is all about keeping life more “affordable” for residents, while continuing to insist she has no idea if she’ll run to keep her job in a municipal election that is just eight months away.
“I don’t, I don’t know,” Chow laughed when asked if she’ll be a candidate in October’s municipal election.
“What I am focusing on is delivering an affordable and caring, safer city. I believe this is so important because it’s tough, it’s tough.”
Chow’s revised budget, posted to the city’s website over the weekend, proposes a property tax increase of 2.2 per cent. That’s a steep dip from her first two years in office, when homeowners faced increases of 9.5 per cent and 6.9 per cent, respectively.
Critics have pointed out the budget this year defers capital work at some community centres and raids city reserve funds in order to keep the tax increase low without cutting services.
City officials have confirmed Toronto will face a similar opening budgetary pressure next year as it did in 2025 – around $1.1 billion – but without the benefit of reserves to balance the budget.
Ontario Premier Doug Ford has also confirmed that the province will not be giving the city any new revenue tools as part of new deal 2.0 discussions.
Coun. Brad Bradford, a frequent critic of the mayor and a declared mayoral candidate, told CP24 Monday Chow’s budget is “financially irresponsible” and will just “kick the can” further down the road.
“This is Mayor Chow’s election budget, and she’s hoping to buy Torontonians’ votes in the fall,” Bradford said. “She’s also hoping that they forget about the record-breaking tax increases that she’s thrust upon Torontonians over the course of the term.
“I wish she would just be honest with people and acknowledge that this year’s budget is going to come with a 10 per cent tax hike next year, because that’s what it’s going to take to pay for these commitments.”
Mayor’s revisions includes money for homeless outreach, youth
The version of the budget Chow released on the weekend contains just a few adjustments to the staff-compiled budget released several weeks ago.
Speaking at a food distribution facility in Etobicoke, Chow said her version sets aside money for youth safety and homeless outreach.
“We have put aside half-a-million dollars to help these folks getting housing, getting support services, whether it’s mental health or drug treatment,” Chow said.
Her budget also boosts a tax discount for small businesses from 15 per cent to 20 per cent.
Previously announced affordability measures in the 2026 budget include a TTC fare freeze and a monthly price cap for riders that will be reached at 47 trips – a move expected to take effect in the fall.
City council is set to vote on Chow’s proposed budget on Feb. 10.
The next municipal election will be held on Oct. 26. Nominations will close on Aug. 21, 2026.
