Toronto may be on the lower end for property taxes.. but we pay DOUBLE land transfer tax which is very significant considering housing prices and Chow added a "luxury tax" for $3mm+ properties. I don't think she has many other tools in her toolbox other than increasing tax, tax, tax, tax, tax, and oh ...tax.

If the argument is that our property taxes should be in line with the rest of the country, than the argument should also be that our land transfer tax should be in line with the rest of the country. By only presenting one side of the coin you undermine your own argument my friend. As for what's gonna happen, you said "the home owners are gonna pay it" and, again, I think you know more than you're letting on. Let's be honest. The tenants or basement tenants are going to pay it. The buck gets passed on to the ones at the bottom and the disparity gap gets bigger. Edit: ah nvm you briefly touched on this for a sentence towards the end.

I disagree with many of your viewpoints including taxes. You cannot determine whether Toronto property taxes are too low or too high without choosing what those taxes are being compared to. If you choose to compare Toronto taxes to cities in the 905, you could come to the conclusion that taxes in the city are too low. However, who is to say that Toronto property taxes are just fine and taxes in the 905 are too high. If you evaluate Toronto taxes on the basis of what services are provided and calculate those taxes using zero based budgeting by department, Toronto taxes are way too high for the services received. Toronto does not have a revenue problem, it has a spending problem. There are three reasons for this: 1) the majority of people who run for council are liberals, or socialists (it's a documented fact).and those eople have no issues with spending other people's money. 2) city departments are no longer required to present budgets that are zero based (prepared from a zero baseline) They generate a budget for this year based on what they spent last year Plus a percentage increase. 3) the city tries to be an everything solution to everybody, which means that they feel locally responsible to fill in all the shortcomings of the other two levels of government. 4) the city, this city spends more money on programs that are downloaded by the feds or the province than what they receive in transfer payments from the feds or the province to pay for those downloaded services. Currently that expenditure is between 1 and 1.5 billion dollars. The city should have NO ABILITY to spend property tax money on programs that are downloaded from either the province or the federal government. The city should be forced to get out of the ownership and landlord position in the housing business. Housing is a Federal responsibility, downloaded to the provinces and then downloaded to the cities. Toronto should be allowed to sell off all publicly held residential property to developers and the development on those properties should be mixed use residential and commercial, with 30% affordable housing. New charities should be formed to raise capital for new housing, where those charities would be charged with the authority to grant tax deductions between 75 and 100%. All funds raised by the cities from the sale of residential lands would be pooled in a super trust, whose responsibility would be to pay out monthly subsidies for renters who qualified for assistance. All rental properties would be privately held within true market stock. All non-profits would be banned from receiving taxpayer funds from any level of government for providing services that were charged with providing services for any government department that holds that sole responsibility under the Constitution.

Thank you for sharing all this info. This is the first time I've heard of MPAC. Subscribed!

This is what we get when ignorant put a freeloader in charge of our coffre😖

This will get passed on to tenants too. I have had to raise rent every year to keep up. Then they'll just waste our tax money.

If the tax rate is applied to a property value, and a 500k property in Toronto is equivalent to, lets say, a 300k property somewhere else, property taxes in Toronto aren't actually lower, no? That's how i see it anyway.

Funny to see it's not going down on my point of view the materiel and the depreciation of the roof, flooring and everything else lost value weird

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

how about the municipalities reduce BS spending, on bike lanes, reconciliation, or rainbow crosswalks

I heard today the Feds are not giving what the T.O mayor request, so she said it will be 16.8% property tax hike😢

😰😰😰., l moved from Ont. to New Brunswick in fall 2020. My property taxes have gone up approx. 25% yr over yr. So, yes, this yr will be over doubled in 4 yrs. I just got my (value only) assessment, and it has gone up significantly from last yr. Probably looking more like 30% this yr. And your winning .???

500,000 home in Winnipeg is going to be over 3000 sqft , $500,000 doesn't buy a house or an apartment in Toronto. a semi detached in Calgary is around $1800 per year in taxes my apartment i just sold was $900 per year. My house in Calgary is $3,300/year

You couldn't be more wrong. Number #1 the city makes a budget. Number #2 there is a TOTAL assessed value of the city of Toronto. The budget is divided by the total assessed value, giving a mill rate. Toronto has a low mill rate because of the development value of Toronto. The tax pie is divided by more tax payers, so we pay less. m.kzfaq.info/get/bejne/rs13la-g2azDgYU.html

I agree with you Sir!

And we enjoy the benefits of the shitiest weather in the whole world

Homes outside Toronto could be more sought after.. Toronto becoming a liberal dump. Higher crime. Taxes.. Etc.

NDP = tax tax tax. Chow = NDP.

I enjoy your videos Zhen, but you're wrong on the comparison of Toronto property tax rates vs other cities in Canada. Property taxes are based on population density and lot size as well. In the suburbs, where density is low and property sizes are proportionately larger, the cost to deliver services per household is higher. Think of roads, garbage, water, police, etc. The second point I'd like to make is, it's not the problem of Torontonians that voters in other cities allowed their municipal leaders to raise taxes so high. Many large cities, Toronto included, are full of spend-thrift politicians who have little control on taxpayer spending. A life-long dipper like Chow, who is getting her two pensions plus the Mayor salary that includes a nice pay hike this budget, has absolutely no interest in saving residents money. We the voters always have ourselves to blame at the end of the day, but these misguided comparisons are not helpful.

The level of services in the 905 has also decreased, but taxes have always gone up!

😂🤣😂🤣

Ooooooooo canada 😂