""This year, the 2026 budget will be a leaner one. That's not about cutting back necessarily. It's about being intentional," Carroll said. "It's about prioritizing our investments, protecting your affordability and preparing for an uncertain global financial outlook.""
""We know we have to make things more affordable for people, but we still want to be investing in those services that they would not be able to live without," Carroll said."
""global economic instability, rising interest rates, volatile markets and cost of living pressures""
The city aims for a leaner 2026 budget focused on affordability and intentional prioritization of investments. Residential property taxes rose 9.5% in 2024 and 6.9% in 2025. The budget faces $1 billion in operating pressures and an $18 billion infrastructure need over the next decade. Global economic instability, rising interest rates, volatile markets and cost-of-living pressures affect both residents and municipal finances. The city has found savings and seeks to negotiate an Ontario-Toronto New Deal to secure provincial investments in housing, transit and community services. The city frames the shift toward a lower property tax rate as not politically motivated ahead of the Oct. 26, 2026 election.
Read at www.cbc.ca
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