Thursday's unveiling of the proposed city budget can be considered the start of the 2026 mayoral race

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After nearly three years of freewheeling spending, Mayor Olivia Chow wants to head into Toronto’s fall election with a low-tax budget. That’s after bringing in two of the biggest tax hikes in living memory – 9.5% in 2024 and 6.9% in 2025. 

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On Thursday morning, Chow will introduce her budget with a proposed 0.7% property tax hike combined with the annual 1.5% city building fund for a combined tax increase of 2.2%. 

“I hear from Torontonians every day about the stress they feel trying to keep up with the rising cost of living. After paying rent or your mortgage, groceries and all your bills, there’s not much left at the end of the month,” Chow said in a statement to the Toronto Sun. 

Part of the reason for the unaffordable cost of living in the city is the ever-increasing costs from