Vancouver needs 9% annual property tax increases over next 5 years to balance budget: staff

More property tax hikes could be on the way for Vancouver homeowners.

More property tax hikes could be on the way for Vancouver homeowners.

That’s the warning from city staff in their recently released 2024-2028 budget outlook.

It’s yet another financial blow during a time of soaring cost of living and rapidly rising inflation rates.

A report from the city’s director of finance says an average property tax increase of 9 per cent annually over the next five years is needed to balance the budget.

That works out to be about an additional $116 per year for a median strata property.

“Staff are acutely conscious of the implications for tax and utility rates and are focused on identifying opportunities in the 2024-2028 budget outlook for new revenues and operating efficiencies,” reads the report.

However, the director of finance says that without a substantial reallocation or reduction of existing operating funding, or reductions in capital investment, delivering a balanced budget will depend on property tax and utility fee increases that exceed historical averages.