Big tax hikes coming to Metro Vancouver’s largest cities
Municipalities around B.C. are feeling the effects of inflation on their budgets, with many facing significant property tax increases this year — but the province’s two biggest cities are facing unique financial pressures and particularly large tax hikes.
Most municipalities will likely see higher-than-usual property tax increases this year “just essentially to hold the line,” said Stewart Prest, a professor of political science at Quest University in Squamish.
“If we’re looking at inflation pressures of five to 10 per cent over the last year, that’s going to be reflected in cities’ budgets. And given that cities can’t really engage in deficit spending in the same way that provincial and federal governments can, they’re going to have to find ways to show a balanced budget. And if it’s not going to be through cuts, it’s going to have to be through tax increases.”
While many Metro Vancouver municipalities are already facing significant property tax increases this year, the region’s two largest cities still stand out, with major hikes proposed for Vancouver and especially for Surrey.
Leave a Reply