Toronto budget 2014: The higher cost of living

WATCH: Toronto water rates have gone up another 9% along with hydro, recreation fees and TTC fares. Mark McAllister reports.

TORONTO – If you’re wondering why your wallet or pocketbook seems to be getting slimmer and slimmer every year, look no further than the cost of services you’re paying to the City of Toronto.

With the passing of the city’s 2014 budget, it’s not just property taxes that are going up 2.23 per cent.

When you add it all together, citizens will now be paying over $100 for certain services as compared to last year.

List of Annual Rate increase for 2014:

Water: $61.50
Sewer: $27.00
Hydro: $14.00
Recreational: $10.50

Total = $113.00

Commuters using public transit recently had to start paying $5.25 a month more for a TTC metropass – that’s another $63 a year.

“When ridership goes up, we have to put service to meet that ridership demand and that service is what costs money,” said TTC spokesperson Brad Ross.

If you’re hoping for a tax freeze sometime soon, think again.

The city still requires funds to pay for the clean up of last summer’s flood and the ice storm. Both weather events are estimated to be $171 million.

There is one positive bit of news though. Toronto Hydro promises rates will not increase in order to recover the multi-million dollar costs racked up from restoring power.

-with a report from Mark McAllister