City of Vancouver approves property tax hike of 10.7 per cent

In a surprise move Tuesday night at Vancouver City Hall, council approved the biggest tax increase in more than a decade.

The city approved the 2023 operating budget, putting homeowners on the hook for a 10.7-per-cent increase in property taxes.

The double-digit figure is even higher than the 9.7-per-cent hike that city staff proposed last week, ahead of the first public meeting to discuss the budget earlier on Tuesday, where it also passed at the same time.

7:03 Metro Vancouver’s property tax equation

Mayor Ken Sim released a statement Tuesday night, saying Vancouver “has been placed in a very challenging position.”

“In an effort to keep taxes artificially low, previous administrations chose to severely underfund public safety, road upkeep, sanitation services, and critical infrastructure maintenance for over a decade,” Sim said.

“We have inherited a half-billion-dollar infrastructure deficit, and the City’s cash reserves have been almost completely depleted due to the previous Council’s spending during the pandemic.”

The newly approved budget is $29 million higher than the previous proposal, with amendments made during Tuesday’s public hearing.

Property taxes will be around $326 more for a single-family home and business property owners could pay around $549 more in 2023.

The average condo owner will now pay around $124 more, based on the assessed value of the property starting this year.