Vancouver 2024 draft budget proposes 7.6 per cent property tax increase

Vancouver city councillors met on Tuesday to present the 2024 draft budget, which could see homeowners hit with a 7.6 per cent property tax increase.

Counc. Sarah Kirby-Yung says council knows affordability is a huge concern in the city.

“That number has been coming down,” she said. “This is three per cent lower than the increase that we had last year and it’s also two per cent lower than the original projected draft budget.”

Homeowners say a 7.6 per cent property tax increase would only add to the financial stress of today’s economy as inflation climbs and interest rates continue to hike.

“I’m thinking these increases are ridiculous. And I’m thinking that we’re not getting a lot back for the money we’re putting in,” one local told CityNews.

“Death and taxes are the inevitable of life I guess.”

“It’s one more nail in the coffin. This city is becoming very very unaffordable,” another said.

“Eventually there will be a point where I will need to leave the city.”

The 2024 draft budget also includes hiring 100 new police officers, new investments in Vancouver Fire Rescue Service, water and sewage upgrades, and increasing mental health supports.

“The current administration got in by saying they were going to reduce taxes and cut spending, but they haven’t been able to find any savings whatsoever so far,” a Vancouverite told CityNews.

“It looks like everything we do is needed … we still don’t have housing and we’re still working on the water and sewers and we still need more policing so, if we have to pay it, we have to pay it.”

Council is also proposing fee increases to ride-sharing services like Uber as part of an ongoing effort to generate more revenue without raising property taxes even more.

The current service fee is 30 cents per ride, and staff recommending that rise to 45 cents in 2024, and then again to 60 cents in 2025.

The city says these increases could add up to roughly $3 million in additional yearly revenue by 2025, but a spokesperson for Uber says this is not the answer.

“First, Vancouver residents and visitors already pay the highest rideshare city fees in Canada — four times higher than any other city,” said Keerthana Rang.

“The other reason why is because this proposed increase in hours for this increased fee jeopardizes the safety and growth of Vancouver’s nighttime economy.”

Kirby-Yung says, year after year, residents are happier to support user fees for services that they choose rather than higher property taxes. She says the budget would also include a new PNE amphitheatre, rebuilding community centres, and revitalizing city parks.

“There’s also a cost to managing congestion curbside,” she said. “Vancouver is a large and growing city.”

“I’d also say that I think Uber probably has the ability to look at its own model, I know that their surge pricing is pretty significant.”

The public will have the chance to weigh in before council meets on Dec. 12 for a vote to debate and decide on the final budget.