Oct 26, 2012
By Michael Kramer
A new report warns of a possible rise in Toronto property taxes fuelled by steady growth in home values over the past few years.
The Ontario Municipal Property Assessment Corporation’s report says home owners will likely see an average assessment increase of 5.5 per cent each year for the next four years.
A property tax hike could squeeze owners who assumed high debt in order to get into the market with interest rates low.
The latest report by Ontario’s property appraisers says the average value of Toronto homes has increased 22.8 per cent since 2008.