BeaverFever BeaverFever:
That's the thing- nobody in Toronto has a house worth 400k. Average fully detached house price is now one mil. The house in Toronto worth 400k is a one bedroom condo. And thanks to poor regulation of the housing market, speculation forces prices to skyrocket one year to the next. Fix the housing market and end these ridiculous housing prices first and then I'll support a raise in TO property taxes.
The price of the house is irrelevant.
The housing market doesn't need to be "fixed". It's driven by the consumer.
The issue is the low tax rate. The City that needs the money the most to support it's aging infrastructure and services shouldn't have a tax rate at 1/2 it's neighbours.
If you can afford a million dollar house, you can afford to pay the taxes that comes along with it.