Vancouver city council has finalized its 2025 budget, approving a 3.9 per cent property tax hike.
The $2.4-billion budget, passed Tuesday, was hailed a “great day” by Mayor Ken Sim.
The property tax increase includes one per cent allocated for infrastructure renewal. A statement from the city says the overall increase of 3.9 per cent is one of the lowest across the region following a 7.5 per cent increase for 2024.
In May, Sim asked staff to report back with a draft budget examining whether property taxes could be capped at 5.5 per cent.
At Tuesday’s meeting, Sim said staff identified about $22 million in efficiencies.
“If you’re a resident of the city of Vancouver, if you own a business in the city of Vancouver, if you support our team members, if you believe in fiscal responsibility, today is a great day,” the mayor added.
Green Coun. Adriane Carr questioned where some of the efficiencies came from.
“Three …