VANCOUVER City Council on Tuesday took a further step in lowering Vancouver’s property tax increase to 7.5%.

In June, City staff presented the 2024-2028 Budget Outlook, which projected a property tax increase of 9.5% in 2024. However, increased cost savings have been identified to alleviate the burden on Vancouver taxpayers, while a number of amendments were moved by Council to continue increasing services, according to a statement from the Vancouver Mayor’s office.

“I am excited to see the downward trend of our property tax increases,” said Vancouver Mayor Ken Sim “Though we still have more work to do in the years ahead to right size our municipal spending, a 3.2% reduction from last year’s property tax increase is strong progress.”

Last year, Council approved a 10.7% increase in property taxes. The increase was largely due to the need to fully fund core services which had previously been underfunded, including police and fire rescue services.

“The budget passed by City Council today means that the average condo owner will only pay an additional $0.27 per day while also getting increased levels of services,” said Sim.

Vancouver Council was also able to prioritise much needed support to City services, including increasing hours for two Vancouver Public Library branches, funding Community Policing Centres, and increasing grants to Vancouver Civic Theatres. These measures will help ensure Vancouver is a safe, vibrant and lively city for all to enjoy, according to the statement.