Homeowners now face an average property tax increase of 10.7 per cent after Vancouver City Council approved an operating budget of $1.97 billion for 2023.

The hike comes with spending allocated for core city services like infrastructure renewal, police services, reserve replenishment, and other city funding.

Although tax notices will differ for each property depending on the assessed value, the average condo owner will now pay an extra $124 annually. It also means $326 for single-family homes and $549 for a business property.

These estimates solely reflect the city’s portion of taxes. The amount due on a tax notice will also include utility fees, provincial school taxes, and taxes levied by other taxing authorities.

This is Vancouver’s largest property tax increase in over a decade.