When you buy your first home, you are in effect saying goodbye to rent payments. Yet in a sense, homeowners are still forced to pay rent. After buying a home, you find the government playing the part of the landlord and property taxes playing the part of the rent.
Unfortunately, for Toronto homeowners, property taxes will be raised by 1.3% in 2016. In addition, water and waste fees will be increasing this year. And taxes will also be levied for the new Scarborough subway.
Though things might sound quite bad, they could have been worse. The initial property tax increase was set at 2.17%, which is one percent higher than the actual increase. But this does not mean homeowners should ignore the “increased rent.” Instead, look for other ways to save on the expenses that come with owning a home, such as heating and insulation.