Mayor Olivia Chow wants Torontonians who can afford homes over $3 million to pay more in land transfer taxes in 2026.

Changes proposed by Chow Tuesday would see the so-called luxury homes tax rate increase on houses purchased from $3 million to more than $20 million, with the change in rate growing as homes get more expensive. The luxury homes tax is a higher land transfer tax for multimillion dollar properties approved in 2023 .

The mayor says the proposed increases will rake in an extra $13.8 million in 2026, bringing the projected total revenue from the luxury homes tax up to $152 million. As the city shifts full on into budget deliberation mode, the mayor made the announcement before she brings the proposal to executive committee next week.

The city's budget chief, Coun. Shelley C

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