Vancouver Mayor Ken Sim wants the anticipated property tax increase for 2025 to be no higher than 5.5 per cent — almost two per cent less than the 7.28 per cent increase this year and less than half of the 10.7 per cent hike in 2023.
The mayor’s move came despite a staff presentation and accompanying five-year budget outlook report that said the likely tax increase to support existing services is closer to seven per cent each year between 2025 and 2029. The mayor told a Greater Vancouver Board of Trade audience in February that up to $100 million is “sitting on the table” and could be collected from wealthy people and organizations in return for naming rights of city buildings, parks and other assets.
Sponsorship, naming rights He referred to naming and sponsorship rights again Wednesday, rattling off a list of people and companies that have contributed money to hospitals and schools.