Vancouver City Council has approved an Operating Budget for 2024 totaling $2.2 billion and a Capital Budget totaling $367.8 million.
The Operating Budget reflects an overall property tax increase of 7.5%, made up of 1% for additional infrastructure renewal, 3% for Vancouver Police Department (VPD) services, and 3.5% for funding across all City services.
For the 2024 Capital Budget, the City is prioritizing the delivery of $1.25 billion in previously approved multi-year capital project budgets along with proposed additions of $368 million. The 2024 capital expenditure budget of $782 million represents a 7% increase compared to 2023.
The updated final budget documents will be made available at vancouver.ca/budget2024. In the meantime, the 2024 Draft Budget PDF file (17.8 MB) can be viewed online.
Projected average annual increases
The average property tax increases for 2024 are as follows:
- $98 for a median residential strata unit (assessed at $804,000)
- $168 for a median overall residential unit (assessed at $1,371,000)
- $260 for a median single-family home (assessed at $2,124,000)
- $472 for a median business property (assessed at $1,272,000)
The actual tax notice for each property owner will differ from the above average amounts and will depend on the assessed value of the property, as well as the change in assessed value of that property relative to the average assessed value change in that property class. A property’s assessed value is determined by BC Assessment.
These estimates reflect the City portion of taxes only. The amount due on a property owner’s tax notice will also include utility fees, Provincial school taxes, and taxes levied by other taxing authorities including TransLink, Metro Vancouver, BC Assessment, and the Municipal Finance Authority.