A draft budget from the city council proposes the hike to cover costs of new rental units, social housing and leisure improvements in the city; a cost which it says “reflects the need for added investment to address the challenges of a growing city.”
There is also a 2 per cent rise in the cost of building permits proposed in the draft budget
The city proposes to spend $80.1 million on affordable housing including $25.8 million for the Vancouver Affordable Housing Agency projects and $16.3 million on acquiring land for affordable housing.
The extra 3.4 per cent will take property taxes for a median residential unit assessed at $936,000 to $1,483; and for a median single-family home assessed at $1,386,000 to $2,196.
Councillors will vote on the proposed budget next month.
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There could be a 3.4 per cent property tax increase on the way for residents in Vancouver.