November 2, 2026 | By Jarrett Hunter, Toronto Realtor®

Toronto’s municipal election is now behind us, with Olivia Chow re-elected as mayor and a new City Council preparing to begin its four-year term.

The official election results were certified on October 29, with almost 990,000 ballots cast. The new council term begins November 15, and the first council meeting is scheduled for November 18 and 19.

Regardless of how people voted, some of the most important decisions affecting Toronto homeowners, tenants and real estate buyers will continue to be made at City Hall.

Housing affordability, development approvals, property taxes and the cost of building new homes are all matters worth following.

What’s Happening With Toronto’s Rental Housing Plans?

One of the major housing initiatives already underway is the City’s Rental Housing Supply Program, which offers financial incentives to encourage eligible rental construction.

The second phase of the City’s purpose-built rental incentive program is intended to support up to 10,000 additional rental homes, including at least 2,000 affordable units.

However, there’s an important difference between approving financial support for a housing project and having completed apartments ready for residents.

The City reports that more than 50 applications were received for the second round of rental housing incentives, with staff evaluating projects for potential support.

The next steps involve selecting eligible developments and, for those that proceed, obtaining financing, necessary approvals and ultimately completing construction.

Why Do Development Charges Matter?

Development charges are fees collected from new construction to help finance infrastructure and services needed as communities grow.

They can represent a significant cost for builders. Reducing or deferring certain charges may improve the financial feasibility of some projects, but those decisions also raise questions about how infrastructure will be funded.

Toronto’s rental housing incentive programs include development-charge deferrals and other forms of support for qualifying projects.

How these programs are implemented, and how many homes ultimately reach completion, will be worth watching.

What About Property Taxes and Land Transfer Taxes?

Municipal taxes are another important consideration for homeowners and buyers.

Toronto’s municipal land transfer tax adds a substantial closing expense for many buyers, while annual property taxes affect the ongoing cost of ownership.

Different approaches to taxation were discussed during the election campaign, but campaign proposals do not automatically become municipal policy.

Actual changes depend on the applicable legal and budget processes. Buyers should continue using the tax rules currently in effect when calculating their closing costs.

What Should Toronto Residents Watch Next?

I think there are several practical measures worth following: how many new housing developments actually begin construction, how quickly approved projects are completed, whether infrastructure keeps pace with growth and how municipal costs affect residents.

It’s also important to distinguish between market-rate housing, affordable rental housing and other forms of housing assistance. They serve different needs and can have different impacts on neighbourhoods and affordability.

For additional background, read my earlier article: Toronto’s Plan for 10,000 Rental Homes — Will It Make Housing More Affordable?

Sources: City of Toronto — Certified Election Results and City of Toronto — Rental Housing Supply Program.

Jarrett Hunter | Realtor® | RE/MAX Your Community Realty