Honestly, if you’re living in Toronto right now, you’ve probably spent the last 24 hours staring at the window wondering if your shovel is up to the task. It’s mid-January 2026, and the city is currently getting slammed by what could be the biggest snowfall we’ve seen all winter. The weather experts over at Environment Canada aren't sugarcoating it—we’re looking at a serious dumping of snow that’s already making the 401 look like a parking lot.
But beyond the slush and the inevitable salt stains on your boots, there is a lot of Toronto Ontario Canada news moving under the surface. From Mayor Olivia Chow’s latest "election-year" budget to some massive transit updates that are finally starting to look like actual train stations, the city is in a weird, transitional spot.
The Budget Breakdown: Is Life Actually Getting Cheaper?
Last week, Mayor Olivia Chow stood in a library in the Junction—a classic "person of the people" move—and dropped the details on the 2026 city budget. If you were bracing for another massive tax hike like the 9.5% we saw in 2024, you can breathe a bit easier.
The property tax increase for 2026 is pegged at 2.2%.
That’s basically just keeping pace with inflation. For the average homeowner, it works out to about $91 for the year, or less than ten bucks a month. Why the sudden pivot to a lighter touch? Well, there’s a municipal election coming up in October. Politics 101: don't make everyone angry right before they head to the polls.
👉 See also: NYC Subway 6 Train Delay: What Actually Happens Under Lexington Avenue
Chow is leaning hard into "affordability" this year. Here is the gist of what’s actually changing for your wallet:
- TTC Fare Freeze: Fares are staying flat for the third year in a row.
- Fare Capping: This is a big one. They’re introducing a cap at 47 rides. After that, your rides are free for the rest of the month. Next year, they want to drop that cap to 40 rides.
- School Meals: The city is adding 60,000 more kids to the free healthy meal program in 155 more schools.
- Luxury Tax: If you’re buying a house for over $3 million, you’re footing the bill. A new land transfer tax on these properties is expected to bring in about $14 million to help cover the gaps.
Transit Truths and the Ontario Line
If you’ve walked past Queen and Spadina lately, you’ve seen the massive "hole in the ground" that’s been there for what feels like a decade. Well, the news on the Ontario Line construction is actually surprisingly decent for once. We’re finally seeing these sites transition from "generic construction pit" to something that actually resembles the bones of a subway station.
But the real long-game news came from Martin Imbleau, the CEO of Alto (the Crown corporation handling the high-speed rail project). He recently confirmed that while the Montreal-to-Ottawa leg starts soon, the Toronto-to-Quebec City high-speed link isn’t likely to see shovels in the ground until 2032.
Yeah, 2032.
✨ Don't miss: No Kings Day 2025: What Most People Get Wrong
So, don't trade in your car just yet. The dream of getting to Montreal in three hours on a 300 km/h electric train is still very much in the "be patient" phase.
The Real Estate Reality Check
The Toronto Regional Real Estate Board (TRREB) just released their final 2025 wrap-up and 2026 outlook, and it's a bit of a mixed bag. 2025 was kind of a disaster for sales, which were down over 11%. But now that we’re in early 2026, things are stabilizing.
The average price of a home in the city is hovering around $926,000.
If you’re a condo owner, you’re probably feeling the pinch more than someone with a detached house. The condo market is still lagging with way too much inventory, while "freehold" homes (actual houses) are starting to see a bit of a rebound. Basically, if you’ve got the money for a house, people are buying again. If you’re trying to flip a 500-square-foot glass box in CityPlace, it’s still a tough sell.
🔗 Read more: NIES: What Most People Get Wrong About the National Institute for Environmental Studies
Politics and Protests
On the provincial side, things got shaken up this week when Bonnie Crombie stepped down as the leader of the Ontario Liberals. It was an "effective immediately" situation that caught a lot of people off guard. With a provincial election looming, the race to see who will take on Doug Ford is officially wide open again.
Meanwhile, downtown Toronto has seen some heated moments. Over the weekend, 11 people were arrested during a clash between anti-immigrant protesters and counter-protesters. It’s a reminder that even though we like to think of ourselves as a polite "mosaic," the global tensions you see on the news are very much present on the streets of the GTA.
What’s Actually Fun to Do?
Look, it’s cold. It’s snowing. But there’s stuff happening.
- WNBA is coming: The "Toronto Tempo" (love the name or hate it) starts their inaugural season in May. People are already buying up tickets for the Coca-Cola Coliseum.
- World Cup Prep: We are officially in the "Year of the World Cup" (well, almost). The first game on Canadian soil is set for June 12 at BMO Field. The city is already starting to panic-fix the infrastructure around Exhibition Place to get ready.
- BTS is back: If you’re a K-pop fan, the BTS 2026 World Tour just confirmed Toronto dates for August 22-23. Mark your calendars, because those tickets will be gone in roughly four seconds.
Actionable Steps for Torontonians This Week
- Check the Snow Route: If you’re parked on a designated snow route, move your car. The city is being aggressive with towing today to clear the way for the plows.
- Apply for the Rent Bank: If you’re a renter struggling with the January slump, Mayor Chow just increased funding to the Toronto Rent Bank. It’s interest-free and meant to prevent evictions.
- Budget for Taxes: While the 2.2% hike is low, remember that the "City Building Fund" levy is also increasing. Check your updated assessment when it arrives in the mail next month.
- TTC Fare Cap: If you use a PRESTO card, keep an eye on your ride count. Once you hit that 47th ride, stop paying. The system is supposed to automate this, but it’s always good to double-check your account.
Stay warm out there. The shoveling might suck, but at least the property taxes aren't going up 10 percent this time.