Vancouver Mayor Ken Sim has broached the idea of selling naming rights to city-owned properties.

Such a move could add $50 million to $100 millions to municipal coffers, Sim told a large Greater Vancouver Board of Trade audience during his second-annual state of the city address. The revenue could be used to offset property tax increases, he suggested.

In a question-and-answer session following his speech, Sim said the revenue could actually lead to a future property tax decrease.

Sim’s ABC Party has come under criticism for raising property taxes 7% this year. The commercial property tax increase matches the residential hike.

The mayor’s January 2024 budget task force report has also floated the possibility of property naming rights sales. The report calls on the city to explore more ways to generate additional revenue from civic assets through the sale of naming rights and sponsorships.