Two new taxes were approved by the City of Toronto's executive committee late Monday despite angry opposition from residents and business interests.

The land transfer tax and vehicle registration tax, expected to raise $356 million a year for the cash-strapped city, still need final approval from city council when it meets in several weeks. If the taxes are approved, they would go into effect in January.

The powerful executive committee, which is controlled by Mayor David Miller, spent hours Monday listening to public comments on the proposed taxes.

Critics say the city taxes should be a last resort since they will decrease the city's economic competitiveness and unfairly target a small group.

"Get your houses in order so we can have a decent city to live in without unfairly punishing a handful of our taxpaying members," said Bill Johnston of the Toronto Real Estate Board.

Without the money the taxes are expected to raise for city coffers, finance officials say they would need an 18 per cent residential property tax increase.

"Which do you think will hurt the industry more?" questioned Deputy Mayor Joe Pantalone.

Under the proposed land transfer tax, residents buying a $400,000 home, for example, would pay $4,000 to the city on top of the $4,000 land transfer tax they already pay the province. Buyers of newly constructed condominiums or houses would be exempt from the city's land transfer tax, as they are from the similar provincial tax.

Car owners would see their annual vehicle registration fee nearly double, with $60 charged by the city in addition to the $74 charged by the province.