"Ellerslie is a fantastic event. It cements Christchurch's image as the Garden City, boosts local morale and puts our city on the tourism map," he said.
"However, the council has a responsibility to rate-payers to be prudent with spending, so we need to work through how a gardening show can be made financially viable.
"While there will be no show next year, the council will work with the gardening and events communities to work out what form a show could take in 2016."
Christchurch City Council bought the rights to the popular garden showcase from Auckland in 2007 for around $3 million.
It has generated millions for the Canterbury economy since then, but visitors have criticised its decline, with a lack of entries.
It has also been running at a loss - a $325,000 loss last year alone, with 10,000 fewer visitors than expected.