10/12/2023
Toronto's city council has voted to increase the Vacant Home Tax from one per cent to three per cent in an effort to address the ongoing housing crisis. The tax, which targets properties unoccupied for significant portions of the year, was introduced to incentivize property owners to sell or rent their homes, thereby increasing housing availability. While the hike is expected to raise substantial revenue for the city, it has received mixed responses from council members. Some see it as a necessary step to boost housing supply, while others fear it may be more about generating revenue than genuinely addressing housing concerns.
📢 Exciting updates on Toronto's Vacant Home Tax! Dive deeper into the topic in our most recent article over at nazarianlaw.ca. Don't miss out! 🏠 ✍🏼