1% Tax on Vacant Properties in Toronto

Friday Jul 16th, 2021

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A 1% vacant home tax got approval from Mayor John Tory’s executive committee last and will be considered by city council this week.

If approved, the new levy on vacant Toronto homes would start in January 2022.

We spoke with TRREB (Toronto Regional Real Estate Board) President Kevin Crigger to get his thoughts on the tax.

TRREB’s always been really supportive of evidence-based approaches to
increasing housing supply. And, as such, we’ve been supportive of an evidence-based approach to this vacant home tax. It’s been implemented in other jurisdictions (including Vancouver starting in 2018 where it started at 1% and is now 3%), it encourages properties to enter the market for lease or for sale, both of which obviously, are in short supply in Toronto.
 

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