Real Estate News

Toronto proposed one percent vacant home tax gets thumbs up from TRREB


Image by Peter H from Pixabay

The city shouldn’t look as the tax as a revenue tool (city staff estimated if 1% of Toronto’s housing stock is vacant, the levy could yield between $55 million and $66 million annually) but more as a means to increase supply in the market. Ultimately, the lower the revenue secured from the vacant home tax, the more effective the tax will have been because the goal obviously is to bring properties to market. TREBB was actively consulted throughout the process, and we really appreciate the opportunity to provide advice from the grassroots and through the process we were able to highlight a number of required exemptions to ensure there were no unforseen consequences in the implementation of the vacant home tax.

Continue to read on: TORONTO SUN

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