TORONTO VACANT HOME TAX IS IN EFFECT
If you own or are thinking of buying a home or condominium in Toronto with the intention of leaving it vacant, think again. An annual tax will now be levied on Toronto residences that have been vacant for six months or more, starting with the 2022 taxation year. Owners have until February 2 this year to submit a document declaring the occupancy status of their residential properties. The new tax applies to all residences that are not occupied by owners or tenants. Those who do not file a declaration will have their property deemed to be vacant and will be billed for the tax. There are a handful of circumstances that make residences exempt from the tax (https://bit.ly/3R9LTri), such as the death of the registered owner and the residence being under repair or renovation (restrictions apply).
The object of this tax is a good one – to help increase the housing supply in the city, something we need desperately. We are in a housing crisis, so having some of our housing inventory sitting vacant simply makes no sense. Mayor Tory has pointed out that the benefits of the tax will increase “the availability and affordability of housing.”