What do you think of a tax on vacant homes?As part of the Ontario Fair Housing Plan, the Province of Ontario introduced legislation that would empower the City of Toronto to introduce a tax on vacant residential units, encourage property owners to sell unoccupied units or rent them out, and address concerns about residential units potentially being left vacant.
Vancouver, facing a similar issue with housing affordability, adopted an Empty Home Tax in late 2016.
City staff presented the report Implementing a Vacant Home Tax in Toronto to Council at its meeting of July 4-7, 2017. The report was adopted and Council requested City staff to undertake public consultation about:
- Whether Toronto should implement a tax on vacant residential units
- Potential public policy benefits of a property tax on vacant residential units
- Potential implementation of a tax on vacant residential units in Toronto, based on the following possible administrative approaches:
- The Vancouver Approach (i.e. mandatory declaration for all properties); or
- Self-Reporting Model; and/or,
- Complaints Basis.
SurveyTake the online survey on whether Toronto should implement a vacant homes tax. The survey will be open until Tuesday, September 5, 2017.
Public ConsultationThe public consultation session was held on Tuesday, August 22 at Toronto City Hall. You can review the presentation below.
A Vacant Home Tax In Toronto? Exploring Public Policy Benefits and Costs, August 22, 2017Be sure to take the online survey before September 5, 2017.