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Everything You Need to Know About the Upcoming Toronto Empty Homes Tax in 2022

Author: 
Toronto Condo Team CA
Publication date:
November 2, 2022
Article Summary: 

Toronto City Council has approved the implementation of an Empty Homes Tax starting from January 1, 2022, to curb housing speculation and address the housing affordability crisis in the city. Modeled after Vancouver's empty homes tax, vacant houses in Toronto will incur a 1% charge on the assessed home value. Homeowners have a responsibility to declare the occupancy status of their residential homes each year, and those who do not comply will face a penalty. The move aims to increase the availability and affordability of housing supply in the city and generate revenue to fund additional affordable housing initiatives. The benefits of the decision are expected to be felt across the city, and experts hope to see an increased surge of rentals available on the market.



Keywords: 

Toronto, Empty Homes Tax, real estate speculators, affordable housing, housing affordability crisis, Vancouver, assessed home value, housing speculation, COVID-19, rental market, occupancy status, revenue, affordable housing initiatives, vacancy rate, rental prices, property values, housing supply.



Source Citation: 
Toronto Condo Team CA
Everything You Need to Know About the Upcoming Toronto Empty Homes Tax in 2022
November 2, 2022
https://torontocondoteam.ca/everything-you-need-to-know-about-the-upcoming-toronto-empty-homes-tax-in-2022
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