Guest Blog: “Vacant Homes & Empty Minds”

Toronto's introduction of municipal taxes on vacant homes has led to confusion and criticism due to its narrow scope and potential loopholes. Similar measures in other Ontario cities, along with the federal Underused Housing Tax, further complicate matters for property owners and buyers. The foreign buyer ban and Ontario's non-resident speculation tax add to the complexity and uncertainty in the real estate market, potentially deterring foreign investment and raising legal challenges. Despite government intentions to address housing affordability, the effectiveness of these measures remains questionable.