Toronto Mayor Olivia Chow speaking at the 2023 City of Toronto United Way Employee Campaign Kick-Off.
Toronto council could hike the city’s vacant home tax at its meeting this week a year after the new fee was introduced. Mayor Olivia Chow promised to increase the tax during the spring byelection and said the measure will help Toronto address its growing affordability crisis and also help trim its budget deficit.
"It's important that in the middle of a housing crisis that we don't leave apartments or homes vacant," Chow said a day ahead of the start of the council session. Anyone subject to the tax pays one per cent a year of a home's current assessed market value. That fee applies if a home has been unoccupied for six months in a year or is not used as the owner's principal residence or by "permitted occupants."Tax brought in $54M during 1st year
City staff say that revenues from the first full year of the tax were $54 million, in range of projections made before it launched. Chow said she'd like to see that funding put into a dedicated stream. The city is still working its way through a backlog of thousands of homeowners appealing being assessed for the tax. He said the cost to administer the vacant home tax — which is approximately $11 million a year — cuts into the effectiveness of the levy.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Palestinians gather in Toronto for rally, more demonstrations expected across CanadaTORONTO — Pro-Palestinian demonstrators spilled onto downtown Toronto streets and marched toward the Israeli consulate in Toronto on Thanksgiving Day, following a weekend of deadly fighting in the Middle East.
Read more »
Palestinians gather in Toronto for rally, more demonstrations expected across CanadaTORONTO — Pro-Palestinian demonstrators spilled onto downtown Toronto streets and marched toward the Israeli consulate in Toronto on Thanksgiving Day, following a weekend of deadly fighting in the Middle East.
Read more »
Palestinians gather in Toronto for rally, more demonstrations expected across CanadaTORONTO — Pro-Palestinian demonstrators spilled onto downtown Toronto streets and marched toward the Israeli consulate in Toronto on Thanksgiving Day, following a weekend of deadly fighting in the Middle East.
Read more »
Palestinians gather in Toronto for rally, more demonstrations expected across CanadaTORONTO — Pro-Palestinian demonstrators spilled onto downtown Toronto streets and marched toward the Israeli consulate in Toronto on Thanksgiving Day, following a weekend of deadly fighting in the Middle East.
Read more »
Palestinians gather in Toronto for rally, more demonstrations expected across CanadaTORONTO — Pro-Palestinian demonstrators spilled onto downtown Toronto streets and marched toward the Israeli consulate in Toronto on Thanksgiving Day, following a weekend of deadly fighting in the Middle East.
Read more »
Pro-Palestinian, pro-Israeli rallies held across Canada as war continuesPalestinian supporters hold a rally in Downtown Toronto on Oct. 9, 2023.
Read more »