Toronto City Council is debating a motion moved by Mayor Olivia Chow to increase the vacant home tax from one per cent to three per cent as the city tries to tackle the housing crisis.
“The housing costs are so incredibly high, which is why housing is the first item in front of City Council today,” Chow told reporters ahead of the council meeting Wednesday. “We’re asking speculators that are leaving units, apartment units empty in the middle of a housing crisis to pay a bit more so we could raise millions and millions of dollars.
The tax was adopted in 2021 and came into effect last year. Council asked staff to report back by the end of 2023 with findings from the first full year of tax collection and make recommendations for any changes. Staff say the increase will help further discourage property owners for keeping units unoccupied, and will help offset the cost of the program.
Other changes being recommended include an exemption of up to two years for newly constructed, never occupied and unsold residential housing units, as well as an expanded definition of tenant to include business tenants.
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