After much discussion, Toronto's City Council voted 24-1 today, approving to move forward with designing a vacant home tax.

This was done in an effort to ensure the city is being used, lived in and enjoyed, rather than staying empty. Wealthy investors were known for purchasing properties that they never planned to live in, but rather used for capital gain. 

Mayor John Tory was the last speaker of the meeting and mentioned his goals for the plan. 

"I hope there comes a day when it doesn't raise one cent, not one cent. Because that means it will have been successful in making sure that every housing unit is being used for the purpose for which it was intended, which is for somebody to live in it," he said.

— Mike Layton (@m_layton) December 16, 2020

A vacant home tax would potentially free up thousands of homes for residents of Toronto. The city has only passed a plan to implement the tax, meaning its potential implementation would be expected for 2022. 

— Ana Bailão (@anabailaoTO) December 16, 2020

City councilor Ana Bailão has been a vocal supporter of the vacant home tax. "This is one tool that I think has proven results in other parts of our country, in other parts of the world. Given the situation in the city of Toronto, I think we need to move forward," she said in today's meeting. 

Bailão was referring to Vancouver, where such a measure was proven successful. The Council expects Toronto to produce similar results.