vacant home tax

City of Toronto votes in favour of implementing vacant home tax

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.

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. 

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. 

Lead photo by

VV Nincic


Join the conversation Load comments

Latest in Real Estate

This $10 million mansion in Toronto comes with an indoor pool and retro interior design

Historic old Toronto post office now up for sale and could become a condo

Piece of land that is nothing but dirt and grass on sale for $1 million in Toronto

Here's what the controversial new condo coming to the Scarborough Bluffs looks like

There's a log cabin in Ontario on sale for $4 million

This Toronto house is only $500K but it smells so bad you can't go inside

This $14 million mansion in Mississauga looks like something out of a fairy tale

5 new condo developments that might convince you to move to Hamilton