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In 2017 the former Ontario government announced the Fair Housing Plan, providing municipalities with an ability to impose a tax on vacant homes. The intent of this program is to stimulate affordable housing by making it less attractive for a property owner to allow a residential property to remain unused.
In December 2021, City Council was presented with the request to develop and implement a Vacant Home Tax program to encourage owners of vacant residential dwellings to either sell or rent out these properties in order to increase the City's housing supply. The tax would not apply to principal residences.
Under this program, all owners of residential properties would be required to self-declare the occupancy status to determine whether the vacant home tax would be applicable. Nothing further would be required of property owners living in their own homes.
In 2017 the former Ontario government announced the Fair Housing Plan, providing municipalities with an ability to impose a tax on vacant homes. The intent of this program is to stimulate affordable housing by making it less attractive for a property owner to allow a residential property to remain unused.
In December 2021, City Council was presented with the request to develop and implement a Vacant Home Tax program to encourage owners of vacant residential dwellings to either sell or rent out these properties in order to increase the City's housing supply. The tax would not apply to principal residences.
Under this program, all owners of residential properties would be required to self-declare the occupancy status to determine whether the vacant home tax would be applicable. Nothing further would be required of property owners living in their own homes.
