Whitfield condos . A vacancy tax may be levied in Toronto at the end of the year. The COVID-19 epidemic has dealt a heavy blow to the Canadian economy, but Toronto’s real estate market hit an all-time high, reviving calls for the city to levy a housing vacancy tax.Please Visit: Whitfield condos to Get Your VVIP Registration Today!
Toronto is studying the possibility of levying a property vacancy tax, and the report will be submitted to the relevant committee by the end of this year, pending approval by the city council, and the planned tax increase will be used to support other housing plans in Toronto.
According to blogto, Toronto property is expensive for a number of reasons, such as property taxes, low loan rates and high immigration rates, as well as a large number of wealthy investors who buy properties to push up prices, not to live for themselves, but simply to change hands to make money. Although Ontario levies a 15 per cent non-resident investment tax on foreign buyers, 38 billion yuan of properties in Toronto are controlled by foreign investors. These properties are even uninhabited for a long time, and some owners use these units for Airbnb short-term rent. All these are thought to be solved by increasing the tax on vacant houses.
Ana Bailao, a Toronto city councilman, is an important figure in Toronto’s housing problem. She supports the vacancy tax as well as the luxury tax. She said Vancouver raised about 40 million yuan in vacant housing tax last year. According to the regulations, if the owner does not live in the property for six months within a year, he will be regarded as a non-resident owner and will have to pay a vacancy tax of 1.25%, which will rise by 75% over the next three years to 1.75%.
The Vancouver city government believes the move will help ease the pressure on the rental housing market in Vancouver.
The Toronto city government solicited opinions from all walks of life on the levying of a housing vacancy tax as early as 2017. Toronto residents seem to support the levying of a housing vacancy tax. Many citizens post their support in the forum and hope that the tax rate will be higher than 1.25%.