TORONTO – The Toronto Real Estate Board is urging the city to exercise caution regarding a possible vacant home tax.
The board says it’s worried there is not enough data or evidence to support the idea that a vacancy tax would increase the supply of rental housing.
It urged the City of Toronto to take a measured approach to help to avoid any unintended consequences for the housing market and property owners.
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The board also raised the issue of private property rights and the administrative challenges.
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The Ontario government moved earlier this year to cool the Toronto housing market including the imposition to a foreign buyer tax and other changes.
The move followed the introduction of a tax on foreign homebuyers in the Vancouver region last year. The City of Vancouver also imposed a tax on vacant homes.
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