The Region of Peel is looking at possibly implementing a vacant home tax and has launched an online survey to get insight from the public.
In a news release issued Wednesday, the region said the tax could discourage speculative behaviour in the market and generate new revenue sources for the municipality.
“The region may be able to encourage owners of vacant properties to either sell or rent out their units,” the statement said.
“This increases supply of units on the market which should lower average property sale and rent prices, improving the affordability of housing in the region.”
Officials also said that revenue generated from the tax, while not mandated by law, could be used to support rent relief programs, build and maintain affordable housing, and to provide grants for non-profits that help the community.
Generally, a vacant home tax applies to a property that is vacant for at least six months in a calendar year, the statement said.
An online survey where the public can provide their input can be found on the Region of Peel website. It will be available until May 16.
Consultation sessions will also be held on April 26 and May 3.