If you live in Toronto, date is coming up quick to register............

[ZR]

https://scontent-ord5-1.xx.fbcdn.net/v/t45.1600-4/314842671_23853045957570545_4271905790128588566_n. jpg?stp=cp0_dst-jpg_p526x296_q75_spS444&_nc_cat=111&ccb=1-7&_nc_sid=67cdda&_nc_ohc=oiJc8NiY8jgAX-DjPuw&tn=-4Lr8Y2TRnSO9EIY&_nc_ht=scontent-ord5-1.xx&oh=00_AfCsOZ0xOU1Q8IWTV7KarEABwIKwANp4msJ0srJD5hqd 8Q&oe=63D6F7BB

Didn't post to discuss as it's already in play. All TO property owners need to register n fill out or see an auto tax applied.

[Zee]

Is this relevant to my investment condo which is currently rented out in Thornhill?

[RedSN]

The goal of the City of Toronto’s Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied.
https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/

wow, first i've heard of this. glad i don't live in TO.

Why not call it a fine?

[ChickenLips]

https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/

wow, first i've heard of this. glad i don't live in TO.

Why not call it a fine?

like all taxes?

[bluetoy]

Not just Toronto. We have the same thing in Ottawa.

[LX89]

Tory is a prick.
Another tax grab.

If you own the property you should be able to do what you want-occupied or vacant.
Already pay way too much in Toronto.

[5.4MarkVIII]

Tory is a prick.
Another tax grab.

If you own the property you should be able to do what you want-occupied or vacant.
Already pay way too much in Toronto.

cant speak for toronto but around here its a major problem. developers with deep pockets have been buying up both residential and comercial. property. out bidding people who actually want to live or run a business out of these properties. this drives up the market. then then leave some empty. and rent out others. this limits the amount of housing available and again drives up the rental and leasing market. in some areas a vacant comercial property actually gets you a tax break. then they claim a loss on these empty properties, and use that loss to offset the tax they have to pay on the huge amounts of money they are making from the rest of their companies. word from people is, the federal response from the housing crisis, will be to "invest" in turning vacant properties in to rentals. this will be done one of two ways. 1:the government themselves buying up these vacant properties. or buy giving money to vacant property owners to fix them up.

either way these "developers" are making money tenfold and screwing pretty much everyone they can to do it.

I say tax them. and realtors too. too many are gaming the system which is driving up the market on everyone.

[ChickenLips]

ask yourself why a tax would be structured to benefit developers.

[hammerhead]

cant speak for toronto but around here its a major problem. developers with deep pockets have been buying up both residential and comercial. property. out bidding people who actually want to live or run a business out of these properties. this drives up the market. then then leave some empty. and rent out others. this limits the amount of housing available and again drives up the rental and leasing market. in some areas a vacant comercial property actually gets you a tax break. then they claim a loss on these empty properties, and use that loss to offset the tax they have to pay on the huge amounts of money they are making from the rest of their companies. word from people is, the federal response from the housing crisis, will be to "invest" in turning vacant properties in to rentals. this will be done one of two ways. 1:the government themselves buying up these vacant properties. or buy giving money to vacant property owners to fix them up.

either way these "developers" are making money tenfold and screwing pretty much everyone they can to do it.

I say tax them. and realtors too. too many are gaming the system which is driving up the market on everyone.

it looks like the Mennonites in my area doing something like this with farms...? Not sure why but they seem to restore old properties and they sit vacant?

[xeninworx]

Good to know. Me and the wife are going to buy our first home this summer. Toronto is not a place we’re looking to move to.