New Regulations Coming to Cool Hot Toronto Resale & Rental Markets?

The recent federal government budget contained no new measures to curb the real estate market, however, rumours are flying that such measures might soon be coming to Ontario. For example:A vacant property tax is being considered for the City of Toronto. The number of vacant units in Toronto has recently been estimated to be as high as 65,000, though there is a lot of uncertainty around this number. A vacant property tax could be seen  by the City as a win/win: either it will encourage owners of vacant properties to sell or rent them and free up more inventory; or, if they don’t, the City will at least be able to collect more taxes. Conceptually, the tax would similar to the one recently enacted in Vancouver, which will levy an additional tax of 1% of the assessed value if the property is vacant for 6 months or more during the year.

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New Regulations Coming to Cool Hot Toronto Resale & Rental Markets?

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