Housing should be lived in, not sit empty as a commodity for speculators. The City's Vacant Homes Tax is designed to reduce the number of empty homes and make more homes available to rent.
Olivia will raise the Vacant Homes Tax from 1% to 3% to make more homes available, and she will use the funds from the tax for affordable housing initiatives.
The City’s Vacant Home Tax is meant to increase the supply of housing by creating an incentive for owners to ensure their unit is occupied and not sitting empty. Homeowners who choose to keep their properties empty for six months or more (exemptions exist) pay the vacant homes tax and this funding is used to secure affordable housing for all Torontonians.
The 2023 rollout of the Vacant Home Tax created confusion and challenges for many homeowners in Toronto, particularly those who do not speak English. As Mayor, Olivia will develop a new implementation strategy, created in partnership with seniors, people who speak English as a second language, and public education facilitators. The goal will be to provide materials in additional languages, better educate Torontonians about the tax, provide an information hotline and options for people to file non-electronically.