Right now, the City of Toronto is consulting residents about what a vacant home tax could look like and whether it should be implemented. This measure could be a game changer that not only helps cool Toronto's sizzling housing market, but also sets an important precedent for similar changes across Ontario.
We need to make it loud and clear that Ontario residents support the tax.
A vacant home tax has the potential to quickly transition thousands of existing homes into the rental supply, and at no cost to the public purse. By contrast, other government ambitions to build thousands of additional units cost hundreds of millions of dollars and take years to get the supply on the market.
Time and again, the GenSqueeze community has leapt into action to help pass bold legislation. We helped pass Vancouver's vacant home tax last November. Just a few months ago, we mobilized and played a key role in shaping the Ontario Government's Fair Housing Plan, which included a measure that gives municipalities the power to implement a vacant home tax.
The Code Red housing crisis is complex and there are no silver bullet solutions, but a vacant home tax is a necessary and bold step toward a comprehensive solution. Sign now to show you agree!
Dear Members of Toronto City Council,
A vacant home tax could help cool Toronto's housing market by quickly transitioning thousands of existing homes into the rental supply.
Over the summer, GenSqueeze has been liaising with the City of Toronto to encourage the tax. As part of the current consultation phase, we suggested the following for discussion:
- The rate of vacancy taxation be approximately the difference between residential and business property tax rates.
- A home would be considered vacant if not resided in for at least six months.
- Short-term rentals of less than 30 consecutive days do not count toward the six months metric.
- The City of Toronto adopt the range of exemptions from the six month requirement that have been created in Vancouver.
- The tax be designed so that there is a mandatory declaration about the vacancy status from all units, as is now the practice in Vancouver.
We urge you to implement a tax on vacant residential units.
[Your comments here]
Sincerely,
[Your name]
