The Toronto Vacant Tax is just one of the many measures that the city's
taking to address the housing crisis. The Toronto Vacant Tax is a new policy that aims to address the city's housing crisis. This tax targets residential properties that are left empty for more than 6 months in a year. The idea behind the tax is to encourage property owners to rent out their vacant units and make more rental housing available in the city. Now, the tax will be set at 1 percent of the property's assessed value which could add up to thousands of dollars per year for some property owners. Now, the tax will be levied annually and will be starting right away. This tax will mostly affect owners of second homes, investment properties, and vacant properties. It is not intended to impact those who own and live in their own homes nor will it affect properties that are genuinely undergoing renovations or repairs. The Toronto Vacant Tax is just one of the many measures that the city's taking to address the housing crisis by encouraging property owners to make their vacant units available for rent. Now, the city hopes to increase the supply of affordable rental housing and make Toronto a more accessible and fair place to live.