Finding Toronto Real Estate GEMS | Toronto Hikes Vacant Home Tax to Fund Housing Program

Toronto city councillors voted to ↑ the vacant home tax from 1% to 3% of a vacant home's assessed value, effective in the 2024 tax year.
At least $10M of additional revenue generated by the tax hike will be allocated to purchasing affordable rental housing from the private market.A 3% vacant-home tax could generate ~$105M in revenue for 2025, doubling the expected 2024 revenue at 1%.