Real estate board fears effects of possible vacancy home tax

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The Toronto Real Estate Board is raising fears about the effect on the real estate market if the city goes ahead with its vacant home tax.

The board says it’s worried there is not enough data or evidence to support the idea that a vacancy tax would increase the supply of rental housing.

It urged the City of Toronto to take a measured approach to help to avoid any unintended consequences for the housing market and property owners.

The board also raised the issue of private property rights and the administrative challenges.

The Ontario government moved earlier this year to cool the Toronto housing market including the imposition to a foreign buyer tax and other changes.

The move followed the introduction of a tax on foreign homebuyers in the Vancouver region last year. The City of Vancouver also imposed a tax on vacant homes. -CINEWS

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