Toronto introduces a progressive financial blueprint, seeking to address its funding deficit. Central to the strategy is a tiered Municipal Land Transfer Tax targeting upscale residential estates, effective January 1, 2024. The plan also explores elevating the Vacant Home Tax, similar to Vancouver's move in 2021, and assessing additional levies on foreign property buyers. With transportation safety and ridership at the forefront, the city also aims to revamp its transportation landscape.

A breakdown of Mayor Olivia Chow’s housing policy for the city of Toronto.

In the last federal election campaign, three of the main political parties made commitments related to limiting or heavily taxing foreign buyers wishing to purchase property in Canada. While commitments varied slightly, the policy intent was similar – to temporarily limit or disincentivize foreign buyers in order to prioritize domestic ones, and to hopefully tamp down increasing home prices.

The Toronto Vacant Home Tax FAQ | An annual tax will be levied on vacant Toronto residences, payable beginning in 2023.

A property is considered vacant if it has been unoccupied for more than six months during the previous calendar year or is otherwise deemed to be vacant under the bylaw .

The goal of the City of Toronto’s Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Homeowners who choose to keep their properties vacant will be subject to this tax. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives.