Toronto's evolving real estate landscape has introduced a significant policy: the Vacant Home Tax (VHT) in 2022. Aimed at addressing housing affordability and availability, this tax impacts property owners in the city who might have vacant residential properties. Here, we outline the key aspects of the VHT, its exemptions, and compliance requirements, to assist homeowners and investors in navigating this new terrain.

As part of its commitment to tackle Ontario’s housing crisis by prioritizing Ontario families and homebuyers, the government is increasing the Non-Resident Speculation Tax rate to 20 per cent, closing loopholes to fight tax avoidance and expanding the tax to apply provincewide effective March 30, 2022.