Toronto

Toronto Real Estate Board raises concerns about possible vacancy tax

The Toronto Real Estate Board is urging the city to exercise caution regarding a possible 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.

Not enough evidence to support idea that vacancy tax would increase supply, board says

The Toronto Real Estate Board has urged the City of Toronto to take a measured approach when it comes to a possible vacant home tax. (Mike Crawley/CBC)

The Toronto Real Estate Board is urging the city to exercise caution regarding a possible 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.