Toronto hikes vacant home tax to 3%

[@G9KAV]

the money generated from Vacant Home Tax .. unless it is not put into subsidizing affordable home for the neediest ... is just another cash grab by the government. . Their answer to everything is grabbing more money in forms of taxs, increased interest rates or penalizing corporates (but the money they collect from this doesnt go back to help people)

[@jmela1370]

Need a 5% tax and proper tracking of Airbnb and vacant properties

[@JeremyMacDonald1973]

Very much agree. I think right around here is the sweet spot and of course there needs to be an effective mechanism to enforce the regulation.

[@GreenWays2000]

Just a cash grab. They will squander the money quick instead of lowering building fees to get homes built.

[@dougiep2769]

That should fill the coffees quick. How many do the banks posses already. Add to that 1/3 of mortages are already under water.. good work guys

[@blurtam188]

They don't tax the banks genius

[@dougiep2769]

@@blurtam188 well thanks for pointing that out to people that didn't know..why toronto is about to do a thirty floor belly flop. Sorry toronto and vancouver realestate destroyed the entire country and most people there weren't even born there

[@blurtam188]

@@dougiep2769 What?? LOL - your bitterness and silliness are weird!!

[@pbreedu]

This is stupid! Just creates jobs for bureaucrats and lawyers.

[@jmela1370]

Why is it stupid The greedy RE investors that turned housing into a stock market and not a place to live should pay up or sell As the RE market gets close to a huge crash they can sell or properly tent it out City needs to make sure Airbnb properties are taxed at 3% or higher as well Greedy gamblers or RE investors will learn a basic life lesson

[@shauncameron8390]

@@jmela1370 Because ordinary people will be paying for it in the end either by higher prices, less housing available or becoming the greedy RE investors they wanted targeted.

[@jmela1370]

@@shauncameron8390 lol, taxing the vacant and Airbnb properties will add more supply to the market That’ll lower rent prices and RE prices Basic economics with supply/demand ratio More housing becomes available Lower rent prices Lower RE prices Only the greedy, selfish RE speculators and gamblers will suffer having to be forced to sell after they lose most of their profits or completely default Once that happens RE and rent prices drop 50% easily and 20 and 30 year olds can buy a home and raise a family again

[@mathewmiletich5986]

@@jmela1370exactly, only big reckless speculators are upset…

[@shauncameron8390]

@@jmela1370 Like rent control did? LOL

[@thelefteyeguy]

why 3% ...make it 20%

[@funkspinna]

He explained it. If its too high it will deter most people and then the government won't get as much tax revenue.

[@funkspinna]

@@MrJoeSomebody That was the explanation of he guest. And you can do both. If you really wanted the deterrent, the rate would be much higher.

[@irinab7524]

@@MrJoeSomebodyto have more housing it should be built more, not get it out of people hands. Some people don’t want to rent and buying it just to be sure their kids would have a place to live - not with them. This is just another form of government control of market - won’t be any good…..just like current crisis hit after too much regulation

[@JeremyMacDonald1973]

At this rate your starting to deter investment and building. What if one can't move the units for one reason or another? At 5% your penalized and had better keep trying. At 20% your bankrupt. If I am threatening you with bankruptcy for even trying to build an apartment which could take 5 years and be put on a market which you can't predict (because no one can see 5 years into the future) then there are probably much safer ways to invest your money rather then in building new homes, condos and apartments. We want more places for people to live - not less.

[@IamDaGrouch]

where does this tax go?

[@mstar7520]

Taxes go to the government, that then spend them on things like education, infrastructure, healthcare, and policing.

[@IamDaGrouch]

@@mstar7520 Shouldn't this kind of tax be earmarked for assisting renters of homebuyers? Just a rhetorical question.

[@mstar7520]

@@IamDaGrouch You're free to have the opinion that it should, though personally I don't share that opinion.

[@shauncameron8390]

@@mstar7520 Also vanity projects and lining their own pockets.

[@mstar7520]

@@shauncameron8390 true. Trump's wall was basically a huge vanity project, and the amount of money that went to lining his pockets is unbelievable. His whole presidency was basically a cash grab. Let's just hope that's not happening here!

[@luvaholic]

How is this even constitutional? How is it different from saying if you have 10k in the bank you are not using, you pay a tax on it ?

[@JeremyMacDonald1973]

The Constitution does not protect you from governments levying taxes. Quite the reverse actually - it explicitly gives them that power.

[@venom5809]

Probably not high enough.

[@Carolinapetroska]

How about your iq level ? Is it high enough ?

[@patrickprovost7207]

BAN INVESTMENT FIRMS FROM BUYING HOUSING. IF YOURE NOT GOING TO LIVE IN IT, YOU CANT BUY IT.

[@monacomans]

It's irresponsible for the Government to place the responsibility for the housing crisis on its citizens. The Government has failed to invest-in, designate and allocate a certain amount of land-space and projects dedicated for its respective rental markets needs. The city has overwhelmingly approved new construction for Condos and homes but virtually none for Rental Unit projects. Why are Tax payers responsible to pay more for the lack of appropriate planning from city officials.

[@jaymar1615]

Now bring in either a commercial tax on AIR B N B.....or do what new york did and make them illegal

[@Carolinapetroska]

Big scam !!!

[@markuswong]

The alternative minimum tax is actually a great idea. But there would need to be additional rules to prevent targeting the vulnerable. (1) Take into account income taxes paid in the past 3 years. If someone loses their job and struggles to find re-employment there needs to be protections. There could also be non-residents who need to take care of parents overseas. (2) Seniors should be exempt. --- I like the idea because the tax would target mostly non-residents of Canada. And if it has the unintended consequence of freeing up more housing supply that still works in Canada's favor.

[@Shaolinthemple]

It's unfortunately the unintended consequences of applying a system wide tax without needed contingencies. I completely agree with you.

[@MARILYN19481]

Continuing to steal money from seniors for the parents inherited home they inherited. . Also pay that they might earn living in the secondary residence.

[@quixomega]

It could be 100% for all I care.

[@davidrockefeller2007]

How does the city determine if a house is vacant. Can’t people just lay low forever.

[@Carolinapetroska]

Why so much xenophobia in Canada ?

[@Marcus-ss4gn]

Make it %50. Keeping homes vacant in today's Canada with a broken housing system is high treason.

[@JeremyMacDonald1973]

At this extreme a rate your bankrupting individuals who are trying to get renters but are maybe not succeeding for one reason or another. I think 5% is punitive enough to change behavoir or provide Ms. Chow with sizable funds to build government houses without completely destroying investments and livelihoods. The goal is to fix the system and increase housing not terrify investors and builders to the point where they won't build for fear that something could go wrong and they could end up going bankrupt because they tried to build or buy an apartment or the like.

[@Carolinapetroska]

Why not 100 % While you are at it % So many idiot comments here

[@ssuwandi3240]

Too many immigrants who live overseas?

[@Tacoma-W]

It’s not that they live overseas. But they treat property as just a piece of investment. There were news and can probably find a dozen cases where people forgot about their investments. Failed to pay the utility bills and the properties were abandoned and rotting and causing pest and other issues for the neighbourhood. The city can’t track owners as they were not in the country and they have to spend money to fix and rehabilitate those rotting garbage piles

[@blurtam188]

Genius moves Oliva Chow LOL

[@mhow7024]

It can be explained by the fact that the Inernational Sudent Gravy train was cut short. That's why you are seeing more rentals. Nothing else. Ban international sutdents completely, and you will solve your rental crisis within one semester.

[@mikekovacs8981]

Seems like a slippery slope to me. Shouldn't I be able to choose what I want to do with my properties? What rules will they make up next? Quotas on how many people have to live in a given property?

[@jaymar1615]

Yea well the neighbors bought a home they didn't realize the neighbors opened a fukn hotel next door ...

[@quixomega]

I agree, they should instead tax all properties owned by corporations or secondary properties owned by individuals as commercial. That's effectively doubling the property tax.

[@Tacoma-W]

@@jaymar1615Or hoarders taking over the neighborhood because the owners live overseas and had forgotten about their investment. Happens too often until the residents try to find answers

[@tyb3938]

Turning to the government to solve your problems, idiots. This was created by the government, shut down economy, then put int rates to zero… well now a bunch of folks say let’s purchase a second, third home, rent air b and b to subsidize. With rates at market levels money would not have flooded into 2nd or 3rd homes. Governments that become big… hmm how does that work out, try purchasing a car in the soviet union, or food, or shoes…

[@pamelagordon5645]

Turning the housing market into nothing more than a commodity ruins a country. Rich gets richer and the poor poorer. Eventually, the whole thing collapses.

[@balyhoora]

This doesn't create affordable housing it's just a tax. Someone who puts their million dollar home in the rental pool isn't going to charge affordable prices. Taxing Airbnb screws the little guy. A alternative minimum tax screws the little guy and the guy's logic about it is reckless.

[@vincentwaldner8061]

Yep tax our way to cheaper home price. Clowns….

[@brettlongfield3291]

Not nearly high enough!

[@BowtieJDP]

3% is cheap when home prices skyrocket 25% a year.

[@Carolinapetroska]

Just another idiot's comment !!!

[@MARILYN19481]

Maybe some people have a spare 17,000.

[@Prairieshutterbug64]

Hey great idea increase the costs of GTA.

[@Beautiful-Canada]

Not required at all because canada specially toronto is short of rental places hence nobody is interested in keeping their home vacant

[@MrMannyhw]

It isn’t even that much.

[@Riderdownn]

More money for the government, still no housing. Great🎉

[@MarcusLatansa]

this guy could not find a 2 bedroom condo for sure. Look this mess

[@eugeneross3606]

Like if that's really gonna do anything. Let's face it, Toronto has the richest people, the richest income largest city. So it makes sense to raise just that. They enjoy the lowest property taxes in Ontario. And not to raise property tax with the wealthy get real. And if anyone thinks well, if they raise property taxes, they'll raise the rent, they're already raising the rent. They will never stop raising the rent. Think of it as supply and demand and even if that goes away, they don't care, they'll raise it, so raise the property tax take care of everything.

[@kaze-xo]

So basically, Olivia Chow did what she promised to do? Kudos to her

[@WaysToWealth]

Always about increasing the tax, never about the people.

[@cdes68]

Who sold out the middle class?

[@MentionBiscuit]

LOL can smell an AirBNB policy reform incoming 😂. This city is crazy. I’ll leave my property empty if I want to and I’m a rich RE baron so I can definitely afford it.

[@JeremyMacDonald1973]

Thank you for the extra tax dollars that can be put into lower cost government funded housing.

[@cbb9580]

Not high enough DA!