27 Sep TREB questions impact of potential vacancy tax in Toronto.
Original article via Global Newswire. Click here to read.
The Toronto Real Estate Board is urging caution on the issue of a possible vacant home tax in the City of Toronto. A measured approach to the issue can help to avoid any unintended consequences on the housing market and property owners.
The City says a vacancy tax can encourage property owners to free up empty units, thereby increasing rental supply. However, TREB is concerned there is not enough empirical data or evidence to support this approach. “At this time, it is not clear that the issues targeted by a vacancy tax are fully understood, nor is it clear how effective such a policy would be, or if it would have unintended outcomes that run counter to the stated City benefit of increasing rental supply,” says TREB President Tim Syrianos.CLICK FOR THE FULL ARTICLE