Toronto’s Vacant Home Tax (VHT)
Toronto’s Vacant Home Tax (VHT) is coming into effect starting January of 2023!
The goal of Toronto’s 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. 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. A VHT of 1% of the current value assessment will be imposed on all Toronto residences that are declared, deemed or determined vacant for more than six months during the previous year, exemptions apply.
This applies to ALL Toronto home owners. Make sure to declare your occupancy status when the portal opens up mid December. Late declarations are subject to a $250 fine and failure to declare will automatically deem your property as vacant and you will be subject to pay the 10% vacancy tax on your property!
For more information: