Official in Toronto say that enforcing a tax on vacant homes may be difficult and another solution may be better.
Mayor John Tory said that he has asked the council to come up with plans which may include a tax or other measures to encourage speculators to help with the city’s tight supply.
“If it makes no sense or it’s not going to have any positive impact on calming the housing marketplace and making sure units are on the market for rent as opposed to sitting empty, then my interest will be diminished,” Mr. Tory said.
Vancouver will be introducing a vacant property tax from 2018.
More market update: