All residential property owners in Toronto will be required to submit a declaration of their property’s occupancy status for the previous year. The deadline to declare a property’s 2022 occupancy status is February 2, 2023. The online declaration portal will open in mid-December 2022.

An annual tax will be levied on vacant Toronto residences, payable beginning in 2023.

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 under the bylaw.

(source from City of Toronto - Vacant Home Tax)

The residential owners must submit the property status declaration by 2 February annually. If the owner fails to do, the related property will be deemed vacant and tbe owner will be required to pay the tax due on 1 May. The vacant home tax is 1% of the property current value assessment.

It is claimed that the purpose of this mandatory declaration may ease the current housing crisis and the revenue from vacant home tax can finance the affordable housing initiatives. In the 1st Qtr 2022, the vacancy rate was below 2% in GTA.

On the contrary, the Toronto's average rent surged by 26.8% year over year caused by the large gap between high demand and very limited supply. Under this circumstances, the expected effect on this vacant home tax may not reach but it results in more manpower and more labour cost occurred.

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