In case you needed another reason to fill that vacancy, Toronto’s Vacant Home Tax has been announced starting in 2023. The City is taxing property owners with homes vacant for more than six months of the year (with some exceptions, of course) with the goal of discouraging empty units and increasing the housing supply.

Even if the tax doesn’t apply to you, every property owner is required to submit a declaration for each property in order to confirm your property’s 2022 vacancy status – so make sure to get there before the February 2 deadline. The declaration may be the only thing you need to do for your property if you have consistent tenancy or fit one of the exemptions, which could just be ongoing renovations or repairs (with permits submitted as proof).

While the Tax has good intentions for the city, it can have pricey implications for property owners – it’s calculated as 1% of the current value assessment and collected annually (with associated late fees). That means another $10k on a million-dollar property, on top of your regular taxes and expenses! So, best to get those vacancies filled, and, as always, the Rent Panda team is happy to help so you can avoid the tax for next year.