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News in the Real Estate World!

Toronto residents are facing steep fines for failing to fill out a new vacant home tax form. Homeowner was asked to pay over $17,000, while were told they had to pay a vacancy tax of $9,300. The goal of the new vacancy tax is to discourage properties from sitting empty, and the tax is one percent of the property's assessed value. The city of Toronto sent out 811,825 vacancy tax forms and received a response rate of 96 per cent. However, around 35,000 residents did not respond to the notice. Some homeowners may have ignored the forms, didn't receive them, or thought it was a scam.

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