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Peel Seeks Input on Potential ‘Vacant Home Tax’ to Increase Housing Supply

Today, the Region of Peel launched an online survey for the public to provide input into the development of a potential Vacant Home Tax program in Peel to increase affordable housing supply.

Residents in Peel are encouraged to participate to help the Region make informed decisions related to the design of a Vacant Home Tax program. The survey will be open from April 13 to May 16. There are also two virtual public consultation sessions taking place. They are scheduled for Tuesday, April 26 and Tuesday, May 3. To access the survey, or register for a public consultation session, please visit peelregion.ca/vacant-home-tax/.

Why is Peel looking at the feasibility of a Vacant Home Tax?

  • A variety of metrics and studies indicate growing pressures on affordable housing supply and eroding housing affordability in Ontario including Peel
  • A Vacant Home Tax is expected to discourage speculative behaviour which is one of the factors that has caused the housing supply and affordability issues in Ontario
  • The Region and local municipalities have long advocated for revenue tools to address the changing needs of local communities and to ensure municipal financial sustainability
  • A Vacant Home Tax is a tool that is already available and is starting to be used by more municipalities

More About Vacant Home Tax opportunities

A vacant Home Tax is a tool that can be used in rapidly growing urban centres which face challenges related to housing such as rapidly rising house prices (at a rate higher than the growth of income) or low availability of homes for sale or rent. The tax is generally applied to homes that are vacant for at least six months in a calendar year (certain exemptions may apply).

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The objectives of this tax are two-fold

As a policy tool to improve housing affordability

By implementing this tax, the Region may be able to encourage owners of vacant properties to either sell or rent out their units. This increases supply of units on the market which should lower average property sale and rent prices, improving the affordability of housing in the Region.

As a revenue tool to support housing programs

While not mandated by legislation, all jurisdictions that have implemented (or are considering implementing) the Vacant Home Tax have pledged to use revenues collected from this tax to help support rent relief programs, build and maintain affordable housing, and provide grants to non-profit organizations to assist the community.

Additional information:

The Region of Peel works with residents and partners to create a healthy, safe and connected Community for Life for approximately 1.5 million people and over 175,000 businesses in the cities of Brampton and Mississauga and the Town of Caledon. Peel’s services touch the lives of residents every day. For more information about the Region of Peel, explore peelregion.ca and follow us on Twitter @regionofpeel and Instagram @peelregion.ca.

The post Peel Seeks Input on Potential ‘Vacant Home Tax’ to Increase Housing Supply appeared first on Just Sayin' Caledon.

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