Peel considers vacant home tax to increase housing supply in Mississauga, Brampton
Published April 13, 2022 at 12:58 pm
Peel Region is considering a tax to motivate property owners into letting go vacant homes that could be used to meet the increasing demand for housing in Mississauga, Brampton and Caledon.
Peel believes a vacant home tax could be the push needed to stop speculators from sitting on unused homes for strictly investment purposes.
“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,” Peel says in a released statement. “The tax is generally applied to homes that are vacant for at least six month in a calendar year.”
If the property owners don’t sell or make the home available for rent the tax revenue generated could be used to help support rent relief programs, build affordable housing and provide grants to non-profit organizations to assist the community, according to Peel officials.
Peel believes such a tax is proving successful and growing in popularity in other municipalities and can be used as a tool to increasing the overall housing supply.
A survey to gauge public opinion on the matter is now available. As well, two online open forums will take place on April 26 and May 26. To access the survey, or register for a public consultation session, please visit peelregion.ca/vacant-home-tax/.
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