Tory proposes vacant properties’ owners should be taxed

The lack of housing supply was responsible for the high spike of home prices in Toronto,Tory said, CBCNews reports said.

There had been an increase of 29.8 percent in the average price of detached homes in city of Toronto from February 2016 to February 2017, Toronto Real Estate Board reports said.

The board added average detached home in the city cosr $1,573,622.

Jagdish, who moved to house near Scarborough Town Centre in Toronto, said that a detached house just in front of his house had been lying vacant ever since he moved there 15 years back

He said, “I am greatly concerned about this considering the consequent increase in house prices and difficulty the buyers are facing.”

Tory said city of Toronto (Municipal Government body of Toronto) should follow the example of Vancouver’s decision to tax 1 percent of the actual price of the vacant house, CBCNews reports said.

Citing the census data, Mayor tory said that approximately 65,000 houses in the City of Toronto were lying vacant an cityd or not on the market, CBCNews reports said

Tory is looking forward, said CBCNews reports, to the provincial government’s approval on this matter and added that Ontario’s Finance Minister Charles Sousa had already consented to these empty houses’ owners to pay their fair share.

(Reporting by Asha Bajaj, Image of John Tory: Wikimedia Commons)