Vacant Home Tax Toronto Due End Of February 2024
Toronto homeowners had until the end of February to declare their property’s occupancy status for 2023 to avoid a fee. The city’s Vacant Home Tax, aimed at increasing housing availability by taxing properties left vacant for over six months, is set at 1% for 2023, meaning a $10,000 tax for a property assessed at $1 million. This tax will increase to 3% in the 2024 tax year. Declarations could be made online, with penalties for non-compliance
Rural Risk: Groundwater Wells Linked to Elevated Radon Levels in New Study
A University of Calgary study highlights increased radon levels in rural homes near drilled groundwater wells. The research, spanning over 42,051 households across Canada, reveals rural communities face 30% higher radon exposure compared to urban areas. This gas, linked to lung cancer, rises more easily to the surface near these wells. Regular radon testing, especially in rural areas, is advised to mitigate health risks.
Breaking Barriers: Over 20% of Canadians Eye Family Co-Ownership to Enter Housing Market
Over 20% of Canadians are open to purchasing a home with family members, exploring non-traditional ownership models to counter high housing costs, a Re/Max and Leger report reveals. The study found 48% considering alternative models, with rent-to-own and co-ownership with non-spouse family members as popular options. This trend is notable in cities like London, Brampton, and Mississauga, where secondary suites cater to intergenerational living or rental income. The report underscores the challenges of affordability and the creative approaches emerging among Canadian homebuyers.
Brampton’s Battle: Licensing Landlords to Curb Chaos in the Community
Brampton is tackling its housing crisis and illegal rooming houses by implementing a pilot program requiring landlord licenses. This move, aimed at ensuring safety and compliance with housing standards, has sparked protests and debates around affordability and the rights of tenants and landlords. Amidst rising concerns over crowded living conditions and neighborhood disruptions, the city seeks to balance regulation with maintaining a healthy rental market.
Tarion to Shell Out $90 Million for Homebuyers’ Lost Deposits Amid Builder Bankruptcies
Tarion, the home warranty provider in Ontario, is set to compensate $90 million for lost deposits due to builder insolvencies, marking a significant financial move to protect homebuyers from the fallout of construction company failures. This initiative underscores the risks in the housing market and the importance of warranty programs in safeguarding consumers’ investments.
Canada’s Bold Move: $123 Million Plan Unveiled to Build 5,000 Affordable Homes and Slash Living Costs
The Canadian government has launched a new initiative to build over 5,000 affordable homes and enhance market competition to reduce living costs. A $123 million investment through the Affordable Housing Innovation Fund will support innovative homebuilding, while measures to strengthen competition, especially in the grocery sector, include a new call for projects and freezing the merger transaction-size threshold at $93 million. This comprehensive plan aims to make housing more accessible and life more affordable across Canada.
-The TanTeam Editorial
