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   Vacant Home Tax (VHT): Our Toronto residential real estate lawyers say that starting in early 2023 in the City of Toronto, an annual tax is levied on vacant residents. Under the city bylaw, a property is vacant if it’s unoccupied for more than six months during the prior year or otherwise declared under the city bylaw. The mandate of the tax is to increase the supply of housing. The declaration/payment form has been available since late 2022.

   Ontario Non-Resident Speculation Tax (NRST): Our Toronto residential real estate lawyers say the 25 per cent tax is on residential Ontario property bought by non-residents (foreign nationals or corporations).

   Underused Housing Tax Act (2022): The federal government imposed a national 1 per cent tax on the value of vacant or underused residential property directly or indirectly owned by non-resident, non-Canadians, explain our Toronto residential real estate closing lawyers.

   Prohibition on the Purchase of Residential Property by Non-Canadians Act (2022): Prohibits the purchase of Canadian residential property directly or indirectly by non-Canadians for two years starting January 1, 2023, note the Toronto residential real estate closing lawyers at Massey LLP.