Regional Governments, the City of Toronto and other cities, have been given the option to eliminate the vacant unit rebate for 2017 on.
Context Realty sat on the Vacancy Committee of the Canadian Property Tax Association last year, which argued for its continuation. The vacancy rebate is a continuation of the previous property tax system which recognized vacant space.
We know of no owner who purposefully keeps their unit vacant as some politicians have argued. It’s not how the market works.
If it is eliminated, then properties with significant vacancy issues can reduce their assessed values further downwards.
See the statement from the Ontario Ministry of Finance by clicking here!