Builders in Toronto are urging the city to give them an extension before they start having to pay a new tax on unsold housing units equivalent to 1% of the value of the home.
The new levy applies to condos or other homes that are owned by the developer if they have been vacant for more than six months in 2022 and are within the residential tax class.
David Wilkes, CEO of the Building Industry and Land Development Association (BILD), a builders group, told the Toronto Star that builders are asking for a "reasonable extension" that respects the intent of the law."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
