Tax and regulation updates for owners and investors

Toronto's Vacant Home Tax requires an annual declaration on every residential property, even when you live in it. Missing the declaration — not the vacancy itself — is what triggers most assessments, and appeals cost time you don't need to spend.

Buyers in Toronto pay both provincial and municipal land transfer tax, which materially changes your closing costs. First-time buyer rebates apply at both levels, and the numbers should be built into your offer budget rather than discovered at closing.

For investors, the rules that bite hardest are rental-side: standard lease requirements, above-guideline increase limits, and the tribunal timelines for possession. Underwriting a rental on today's market rent without accounting for turnover reality and guideline caps is the most common modelling error I see.

Non-resident purchasers face additional taxes and restrictions, with narrow exemptions. If any party on title is not a resident, verify status and timing before signing, because remedies after the fact are limited.

None of this is tax advice — it is a checklist to raise with your accountant and lawyer. Send me your situation and I'll tell you which items actually apply.