#JohnTory, #CityofToronto, #TorontoRealEstateBoard, #ScarboroughTownCentre, #DetachedHouse
Toronto, Apr 3 (Canadian-Media): John Tory, Toronto Mayor, had recently met experts in the real estate, banking, business and housing sectors and suggested that in the event of the spike in Toronto housing prices, taxes on the vacant houses should be considered an option, media reports said.
A void in the availability of houses had been created, Tory said, due to the increase in housing prices, CBCNews reports said.
There has been an increase of 29.8 percent in the average price of detached homes from February 2016 to February 2017, said Toronto Real Estate Board reports and added The board added that average detached home in the city cost $1,573,622.
Jagdish, who moved to house near Scarborough Town Centre in Toronto 15 years back, said that a detached house just in front of his house had been lying vacant ever since he moved there.
He said, “I am greatly concerned about this considering the consequent increase in house prices and difficulty the buyers are facing.”
Mayor tory, cited the census data and said approximately 65,000 houses in the City of Toronto (Municipal Government body of Toronto) were lying vacant and were not on the market, CBCNews reports said
Tory said Vancouver’s decision to tax 1 percent on the actual price of the vacant house should be followed by city of Toronto, CBCNews reports said.
According to CBCNews reports Tory was waiting for the provincial government’s approval on this matter.
In the meanwhile, Tory added that Ontario’s Finance Minister Charles Sousa was in agreement with Tory’s proposal that owners of empty houses should pay their fair share.
(Reporting by Asha Bajaj)
Image of Toronto Mayor John Tory (Wikipedia)