MBB LAW INSIGHTS SERIES - REAL ESTATE Prohibition on the Purchase of Residential Property by Non-Canadians Act By: Jimmy Lu Date: January 3, 2022 The Prohibition on the Purchase of Residential Property by Non-Canadians Act[1] (the “Act”) enacted January 1, 2023, bans all non-Canadians from purchasing residential real estate in...
MBB LAW INSIGHTS SERIES - REAL ESTATE Underused Housing Tax Background The Underused Housing Tax Act imposes an annual 1% underused housing tax (UHT) on the value of vacant and underused residential properties owned directly or indirectly by those who are not Canadian citizen or a permanent resident of Canada....
MBB LAW INSIGHTS SERIES - REAL ESTATE Toronto Vacant Home Tax Background As of January 1, 2022, City of Toronto’s By-law 97-2022 supporting the new Vacant Home Tax (VHT) came into effect. The goal of the VHT is to increase the supply of housing by discouraging owners from leaving their...
