Navigating Toronto's Vacant Home Tax: Changes and Insights for 2025 | Episode 74

Toronto Livings Real Estate Podcast

Navigating Toronto's 2025 Vacant Home Tax In Episode 74 of the Toronto Living's podcast, Mark Savel and Joey Virgilio discuss the latest updates to the Toronto Vacant Home Tax, including the critical 2024 declaration requirements and significant changes to the tax rate. They highlight the importance of declaring your property's status, the impact of the tax increase from 1% to 3%, the exemptions available, and the necessity for all property owners in Toronto to comply. The episode also features their recent food adventures, including a visit to Burger Drops and a recap of Marks trip to Buffalo, NY. Additionally, they touch on their latest real estate listings and transactions, providing valuable tips for both buyers and sellers. Tune in for all the essential details every Toronto property owner needs to know about the Vacant Home Tax for 2024. Podcast Episode Breakdown (00:00) Introduction and Episode Overview (00:13) Vacant Home Tax Announcement (00:47) Podcast Introduction and Hosts (01:15) Casual Catch-Up and Personal Updates (03:03) Food Adventures and Reviews (06:12) Buffalo Trip Highlights (13:39) Current Real Estate Listings (17:27) Vacant Home Tax Deep Dive (24:53) Speculations and Initial Reactions (25:08) Understanding Property Tax Assessments (25:37) Calculating Your Vacant Home Tax (26:33) Exemptions and Special Cases (27:30) Declaration Process and Deadlines (30:17) Principal Residence and Vacant Home Tax (32:58) Exemptions Explained (38:57) Change of Ownership and Responsibilities (42:32) Final Thoughts and Summary (44:10) Shoutouts and Closing Remarks Show Notes Vacant Home Tax Toronto Portal: https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/ Toronto Vacant Home Tax 2024-2025: Complete Guide & Important Changes: https://www.torontolivings.com/toronto-vacant-home-tax-2024-2025-complete-guide-important-changes For the Best Pizza in Buffalo: La Nova https://lanova-pizza.com/ 5151 Main St. Williamsville, NY 14222 Phone: [phone] Bar-Bill North Address: 8326 Main St, Williamsville, NY 14221, United States Phone: [phone] Menu: barbill.com Burger Drops Address: 116 Atlantic Ave, Toronto, ON M6K 1X9 https://www.burgerdrops.com/ Where You Can Find Us 🏡 For all your Toronto Real Estate Needs: TorontoLivings.com/ 🖥️ Instagram Mark Savel: https://www.instagram.com/torontolivings/ Joey Virgilio: https://www.instagram.com/joey_torontolivings/ 🎙 Weekly Podcast https://podcasters.spotify.com/pod/show/toronto-real-estate