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."

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