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."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.