Mayoral candidate will cut property taxes on new rental properties to address shortage
Toronto, June 13, 2023 – Josh Matlow today announced that, as part of his Comprehensive Housing Plan, he will make it more attractive for developers to build new rental apartments to help solve the housing crisis. Matlow will cut property taxes in half for new purpose-built rental apartments if builders ensure that five per cent of the new units in each building will be offered at below-market rates that people can afford.
Currently, the supply of new rentals in Toronto is often created by individuals and companies renting out investment condos, which can lead to less secure housing options. By stimulating the creation of more purpose-built rentals, Torontonians will be more secure in their tenancy and live in better-quality homes.
“Toronto requires a sustainable supply of below-market attainable housing, as well as new supply for both renters and home buyers,” said Matlow. “By cutting taxes in half for new apartments, we can shift the supply of housing from investment-driven condos to purpose-built rentals.”
Currently, the City of Toronto’s property tax rate is the same for new apartment buildings as it is for condos. Development industry experts agree that cutting the rate in half would lead to more rental apartment construction.
This policy will help families now by bringing more below-market attainable units to the market. It will also lead to a healthier housing market in the future by renewing builders’ interest in constructing and maintaining purpose-built rental apartments instead of investor-focused condominiums.
To learn more about Josh Matlow’s mayoral campaign to make Toronto a city that works, the safe, affordable, livable city that we all know it can be, please visit VoteMatlow.ca.