For a while there, Bank of Canada announcement days were easy to sleep through. Not anymore. On October 28, the Bank raised its policy rate by 25 basis points to 2.5%, and suddenly homeowners and buyers alike are asking the same question: when’s the next one?
Good news for planners: the Bank has already published its full 2027 calendar. Here’s every date, which ones matter most, and how to work them into your buying or selling plans.
The 2027 Bank of Canada Announcement Calendar
According to the Bank’s official 2027 announcement schedule, there are eight decision days next year. Every one lands on a Wednesday at 9:45 a.m. ET.
Date
Day
Monetary Policy Report?
January 27, 2027
Wednesday
Yes
March 3, 2027
Wednesday
No
April 28, 2027
Wednesday
Yes
June 2, 2027
Wednesday
No
July 21, 2027
Wednesday
Yes
September 8, 2027
Wednesday
No
October 27, 2027
Wednesday
Yes
December 8, 2027
Wednesday
No
The four dates marked “Yes” are the ones to circle. They come with the Monetary Policy Report, the Bank’s full economic update, so they tend to carry the most detail on where policy could be heading.
One More Date Before the New Year
Don’t put the calendar away just yet. There’s still one decision left in 2026: Wednesday, December 9. It’s the final announcement of the year and the first chance to see whether October’s move was a one-off or the start of something more.
Why These Dates Matter Again
What Happened in October
The Bank moved its policy rate from 2.25% to 2.5% on October 28. That’s the first increase since July 2023, after the rate had sat at 2.25% for a full year. The Bank’s stated goal was to keep high energy prices from spreading into the cost of other goods and services.
It also left the door open. The Bank said another increase could be needed, but that it would proceed carefully. In other words, every date on the calendar above is now a live one.
Fixed vs. Variable: Who Feels It First
Not every mortgage reacts the same way. Variable-rate mortgages and HELOCs are tied to the prime rate, so they typically adjust within days of an announcement. As MoneySense points out, fixed mortgage rates aren’t directly tied to Bank of Canada decisions. They follow bond yields instead, which can move ahead of (or regardless of) announcement day.
What It Means for Toronto Buyers and Sellers
Let’s take a look at where the local market stood heading into the hike. According to TRREB’s September Market Watch, GTA sales came in at 5,040, down 9% year-over-year, and the average price was $1,006,409, down 5.1%. TRREB described buyers as being in a holding pattern, with uncertainty around borrowing costs keeping many on the sidelines.
That said, a holding pattern isn’t a standstill. Fewer active buyers can mean more room to negotiate, and well-prepared sellers still stand out. (Data note: these are the latest figures available as of October 29, 2026. October numbers arrive in early November, and we’ll break them down in our monthly Toronto market updates.)
How to Plan Around Announcement Day
You can’t control what the Bank decides, but you can control your timing. Here’s where we see the biggest opportunity:
Lock in a rate hold early. Many lenders will hold your pre-approval rate for a set period. Getting one in place before an announcement gives you a safety net either way. Our guide to preparing for a mortgage in Toronto walks through the steps.
Know your renewal date. If your mortgage renews in 2027, check which announcements fall in the months before it. That’s your window to compare options.
Factor rate news into offer timing. Announcement weeks can shift buyer sentiment fast. A clear plan helps you move with confidence, which is a big part of how our buyers stay one step ahead.
Sellers: time your launch. Listing right before or after a decision can affect how buyers feel walking through the door. It’s one more piece of our selling approach.
So, will December 9 bring another move, or a pause to see how October’s increase settles in? We’ll be watching closely. In the meantime, if you’re wondering how the 2027 calendar fits your own plans, book a strategy call with our team. We’d be happy to map it out with you.
Hey there, Toronto property owner! If you’re scratching your head about the Vacant Home Tax (VHT), you’re not alone. As someone who’s spent countless hours researching and writing about Toronto’s Real Estate scene, I’m here to break down everything you need to know about this hot topic in our city’s housing policy.
What’s New with the Vacant Home Tax in 2025?
Let me start with some fresh updates that might affect your wallet: Toronto has increased the VHT rate to 3% of your property’s Current Value Assessment for 2024. That’s right – if you’ve got a $1 million property sitting empty, we’re talking about a $30,000 tax bill. Yikes!
But don’t panic just yet. I’ll walk you through everything you need to know to either comply with or legitimately avoid this tax.
Key Program Changes for 2024-2025
The City of Toronto has just rolled out some major updates to the VHT program. Here’s what’s changing:
Extended Declaration Period: You now have from November 1, 2024, to April 30, 2025, to submit your declaration
Increased Tax Rate: The rate has jumped from 1% to 3% of your property’s Current Value Assessment
New User-Friendly Portal: Launching November 1, 2024, making declarations easier than ever
Multilingual Support: A dedicated Customer Care Centre through 311 offering support in 180 languages
Email Confirmations: You’ll receive confirmation of your declaration via email (if provided)
Looking for a Luxury House to Rent in Toronto?
What Counts as “Vacant”?
A property is considered vacant if it was unoccupied for more than six months during the previous year and it was NOT your principal resident. Now heres where it gets confusing, so to keep it simple, heres 2 considerations to ask yourself:
Is the property considered your principal residence for at least 6 months
If it’s not – was it occupied or was it vacant during last calendar year for longer than 6 months?
If it is NOT your principal residence and HAS been vacant for 6 months or more THEN ITS CONSIDERED VACANT. Important to note, it doesn’t have to be a continuous 6 months either. It can be spread across the year – important for those with short term rentals.
If it IS your principal residence, and as long as a property remains your principal residence, you can declare the occupancy status as occupied and the tax will not apply. This applies even if you leave for extended periods of time due to travel or work (e.g. snow birds). To claim this occupancy status, the property must be your principal residence for at least six months of the taxation year. Also, don’t try an be smart – You can only have one principal residence.
But don’t panic – there are several valid exemptions!
Legitimate Exemptions (Yes, They Exist!)
Here are some situations where you might be off the hook:
Medical Care: If you or your tenant is receiving long-term medical care and is out of the house for it.
Principal Residence: The property was your main home
Death of Owner: The property owner passed away during the year
Renovations: Major renovations with valid permits (but there are specific requirements)
Legal Issues: Court orders preventing occupancy
Transfer of Legal Ownership: Property was sold during the year
Provide any supporting documentation if claiming an exemption
Submit and keep your confirmation number Pro Tip: Keep your confirmation number! The city has made this easier by providing email confirmations or printed confirmations upon request.
What Happens If You Don’t Comply?
I hate to be the bearer of bad news, but the consequences of non-compliance are steep:
Fines starting at $250
Potential tax rate of up to 3% of your property’s value
Risk of audit
Legal penalties for false declarations
Disputing a Vacant Home Tax Assessment
If you believe you’ve been incorrectly assessed, you have until December 2025 to submit a Notice of Complaint. Here’s what you need to do:
Gather your evidence
Submit your Notice of Complaint form
Provide supporting documentation
Wait for the review decision
Need Help? Where to Get More Information
Still have questions? Don’t worry, we’ve all been there. Here are your best resources:
This beefed-up VHT program is Toronto’s way of saying “let’s get serious about housing.” The goal? To nudge property owners toward renting or selling their vacant properties, ultimately feeding into the city’s affordable housing initiatives.
Remember, whether you’re a seasoned property owner or new to the game, staying on top of these requirements isn’t just good practice – it’s essential for avoiding costly penalties. Keep these dates in your calendar, and make sure you’re ready to declare when the time comes.
Want to stay ahead of the curve? Start gathering your documentation now and keep an eye out for that online portal launch in November. Your future self (and wallet) will thank you.
Frequently Asked Questions (FAQ)
General Questions
Q: Do I have to declare even if I live in my property?
A: Yes! All residential property owners in Toronto must declare annually, even if you live in the property as your principal residence.
Q: What is the tax rate for 2024?
A: The Vacant Home Tax rate has increased to 3% of your property’s Current Value Assessment (CVA), up from the previous 1%.
Q: How many properties in Toronto need to declare?
A: Approximately 820,000 properties within Toronto require an annual declaration of occupancy status.
Declaration Process
Q: When can I submit my declaration for 2024?
A: The declaration period opens November 1, 2024, and runs until April 30, 2025.
Q: What happens if I miss the declaration deadline?
A: While late declaration fees are currently waived, your property could be deemed vacant by default. It’s best to declare on time to avoid any complications.
Q: How do I get proof of my declaration?
A: You can:
Receive an email confirmation (if you provide your email address)
Print or save the confirmation page with your confirmation number
Request a printed confirmation by calling 311
Property Status Questions
Q: How long can my property be empty before it’s considered vacant? A: A property is considered vacant if it’s unoccupied for more than six months during the calendar year, unless it qualifies for an exemption.
Q: Does the six-month period need to be consecutive? A: No, the six months don’t need to be consecutive. The total time throughout the year is what counts.
Q: What if I’m traveling but this is my main home? A: If the property is your principal residence, it’s exempt from the Vacant Home Tax even if you’re away for extended periods.
Payment and Financial Questions
Q: When do I need to pay the Vacant Home Tax? A: For 2024, payments are due in three installments:
September 15, 2025
October 15, 2025
November 17, 2025
Q: How much revenue does the tax generate?
A: The program generated $56.5 million in 2022 and $50.6 million in 2023. With the new 3% rate, the city expects approximately $105 million annually.
Exemptions and Special Cases
Q: Will the city check my utility usage to verify occupancy?
A: While utility data may be used in audits, it’s not the primary verification method since approximately 45% of residential properties don’t have individual meters.
Q: What if I’m renovating my property?
A: Properties under renovation with proper permits may qualify for an exemption. Be sure to maintain all documentation related to your permits and renovation work.
Support and Help
Q: How can I get help with my declaration?
A: You have several options:
Call 311 to reach the dedicated Customer Care Centre (support available in 180 languages)
Visit Tax and Utility counters at Toronto City Hall or civic centres
Use the online portal at toronto.ca/VacantHomeTax
Q: What if I disagree with my tax assessment? A: You can submit a Notice of Complaint until December 2025 for the 2024 tax year. Be sure to gather all supporting documentation before submitting your complaint.
Program Impact
Q: What happens to the money collected from this tax?
A: Revenue supports various housing initiatives including:
The HousingTO Plan
Toronto Community Housing Corporation improvements
The Multi-Unit Residential Acquisition (MURA) program
Other affordable housing initiatives
Important Disclaimer
⚠️ Please Note: While we strive to keep this guide up-to-date, tax regulations and programs can change. This article is for informational purposes only and should not be considered legal or financial advice. The information provided is based on the City of Toronto’s Vacant Home Tax Program as of November 2024.
For the most current and authoritative information about the Vacant Home Tax Program, including:
Are you looking to maximize your real estate investment returns? Understanding key financial metrics is crucial for making informed decisions in the property market. In this comprehensive guide, we’ll explore six essential calculations that every savvy real estate investor should master, complete with practical examples to illustrate their application.
1. Net Operating Income (NOI): The Foundation of Property Profitability
Net Operating Income is the cornerstone of any income-producing property’s financial health. It represents the annual income generated by the property after deducting all operating expenses.
Formula: NOI = Total Revenue – Operating Expenses
Example: Imagine you own a small apartment building:
This metric measures the annual cash flow relative to the initial cash invested, making it particularly useful for comparing properties with different financing structures.
Formula: Cash-on-Cash Return = (Annual Cash Flow / Total Cash Invested) x 100Example: Assume you purchased the same property with a 25% down payment:
GRM helps quickly estimate a property’s value based on its gross rental income.
Formula: GRM = Property Price / Annual Gross Rental Income
Example:
Property Price: $1,000,000
Annual Gross Rental Income: $120,000
GRM = $1,000,000 / $120,000 = 8.33
This GRM suggests that it would take about 8.33 years of gross rent to pay for the property. Lower GRMs generally indicate more attractive real estate investments.
6. Return on Investment (ROI): Measuring Overall Profitability
ROI measures the overall profitability of an investment, taking into account all sources of return.
Formula: ROI = (Net Profit / Total Investment) x 100
Example: Assume after one year:
Net Cash Flow: $30,000
Appreciation: $50,000
Equity Buildup (loan principal paid): $15,000
Total Profit: $95,000
Total Investment (down payment): $250,000
ROI = ($95,000 / $250,000) x 100 = 38%
This impressive 38% ROI reflects strong cash flow, appreciation, and equity buildup in the real estate investment.
Pro Tips for Using These Calculations
Create a Property Analysis Spreadsheet
Input these formulas
Compare multiple properties
Track actual performance
Consider Market Context
Local real estate trends
Property condition
Neighborhood growth potential
Use Multiple Metrics
Never rely on one calculation
Compare results across metrics
Update calculations quarterly
Common Mistakes to Avoid
❌ Forgetting to include all expenses in NOI calculations ❌ Using incorrect property values for cap rate ❌ Overlooking future capital expenditures ❌ Assuming best-case scenario numbers
FAQ About Real Estate Investment Calculations
Q: Which calculation is most important? A: Start with cap rate for initial analysis, then verify with cash-on-cash return for a complete picture.
Q: How often should I update these calculations? A: Review quarterly for existing properties and before any new purchase.
Q: What tools can help with these calculations? A: Popular options include Excel, real estate investment apps, and property management software.
Q: How often should I update these calculations? A: Review quarterly for existing properties and before any new purchase.
Q: What tools can help with these calculations? A: Popular options include Excel, real estate investment apps, and property management software
Conclusion: Empowering Your Real Estate Investment Strategy
Mastering these six essential real estate investment calculations will empower you to make more informed decisions, compare opportunities effectively, and better assess your property portfolio’s performance. By incorporating these metrics into your investment strategy, you’ll be well-equipped to navigate the complex world of real estate investing and maximize your returns.Remember, while these financial metrics are invaluable tools for any real estate investor, they should always be used in conjunction with thorough market research and due diligence. Happy investing!
Embarking on the journey of finding a new home in Toronto is an exciting and significant step. However, timing plays a crucial role in ensuring a smooth and successful home-buying experience. In this blog post, we’ll explore each season and list out the reasons to why it may be the best time to start looking for a new home in the bustling real estate landscape of Toronto.
Spring into Action
Best Time: Spring is widely considered one of the optimal periods to start your home search in Toronto.
Why:
Blooming Market: Spring brings new life, and it’s no different in the real estate market. With warmer weather, more properties tend to become available, giving you a broader selection to choose from.
Curb Appeal: Viewing homes in spring allows you to see properties at their best, with gardens in bloom and outdoor spaces showcased in optimal conditions.
Summer Exploration
Best Time: Early to mid-summer is a favorable window for home searching in Toronto.
Why:
Extended Daylight: Longer daylight hours mean more time for property viewings, making summer a practical and enjoyable time to explore potential homes.
Family Moves: Families often prefer moving during the summer to minimize disruptions to their children’s school routines.
Fall Finds
Best Time: Late summer into early fall can be a strategic time to begin your home search.
Why:
Serious Buyers: As the summer rush subsides, serious buyers tend to remain in the market. Sellers may also be more motivated to close deals before the winter months.
Comfortable Weather: Fall weather in Toronto is generally mild, providing comfortable conditions for exploring neighborhoods and attending open houses.
Winter Advantage:
Best Time: Late winter, specifically February and March, can offer unique opportunities for homebuyers.
Why:
Less Competition: Winter tends to have fewer active buyers, giving you an advantage in negotiating deals and potentially finding a property at a more reasonable price.
Motivated Sellers: Sellers listing their homes in winter often have specific reasons, such as relocation, making them more motivated to finalize transactions.
Tips for a Successful Home Search in Toronto
Pre-Approval: Get pre-approved for a mortgage before you start your search. It helps you understand your budget and makes your offers more appealing to sellers.
Work with a Realtor: A knowledgeable real estate agent can guide you through the process, providing insights into the Toronto market and helping you make informed decisions.
Research Neighborhoods: Understand the different neighborhoods in Toronto to find the one that aligns with your preferences and lifestyle.
Be Flexible: Toronto’s real estate market is dynamic, and being flexible with your criteria can increase your chances of finding the perfect home.
Stay Informed: Keep an eye on market trends, interest rates, and any changes in real estate regulations to make informed decisions.
Conclusion:
The best time to start looking for a new home in Toronto depends on various factors, including personal preferences, market conditions, and lifestyle considerations. Whether you choose the vibrancy of spring, the extended daylight of summer, the strategic timing of fall, or the potential advantages of winter, being well-prepared and working with experienced professionals will set you on the path to finding your dream home in the diverse and dynamic city of Toronto.
Buying a home in Toronto is a significant financial commitment and a life-changing decision. While the process can be exhilarating, it also comes with its fair share of stress and uncertainties. One crucial step in the home-buying journey that savvy buyers should never overlook is a comprehensive home inspection. In this blog post, we’ll delve into the reasons why home inspections are a vital investment for buyers, offering peace of mind and protecting your long-term investment.
1. Uncovering Hidden Issues During Home Inspections
A home might look perfect on the surface, but there could be hidden issues that only a professional home inspection can reveal. From structural problems to hidden water damage, electrical issues, or plumbing concerns, a qualified inspector can identify potential red flags that may not be apparent during a casual walkthrough.
2. Negotiating Power After Home Inspections
Armed with the findings of a thorough home inspection, buyers gain valuable negotiating power. If significant issues are uncovered, buyers can use this information to renegotiate the purchase price, request repairs, or even opt-out of the deal altogether. This step is crucial for ensuring that you are making an informed decision and not inheriting a host of expensive problems.
Home inspector
3. Budget Planning
Understanding the condition of a home allows buyers to plan their budgets more effectively. By identifying necessary repairs or maintenance issues early on, buyers can factor these costs into their overall budget, preventing unexpected financial strain after the purchase.
4. Safeguarding Your Investment
A home is one of the most significant investments you’ll make in your lifetime. A home inspection serves as an insurance policy, helping to safeguard your investment by ensuring that you are fully aware of the property’s condition before finalizing the purchase. Investing in a home inspection can save you from potential financial pitfalls down the road.
5. Compliance and Safety
A home inspection includes an assessment of the property’s compliance with local building codes and safety standards. This is particularly crucial for older homes that may not meet current code requirements. Ensuring that a home is up to code not only guarantees your safety but also avoids potential legal issues in the future.
Home inspection
6. Long-Term Cost Savings
While a home inspection does come with an upfront cost, it can lead to significant long-term savings. Identifying and addressing issues early on can prevent small problems from escalating into major, costly repairs later. In essence, a home inspection is an investment that pays off in peace of mind and financial security.
7. Informed Decision-Making
Ultimately, a home inspection empowers buyers to make informed decisions. Armed with a detailed understanding of the property’s condition, buyers can proceed with confidence, knowing that they are making a well-informed choice about one of the most significant purchases of their lives.
Conclusion
In the complex world of real estate, a home inspection is not just an optional step—it’s a crucial part of the home-buying process. By investing in a professional inspection, buyers can uncover hidden issues, negotiate effectively, plan their budgets, and ultimately make informed decisions that protect their investment for the long term. Don’t skip this essential step on your journey to homeownership; the peace of mind it brings is priceless.
Toronto, like many other major cities around the world, is grappling with the challenges of urban housing. As the city continues to evolve and attract new residents, policymakers are exploring innovative solutions to address the housing shortage and ensure a sustainable and vibrant urban environment. One such solution that has gained traction in recent years is the Toronto Vacant Home Tax.
Understanding the Vacant Home Tax
The Vacant Home Tax (VHT) is a policy aimed at encouraging property owners to put their vacant properties into productive use by imposing a tax on homes that remain unoccupied for extended periods. Homeowners who choose to keep their properties vacant will be subject to this tax and VERY IMPORTANT TO NOTE: residents are required to declare the occupancy status of their property every year, even if they reside there.
In Toronto, this initiative represents a proactive approach to address the housing crisis, promote community engagement, and maximize the utilization of available housing stock. Revenues collected from the Vacant Home Tax will be allocated towards affordable housing initiatives, including the Multi-Unit Residential Acquisition (MURA) program.
How to Declare Your Homes Occupancy Status
Owners of properties in Toronto that are classified within the residential property tax class are required to declare occupancy status every year and can do so by visiting the City of Torontos Vacant Home Tax Portal. You’ll also need the following:
Assessment Roll Number, found on your property tax statement
Customer Number, found on your property tax statement
The whole process will take less than 5 minutes, and can save you thousands in unnecessary taxes each year!
Fees Fines and Penalties Related to the Toronto Vacant Home Tax
If the declaration is not submitted by the specified deadline, the property will be considered vacant and will become subject to the Vacant Home Tax. Starting January 1, 2024, a fee of $21.24 will be imposed for failing to submit the declaration of occupancy status by the designated deadline.
Interest charges, amounting to 1.25 percent, will be applied to any outstanding Vacant Home Tax balance on the initial day of default and subsequently on the first day of each subsequent month until the outstanding taxes or charges are settled.
In case of payment default, the unpaid amount will be included in the property tax roll for the residential property and will be collected in the same manner as regular property taxes.
Any payments dishonored by a financial institution will incur a Dishonoured Cheque Processing/Non-Sufficient Funds (NSF) fee.
Failure to submit the declaration of occupancy status by the deadline may lead to a $250 fine. Additionally, making false declarations regarding occupancy status or failing to provide requested information may result in a fine of up to $10,000, in addition to the required tax payment.
Exemptions to the Vacant Home Tax
A property may be left vacant and be exempt from the Vacant Home Tax if one of the following criteria is met:
Death of a registered owner – (need to show death cert.)
Major repairs – (submit work permits and contractor receipts.)
The principal resident is in long-term care (hospital or supportive care facility)
Transfer or Legal ownership (what we just talked about… submit a copy of deed)
Occupancy for full-time employment (proof of residency outside GTA and signed letter from employer
Court order – a court order is made which prohibits occupancy of the property
Definition of Vacancy: The Toronto Vacant Home Tax identifies vacant properties based on specific criteria. Generally, a property is considered vacant if it is unoccupied for more than SIX MONTHS within a calendar year.
Tax Rates: The tax rates are structured to incentivize property owners to either occupy or rent out their vacant properties. Higher tax rates are typically applied to properties that remain vacant for more extended periods, creating a progressive system that encourages swift action.
Exemptions and Appeals: The policy also considers legitimate reasons for property vacancy, such as renovations or major repairs. Property owners can apply for exemptions, and there is an appeals process in place to address any disputes regarding the determination of vacancy.
Impact on Toronto’s Housing Landscape
The Vacant Home Tax is expected to have several positive impacts on Toronto’s housing market:
Increased Housing Availability: By discouraging long-term vacancy, the tax aims to bring more housing units into the market, increasing the overall availability of homes for residents.
Neighborhood Revitalization: The initiative is likely to contribute to the revitalization of neighborhoods by reducing the number of empty homes and fostering a sense of community.
Revenue for City Services: The tax revenue generated can be used to fund essential city services and initiatives aimed at addressing housing challenges and improving the overall quality of life for Toronto residents.
Challenges and Criticisms
While the Vacant Home Tax is seen as a step in the right direction, it has not been without its challenges and criticisms. Some property owners argue that the tax unfairly penalizes them for circumstances beyond their control, such as personal or family reasons for keeping a property vacant.
Conclusion
Toronto’s Vacant Home Tax is a bold and necessary step in addressing the city’s housing challenges. By encouraging the efficient use of available housing stock, the initiative aims to create a more dynamic and inclusive urban environment. It’s important to remember that the deadline for declaring the status of your property is the last day of February and that the property status refers to the previous year’s history.
You can get more information on the latest details of tax, as well as declare the status of your home by visiting the City of Torontos Vacant Home Tax Portal.
