By Mike BrownPublished March 20, 2019 11:02:55Toronto’s condo market is expected to see a big boost from a $6 million condo tax increase, the city said Tuesday.
The tax increase will take effect March 31 and will go into effect as a new “residential condo tax” that is levied on all new units in Toronto.
The $6-million increase will be charged on all condos up to three bedrooms.
It will take $8 million out of the city treasury in the first year, and $11 million out in 2019.
The provincial government will contribute $6 to the project, while the city will take a 30 per cent share of the additional tax revenue.
A total of $9.2 million will be used to offset costs for improvements to the condo buildings.
The city says the condo tax will generate $8.3 million in new condo construction over the first five years.