Toronto Mayoral Candidate Chow Touts Plan to Increase Tax on Expensive Real Estate to Build Affordable Housing

Houses under construction in Toronto in a file photo. Graeme Roy/The Canadian Press

TORONTO—Olivia Chow, a former federal NDP MP and now one of the frontrunners in Toronto’s municipal by-election, reiterated her campaign promise on May 24 to increase taxes on expensive real-estate purchases in the city and use the public revenue to build more affordable housing units if she is elected mayor.

Chow made the comments during a mayoral debate hosted by the Toronto Alliance for Performing Arts at the Young People’s Theatre in downtown Toronto on May 24.

Joining Chow at the debate were four other candidates running for mayor: former deputy mayor Ana Bailão, city councillor Brad Bradford, former Ontario Liberal Party deputy leader Mitzie Hunter, and city councillor Josh Matlow.

The debate’s invitees were chosen from the top 6 polling candidates in the Toronto Star’s Mayor By-election Poll Tracker as of May 15.

All five candidates attending the debate focused on issues related to the city’s housing crisis and funding for its arts and culture sector, with the latter being the debate’s subject.

Chow used the opportunity to speak more about her “City Homes Plan,” by which she promises to have the city build 25,000 rent-controlled homes over the next eight years.

Chow said that by putting an extra tax on the purchases of expensive homes that sell in the range of $5 million to $10 million, the city will have the necessary funding to build “affordable housing.”

All candidates present at the debate commented on Toronto’s need for more affordable real estate and said the issue is causing the city’s arts sector to decline as housing is too expensive for the average career artists.

“I don’t want artists in this city to have to move to Hamilton,” said Bradford, who has spent a term on Toronto’s city council. As part of his campaign, Bradford has promised to convert the city’s empty office spaces into affordable housing units.

Candidate Josh Matlow took another position, saying that he would call on the federal government to introduce a “basic income guarantee” for individuals working in Toronto’s arts and culture sector if elected mayor. He added that he would also remove fees for street performers.

In terms of Toronto’s housing affordability crisis, all candidates have introduced varying plans to address the issue.

Mark Saunders, the Toronto Police Service’s former chief and another top candidate in the mayoral election race, didn’t attend the debate. Saunders has said that he will remove property taxes from affordable housing units in future developments.

Candidate Anthony Furey, a longtime journalist and political commentator, has promised to eliminate the municipal land transfer tax for first-time home buyers if elected mayor.

Toronto’s mayoral by-election date is set for June 26.