Each year, every owner of residential property will have to make a property status declaration. This will determine if the property is subject to the Empty Homes Tax, also known as the Vacancy Tax.

If there is a correction to the schedule of unit entitlement, the voting rights or the schedule of interest on destruction, that will require a unanimous vote by the owners at a general meeting.

While the country’s two most expensive real estate markets have both been hit hard by higher interest rates and tougher mortgage regulations, the data suggest Toronto is faring better and showing signs of stabilizing, while Vancouver continues its slide.