Estimated revenues from the Underused Housing Tax

The Underused Housing Tax (UHT) is an annual federal 1% tax on the ownership of vacant or underused housing in Canada that took effect on January 1, 2022. Since then, there has been continued interest by Parliamentarians on the expected revenues generated by the UHT. Furthermore, in November 2023 the Department of Finance release legislative and regulatory proposals designed to facilitate compliance with the UHT.

The PBO estimates that the revenues generated from this tax will be $131.7 million in fiscal year 2023-24 and $693.9 million over a 5-year period.