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The tax is the first of its kind in Canada, requiring homeowners who do not live in or rent out their properties to pay a one per cent levy based on the assessed value of the home.

Robertson said the tax was intended to address the city’s near-zero vacancy rate.

The most recent figure from the Canadian Mortgage and Housing Corporation puts the city’s rental vacancy rate at 0.8 per cent, up slightly from the previous year, the mayor said.

Photo by Darryl Dyck/The Canadian Press

It’s unclear yet if the tax has increased the availability of rental accommodation, Robertson said, adding that the city is developing better data collection methods to monitor the impact of initiates like the tax more closely.

The city previously said about 60 per cent of properties affected by the tax are condominiums.

The tax on the properties where owners said their home was empty ranged from $1,500 to $250,000, Robertson said, noting the highest tax bill came from a $25-million home.

The funds will support the city’s affordable housing initiatives and residents can provide feedback on exactly where the money should be spent.

Robertson said increasing capacity at homeless shelters or adding to the city’s rent bank, which provides one-time interest-free loans to low-income residents in a financial crisis, are among the possible initiatives that could benefit.

The median tax due is just under $10,000 and Robertson said anyone who doesn’t pay up will face fines and have the bill added to their property taxes next year.