Toronto City Council has made the move to approve a vacant home tax, something that has been discussed for quite some time.
It passed by a vote of 24-1 and could be implemented by 2022.
The tax aims to ensure every housing unit in the city is being properly used and not bought by investors who leave them empty, only using the properties for capital gain.
It's believed it could free up thousands of properties for people living in Toronto.
The plan, as it stands now, is to impose a 1% levy on vacant homes which could result in up to $66 million in revenue for the city.
"I hope there comes a day when it doesn't raise one cent, not one cent. Because that means it will have been successful in making sure that every housing unit is being used for the purpose for which it was intended, which is for somebody to live in it," Mayor Tory said after the vote.