According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.
According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.
Right? Basically everything you buy to actually use does not appreciate in value over time. I get that mortgage is lower than rent because every problem with the house is your problem which also cost money. But it’s insane to me that after you payed your mortgage you basically have more value than you paid for.
Yeah, it wouldn’t even make sense for renting to be cheaper than buying. Most renting is from for-profit landlords. Obviously they have a mortgage, too. They’re obviously going to try to make a profit. Plus mortgage is only part of the cost of owning. There’s also property taxes and maintenance, which renting includes in the rent price.
The problems are mostly that there’s not enough supply (most commonly due to bad zoning), homeowners oppose anything that could help (cause that would reduce the value of the home they already own), and that most of these landlords are for-profit. Being for profit means they aren’t just going to charge more, but they also have a vested interest in making sure it’s more expensive and less tenant friendly.
Why wouldn’t it make sense for renting to be cheaper than buying? Would I prefer to pay $3000 in rent or $3100 in mortgage+all other fees? Even though I’d be cash flow negative by $100, I am building equity. At the end of 30 years, one person owns a home and the other doesn’t, for the difference of just $100/mo.
Renting is in fact cheaper than buying in places like Vancouver, where wages are low but real estate prices are high.
It wouldn’t make sense for a property owner to charge less to rent out an apartment than they are paying to buy it, in the same way it makes no sense to buy high and sell low on the stock market.
You need to cover your costs which includes the mortgage and maintenance fees. In the short term, those fees could be low, but when you need to get the roof or brickwork redone, suddenly you’re losing money. Why would you spend money on property only to lose money on it?
Property shouldn’t be seen as a commodity, but it also shouldn’t be a useless money sink. Who’s going to buy anything more than a single-family home if it’s just going to suck money out of you forever? There would never be any high-density housing anywhere.
The money you pay into a mortgage doesn’t evaporate. Only a portion of your mortgage is considered a cost (interest and fees and the like) the rest goes into your home equity.
If a tenants rent payment doesn’t cover all of your mortgage, taxes and maintenance it does not mean your not making a profit.
No, cash flow negative does NOT mean unprofitable!
Imagine you are a landlord that owns a $500k unit. You are renting it out for $2000, but it costs you $2001 after your mortgage, taxes, maintenance and fees. Is that worth it? Think about it this way: it costs you $1 a month to own a $500k appreciating asset. That’s a ridiculously good deal.
The reason why it can make sense that renting is cheaper (as a monthly ongoing expense) than buying is because you get less when you rent than when you buy: when you rent you merely get the right to use the property, whereas when you buy you get the right to use the property as well as the value of the asset itself.
You’re right, but it’s not because of anything innate, but because of particular choices made by your(and my) governments. There are plenty of countries on the planet with 90%+ homeownership, they’re just not typically Free Market Liberal Democracies.
It’s crazy how most of my friends are paying more for their 3 bedrooms apartment than I pay for my 5 bedrooms plus basement single home. That includes all expenses for a home owner except renovations budget. The landlords are probably abusing with skyrocket profits.
I tried explaining that a little bit back, that my house is cheaper for me to own and live in, including ALL expenses, than current apartments of much smaller size, and some person (probably a landlord) engaged in a back and forth with me basically calling me a dirty liar over and over.
I bought a house (since sold, moved cross-country) literally because it was cheaper to do so. You get the asset of the house, and cheaper mortgage payment. Went from a “2” bedroom house (the spare bedroom was slanted) house from the 1930s with windows just as old, dirt foundation, no AC, and holes in the floor for plumbing (very effective for keeping mice out…) into a 3 bedroom house for $400/month cheaper. Housing market is fucking insane over the last 5 years, if not longer.
It’s like people/companies are buying houses because “it’s the smart thing to do” against high interest rates, so they need to charge more for rent, which drives people to buy houses on higher interest rates, which pushes rent higher, and it just cycles infinitely upwards.
BoC keeps raising rates so it’s obvious that home owners have to raise their rental prices too. How else are they going to get more money out of their investments? Everyone’s fucked unless you’re rich.
How are people not just breaking into the empty places and just living rent free? Like Canada is probably as cold as here and I would die in the winter if I didn’t have a home.
The “market forces” that create that incentive is “too many people, not enough homes”. And the latter was caused by 30 years of municipal stonewalling and the Martin-era cancellation of subsidized purpose-built rental programs – that is, things were better when the government was literally subsidizing landlords.
Then fund building more homes. Why would you give money to a 3th party so they can use said money to hire someone to build more homes. I’m not Canadian but this shouldn’t be an issue you need 8D chess for, if people charge too much, put in price control or make it very expensive to have more than 1 home, if there’s not enough homes then build more.
If by co-ops this means just a bunch of people coming together that want an apartment and the government gives them money to build said apartment building that they all cooperatively own and live in then that’s an amazing policy and I would 100% support that.
(Yes, non-profit co-ops bring down prices overall, but currently any new homes are both being built too slowly and are being snapped up by corporations or private individuals so they can make money off of them. There should be ways to protect home owners’ equity while bringing down the pricing for PRIMARY home buyers.)
Exactly. Municipal governments block affordable housing construction that everyone agrees is a good idea, and everybody blames the Fed for the housing crisis, despite that they have no constitutional power to override the Municipalities (but the provinces do, but they’re happy to let the press blame the Feds while they exploit the housing crisis to give land to sprawl developers out in suburbia).
When I was renting, places were looking the combined income of everyone living there (and any personal guarantor(s)) was at least double the rent, or that you had a long rental history that showed that you could pay.
It’s simple! For me I either have to pay that much, be homeless, move to a tiny shitty city with no work in my field, or spend a year trying to find a decent place that isn’t totally unaffordable while thousands of competing potential tenants do the same to renters with vacancies. So fun!
My landlord upped my monthly rent $600 bucks this year because he’s a cunt and knows I have no fucking choice except to pay him.
Calgary is one of the best places in North America … for landlords. Tenants have basically zero protections here. Every time my landlord does something shitty and shady I look up the law and landlords always have the upper hand.
All I got was a letter stating that as per my lease agreement, my lease is over and I would have to move out by the end of the month (which was a little over 2 weeks away) or reply to the letter to accept the $1800 (previously $1200) rental price.
Example: Have bedbugs? It’s your landlords responsibility to get rid of them. If your landlord doesn’t? You can move out. That’s what the law states, even though it states it’s your landlords responsibility to get rid of them.
Well, many US landlords do a 1/3 rent rule. And I’m hearing about some doing 1/2 rent rule. So, I guess not. But they are looking to consume as much of your income as possible.
I’ll tell them to their face. That isn’t rich. I’m not arguing the money doesn’t make a difference, I’m arguing that isn’t rich. Terminology matters, and someone making 50k is in the same classification as someone making 150k from the perspective of the actually rich. Being rich means having wealth.
Conservative premiers across the country have abolished rent control and created a situation where the wealthy have several income properties ruining everything. Liberals are totally cool with it too. Tax domestic speculators. Encourage public housing at federal and provincial levels. Never vote Conservative.
While I don’t completely agree with an outright ban imo there should be strict limits to the amount of residential property a person or corporation can own.
No one should be making significant profit off of something so essential.
We should really crack down on Airbnbs. Why make $2000 a month by providing a place for someone to live when you can make $500 in one night from a tourist?
They’re supposed to fill the gap for people who can’t afford to buy, or for whom it doesn’t make sense to do so (i.e. people in town on a temporary job).
The problem is that “landlords” these days are more towards the class of “investors” who expect rents to cover the cost of their mortgage plus additional profit
There are lots of ways that gap could be filled. Landlords exist to make profit by filling that gap. They have a financial incentive to maximize returns and minimize expenses, and have the leverage to do so to an exploitative degree.
Another way to accomplish that would be through cooperatives, which are non-profit corporations that exist to provide housing. They have a mandate to maximize utility to their tenants, and have no profit incentive leading them to exploit their tenants.
I wouldn’t mind seeing more of those, but I do also remember a day when there were a lot more landlords who charged reasonable rates without becoming overpriced slumlords.
There’s always incentive to “make a profit” but often enough it was just somebody who had extra space after the kids moved out etc and got a little extra pocket money or even just a slightly less “empty nest” feeling. Some lived in half the house (usually upstairs with a basement suite rented) and a smaller few did get another, smaller place while keeping the “family home” for their kids’ return after university or whatever.
Then people started buying second, third, etc places as investments, and it became about “maximizing investment”. These kinds act like sharks, while serial bad-tenants similarly preyed on the more nieve “good” landlords causing more of them to get out of renting.
Co-ops can definitely be part of the solution, but having better controls and adequate staffing at rental regulatory boards etc would be beneficial to both sides, as well as removing pure-profit incentives.
I’ve got a house currently but I’d be ok with seeing the so-called “market values” drop to something people can afford. I’d welcome better regulation on both sides so that my kids don’t end up paying in gold for mold, but also so that I could potentially find somebody decent/trustworthy farther into the future that I could rent space to (in my home) even the kids move out - for a reasonable rate - without having to worry that they’ll destroy the place and steal the plumbing the moment they move in while I wait on 12mo for arbitration.
Looking at the current rents people are asking, I’d say a “reasonable” rate would be ½ or even ⅓ of what most are asking, but at the same time advertising low rents seems to attract a lot of sketchy people. It’s crazy.
They are the reason why people cant afford to buy. Thats a looot of buildings going for sale if you get rid of landlords. Plummeted prices and mortgage payments. Then we should be focusing from the bottom up afterwards, make sure everyone has some place to live with public housing.
Yup, so take away the ability to grossly profit off the backs of others and allow the scales to balance. There’s no reason we can’t do both by disincentivizing gouging and slumlording while at the same time increasing the creation of more affordable housing.
Hell, if a sliding-scale of fees against # of properties/profit were implemented they could use the revenue from that to help fund more affordable housing, while discouraging house-hoarding at the same time.
If you buy a 4plex for 2 million now, you have no choice to charge a high rent. But all the 8plex or 16plex from the 80s that are paid in full for years, there is no reason to go from 500$/month to 2000$/month just because
100% agree. Nothing pisses me off more than seeing somebody who bought at decades-old prices trying to justify charging thousands, while at the same time not having invested in maintaining the property (and triple that if they pushed out an existing renter or jacked up the rents on them to “keep up with rates”)
So in your mind all those new grads out getting their first jobs should just be homeless for 30 years until they can afford to buy a house? That’s a pretty harmful idea.
Youre looking at this from the current situation, corporare landlords are running amok buying all the property and only renting, decreasing the supply of houses available to buy instead of rent.
Outlawing landlords means all rental property goes up for sale, and only for people that will live there. Add on some pressure that current landlords have to sell within a few years or it goes to the state, and youre gonna have plenty of cheap houses for sale.
There is such a big divide between homeowners and renters. The average mortgage is 12.5years in, meaning payments are based on home prices from 2010, when canadian homes were 300k on average. That means that homeowners probably pay on average, 1200 a month while renters are paying double that amount. Younger generations are fucked.
In the last year my mortgage has ballooned by over 1k a month from 1600$ to 2700$. In that same period my basement tenant has seen her rent increase 0$.
Why? Because mortgage rates and affording my house are not her problem. That’s the responsibility I assumed when I bought the house. I don’t intend to raise her rent now or any time in the future.
Sadly, I keep being painted with the same brush as all the other quite frankly shitty people that call themselves landlords.
Yes, because landlords as a very base idea should not exist. Sure you’re being a “good” landlord, but the concept itself is having other people pay for the thing you own, while they get nothing of that investment.
The idea that landlords shouldn’t exist is one of the most ignorant and thoughtless rage memes going around right now. There are many many many situations where people need to rent rather than purchase, and without landlords there is no renting.
Someone has to own the building genius. That person is the landord. The only alternative to having a corporation or individual as the landlord, is having the government or a coop as a landlord. There is a place for those, but sorry I’m not for communism, that can’t be the only option as otherwise we run into the well known problems with communism, no competition leads to shit quality, which is generally what you get from government run housing.
The fact is if we seized all the rental property from landlords tomorrow it would only improve the situation in this country.
Landlords contribute nothing to the economy. They exist only to take money, make a passive income by doing pretty much nothing. Lmao, I guess they have to call a plumber every now and then, or post an ad on Kijiji
When you sell that house, what percentage of the sale will you be offering to your tenant? Their income has been helping to build your equity, and mitigating your financial burdens after all.
Being “one of the good ones” only counts for so much when the very nature of what you’re doing is exploitive.
I dont think you can be seen as a very bad landlord like the scum some are if you rent your basement in a fare manner. I believe owning multiple homes to rent them AND get a return on your “investment” when you sell them due to crazy inflation since all the homes are owned by the same groups makes them bad. I don’t know your situation so I don’t judge… Yet. lol.
Mostly millennials and GenX. It’s easy to blame boomers but they aren’t the ones buying most of the houses.
Edit: looks like this hit close to home with the “muh boomers are the root cause of all evil” crowd. This is your reminder that the youngest boomers are now 60 years old. You’re also out of your mind if you think homeowners aged 35 to 59 wouldn’t scream bloody murder if the government somehow managed to suppress home prices.
I’m an older millenial and me and my cohort didn’t have property in 2010. Took us to ~2015 to start having enough cash. Now I see people saying “that is rent is double my mortgage payment”! Not mine. Mine is still higher. Can’t wait to have to re-sign with the higher interest rate.
Not a “boo hoo, my life is hard” thing, I see what side of the rift I managed to get on, but it’s not totally rosy either for us late movers.
I’m in the 35-59 year old bracket and desperately want home prices to drop. I’ve done everything our parent’s generation said to do to succeed and the goalposts move faster than I can make money.
When two adults making low six figures can’t qualify for an average home, something is deeply deeply broken in this country.
The shitty part is there’s no one in government who gives half a shit about it to actually do something.
Who knows how many politicians at the municipal level are landlords.
Politicians have a clear, genuine interest to continue the system as is, so they can continue to make money off this. Add in the fact, that home ownership is considered the sacred cow of the investments and nothing can happen to that investment.
Guess what? People lose money on investments on all the time.
Millenials and GenX are still working on their 40-50 year mortgages. Boombers paid off their 20-30 year mortgages ages ago. Housing prices have to stay high, because that is Boomer’s retirement investment. If housing prices crash, instead of homeless young people we have starving Boomers.
This coincides with a 1.8 per cent rise in average asking rents in Canada from June, representing the most substantial month-over-month growth observed in the past eight months.
These include post-secondary students rushing to secure leases before the fall term, a notable increase in the population, and a slowdown in home-buying activities, largely attributed to the Bank of Canada’s decision to raise interest rates.
Data shows that in July, the average asking rents for purpose-built and condominium apartments broke the $2,000 threshold for the first time, settling at $2,008.
Analyzing the data regionally, Alberta continued to lead the provinces in annual rent growth for purpose-built and condominium apartments for the third consecutive month in July.
The report shows that Quebec maintained its position as the second-highest province for annual rent growth in the country for the second consecutive month, with an increase of 13.7 per cent.
recorded average asking rents for purpose-built and condominiums at $3,114, achieving the fastest annual growth rate in the country at an impressive 32.1 per cent in July.
The original article contains 1,006 words, the summary contains 173 words. Saved 83%. I’m a bot and I’m open source!
In the US, they assign doctors to evaluate you, only to see you literally struggling to walk/balance yourself, and be told you could “probably work at least 4-8 hours a week, no disability for you, moocher”.
Nevermind that even if said mythical 4-8 hour/week, remote job existed, the pay wouldnt cover jack shit…
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That’s substantially more than my mortgage payment.
Almost double mine. Meanwhile, my home’s value has increased by like 50% since 2019. It’s insane, untenable, and unjust.
Right? Basically everything you buy to actually use does not appreciate in value over time. I get that mortgage is lower than rent because every problem with the house is your problem which also cost money. But it’s insane to me that after you payed your mortgage you basically have more value than you paid for.
But honestly, good on you.
$2000+ a month for rent on average is crazy, but rent has always been higher than most mortgage payments, though. Often by a lot.
The biggest benefit to renting is that it doesn’t require a $50,000+ down payment and $10,000+ “repair bombs” every once in a while 😵
Yeah, it wouldn’t even make sense for renting to be cheaper than buying. Most renting is from for-profit landlords. Obviously they have a mortgage, too. They’re obviously going to try to make a profit. Plus mortgage is only part of the cost of owning. There’s also property taxes and maintenance, which renting includes in the rent price.
The problems are mostly that there’s not enough supply (most commonly due to bad zoning), homeowners oppose anything that could help (cause that would reduce the value of the home they already own), and that most of these landlords are for-profit. Being for profit means they aren’t just going to charge more, but they also have a vested interest in making sure it’s more expensive and less tenant friendly.
Why wouldn’t it make sense for renting to be cheaper than buying? Would I prefer to pay $3000 in rent or $3100 in mortgage+all other fees? Even though I’d be cash flow negative by $100, I am building equity. At the end of 30 years, one person owns a home and the other doesn’t, for the difference of just $100/mo.
Renting is in fact cheaper than buying in places like Vancouver, where wages are low but real estate prices are high.
It wouldn’t make sense for a property owner to charge less to rent out an apartment than they are paying to buy it, in the same way it makes no sense to buy high and sell low on the stock market.
You need to cover your costs which includes the mortgage and maintenance fees. In the short term, those fees could be low, but when you need to get the roof or brickwork redone, suddenly you’re losing money. Why would you spend money on property only to lose money on it?
Property shouldn’t be seen as a commodity, but it also shouldn’t be a useless money sink. Who’s going to buy anything more than a single-family home if it’s just going to suck money out of you forever? There would never be any high-density housing anywhere.
The money you pay into a mortgage doesn’t evaporate. Only a portion of your mortgage is considered a cost (interest and fees and the like) the rest goes into your home equity.
If a tenants rent payment doesn’t cover all of your mortgage, taxes and maintenance it does not mean your not making a profit.
No, cash flow negative does NOT mean unprofitable!
Imagine you are a landlord that owns a $500k unit. You are renting it out for $2000, but it costs you $2001 after your mortgage, taxes, maintenance and fees. Is that worth it? Think about it this way: it costs you $1 a month to own a $500k appreciating asset. That’s a ridiculously good deal.
The reason why it can make sense that renting is cheaper (as a monthly ongoing expense) than buying is because you get less when you rent than when you buy: when you rent you merely get the right to use the property, whereas when you buy you get the right to use the property as well as the value of the asset itself.
I will never rent long term ever again, thank God I bought a house.
Sadly… You are very lucky you were able to buy a house… Majority now, will never know that luxury which should be considered a human right.
The majority were never going to own a home to begin with.
By design. It didn’t have to be this way
You’re right, but it’s not because of anything innate, but because of particular choices made by your(and my) governments. There are plenty of countries on the planet with 90%+ homeownership, they’re just not typically Free Market Liberal Democracies.
Same thing happening here in Oregon. Homeless people are everywhere.
These homeless just lacking enough personal responsibility to do the boot strap pulling
Gotta buy those boot straps first though.
Just learn Python and buy a house.
It’s crazy how most of my friends are paying more for their 3 bedrooms apartment than I pay for my 5 bedrooms plus basement single home. That includes all expenses for a home owner except renovations budget. The landlords are probably abusing with skyrocket profits.
I tried explaining that a little bit back, that my house is cheaper for me to own and live in, including ALL expenses, than current apartments of much smaller size, and some person (probably a landlord) engaged in a back and forth with me basically calling me a dirty liar over and over.
I bought a house (since sold, moved cross-country) literally because it was cheaper to do so. You get the asset of the house, and cheaper mortgage payment. Went from a “2” bedroom house (the spare bedroom was slanted) house from the 1930s with windows just as old, dirt foundation, no AC, and holes in the floor for plumbing (very effective for keeping mice out…) into a 3 bedroom house for $400/month cheaper. Housing market is fucking insane over the last 5 years, if not longer.
It’s like people/companies are buying houses because “it’s the smart thing to do” against high interest rates, so they need to charge more for rent, which drives people to buy houses on higher interest rates, which pushes rent higher, and it just cycles infinitely upwards.
BoC keeps raising rates so it’s obvious that home owners have to raise their rental prices too. How else are they going to get more money out of their investments? Everyone’s fucked unless you’re rich.
How are people not just breaking into the empty places and just living rent free? Like Canada is probably as cold as here and I would die in the winter if I didn’t have a home.
Exactly what’s going on in Spain. And if it’s your main place of residence it’s legal.
Based Spain
The number of empty places is vastly overstated by people looking for somebody to blame instead of market forces.
Probably a good idea to block market forces that incentiveise corpos from buying up all homes, creating a generation that can’t afford to own a home.
The “market forces” that create that incentive is “too many people, not enough homes”. And the latter was caused by 30 years of municipal stonewalling and the Martin-era cancellation of subsidized purpose-built rental programs – that is, things were better when the government was literally subsidizing landlords.
Then fund building more homes. Why would you give money to a 3th party so they can use said money to hire someone to build more homes. I’m not Canadian but this shouldn’t be an issue you need 8D chess for, if people charge too much, put in price control or make it very expensive to have more than 1 home, if there’s not enough homes then build more.
Municipal government says no.
https://twitter.com/HousingNowTO/status/1441922859358724098
(housing now to is an affordable housing org that builds subsidized housing)
You do need 8D chess if the king can’t control the pawns and the pawns don’t want to move.
If by co-ops this means just a bunch of people coming together that want an apartment and the government gives them money to build said apartment building that they all cooperatively own and live in then that’s an amazing policy and I would 100% support that.
In case you’re interested, I saw a great vid recently about co-ops as a solution to the housing crisis: https://www.youtube.com/watch?v=sKudSeqHSJk
(Yes, non-profit co-ops bring down prices overall, but currently any new homes are both being built too slowly and are being snapped up by corporations or private individuals so they can make money off of them. There should be ways to protect home owners’ equity while bringing down the pricing for PRIMARY home buyers.)
Exactly. Municipal governments block affordable housing construction that everyone agrees is a good idea, and everybody blames the Fed for the housing crisis, despite that they have no constitutional power to override the Municipalities (but the provinces do, but they’re happy to let the press blame the Feds while they exploit the housing crisis to give land to sprawl developers out in suburbia).
Seriously, who tf are they renting to? There aren’t that many rich people.
People are spending most of their income on housing
I’m American, but I can’t find a place to rent that doesn’t demand an income of 3x rent. Is that not a thing in Canada?
When I was renting, places were looking the combined income of everyone living there (and any personal guarantor(s)) was at least double the rent, or that you had a long rental history that showed that you could pay.
It’s simple! For me I either have to pay that much, be homeless, move to a tiny shitty city with no work in my field, or spend a year trying to find a decent place that isn’t totally unaffordable while thousands of competing potential tenants do the same to renters with vacancies. So fun!
My landlord upped my monthly rent $600 bucks this year because he’s a cunt and knows I have no fucking choice except to pay him.
Huh? Which province?
Sorry I’m late with this response, but Alberta
Well, how’d they up the rent by $600? Is there no rent control in Alberta?
Calgary is one of the best places in North America … for landlords. Tenants have basically zero protections here. Every time my landlord does something shitty and shady I look up the law and landlords always have the upper hand.
All I got was a letter stating that as per my lease agreement, my lease is over and I would have to move out by the end of the month (which was a little over 2 weeks away) or reply to the letter to accept the $1800 (previously $1200) rental price.
Example: Have bedbugs? It’s your landlords responsibility to get rid of them. If your landlord doesn’t? You can move out. That’s what the law states, even though it states it’s your landlords responsibility to get rid of them.
Damn. Alberta is really crap. But I’ve heard that in cities at least like Edmonton or Calgary at least the supply is there for housing.
I had another comment typed before I realized that they don’t need to fill every room if they have a small fraction paying their rates.
It’s fucking f2p whale economics without the f2p. Nothing against you.
News alert: 2000 isn’t “rich.”
It is to most if you’re oberying the 1/4 rent rule. That means you’re making close to $100k/year, and that’s a lot for a lot of people.
Nobody observes the 1/4 rule do they lol
Well, many US landlords do a 1/3 rent rule. And I’m hearing about some doing 1/2 rent rule. So, I guess not. But they are looking to consume as much of your income as possible.
Yeah that ain’t rich.
Tell that to people who have a combined household income of $50k-$75k. Big difference.
I’ll tell them to their face. That isn’t rich. I’m not arguing the money doesn’t make a difference, I’m arguing that isn’t rich. Terminology matters, and someone making 50k is in the same classification as someone making 150k from the perspective of the actually rich. Being rich means having wealth.
How many rooms is that and how much percentage of the average wage would that be?
Conservative premiers across the country have abolished rent control and created a situation where the wealthy have several income properties ruining everything. Liberals are totally cool with it too. Tax domestic speculators. Encourage public housing at federal and provincial levels. Never vote Conservative.
Tbf rent control doesn’t solve the problem of scarcity.
What scarcity? Nobody is homeless waiting for housing to be built. Redistribute what has been hoarded.
The scarcity that is being measured in units of dollars here.
Dead country
2078? Fucking bargoon. Paying 2200 for a one bedroom in Surrey BC.
Just saw that Surrey has the highest crime rate per capita as well! So at least you have that going for ya.
Gonna take a gander that those two things are related at this point
Landlords should be outlawed. They provide no service to society, only harm
While I don’t completely agree with an outright ban imo there should be strict limits to the amount of residential property a person or corporation can own.
No one should be making significant profit off of something so essential.
We should really crack down on Airbnbs. Why make $2000 a month by providing a place for someone to live when you can make $500 in one night from a tourist?
Make property ownership a shit investment.
Cap revenue from rent to 5-10%. Tax the living fuck out of empty properties so they’ll take someone, anyone. Tax higher the more properties they own.
Also outright ban AirBnB and make it so corporations are not allowed to own houses.
Yes please, houses are for people, corporations have no business (heh) owning houses.
AirBnB is exacerbating the problem, they need to be regulated to hell or outright banned.
Landlords only buy property as an investment vehicle. You cant keep landlords and not have housing being a money making scheme.
They’re supposed to fill the gap for people who can’t afford to buy, or for whom it doesn’t make sense to do so (i.e. people in town on a temporary job).
The problem is that “landlords” these days are more towards the class of “investors” who expect rents to cover the cost of their mortgage plus additional profit
There are lots of ways that gap could be filled. Landlords exist to make profit by filling that gap. They have a financial incentive to maximize returns and minimize expenses, and have the leverage to do so to an exploitative degree.
Another way to accomplish that would be through cooperatives, which are non-profit corporations that exist to provide housing. They have a mandate to maximize utility to their tenants, and have no profit incentive leading them to exploit their tenants.
I wouldn’t mind seeing more of those, but I do also remember a day when there were a lot more landlords who charged reasonable rates without becoming overpriced slumlords.
There’s always incentive to “make a profit” but often enough it was just somebody who had extra space after the kids moved out etc and got a little extra pocket money or even just a slightly less “empty nest” feeling. Some lived in half the house (usually upstairs with a basement suite rented) and a smaller few did get another, smaller place while keeping the “family home” for their kids’ return after university or whatever.
Then people started buying second, third, etc places as investments, and it became about “maximizing investment”. These kinds act like sharks, while serial bad-tenants similarly preyed on the more nieve “good” landlords causing more of them to get out of renting.
Co-ops can definitely be part of the solution, but having better controls and adequate staffing at rental regulatory boards etc would be beneficial to both sides, as well as removing pure-profit incentives.
I’ve got a house currently but I’d be ok with seeing the so-called “market values” drop to something people can afford. I’d welcome better regulation on both sides so that my kids don’t end up paying in gold for mold, but also so that I could potentially find somebody decent/trustworthy farther into the future that I could rent space to (in my home) even the kids move out - for a reasonable rate - without having to worry that they’ll destroy the place and steal the plumbing the moment they move in while I wait on 12mo for arbitration.
Looking at the current rents people are asking, I’d say a “reasonable” rate would be ½ or even ⅓ of what most are asking, but at the same time advertising low rents seems to attract a lot of sketchy people. It’s crazy.
They are the reason why people cant afford to buy. Thats a looot of buildings going for sale if you get rid of landlords. Plummeted prices and mortgage payments. Then we should be focusing from the bottom up afterwards, make sure everyone has some place to live with public housing.
Yup, so take away the ability to grossly profit off the backs of others and allow the scales to balance. There’s no reason we can’t do both by disincentivizing gouging and slumlording while at the same time increasing the creation of more affordable housing.
Hell, if a sliding-scale of fees against # of properties/profit were implemented they could use the revenue from that to help fund more affordable housing, while discouraging house-hoarding at the same time.
Outlawing landlords gets rid of price gouging and slumlords. You cannot own property you dont live in, period.
Public housing in the Viennese style is the proper way to handle this.
Always has been.
If you buy a 4plex for 2 million now, you have no choice to charge a high rent. But all the 8plex or 16plex from the 80s that are paid in full for years, there is no reason to go from 500$/month to 2000$/month just because
100% agree. Nothing pisses me off more than seeing somebody who bought at decades-old prices trying to justify charging thousands, while at the same time not having invested in maintaining the property (and triple that if they pushed out an existing renter or jacked up the rents on them to “keep up with rates”)
So in your mind all those new grads out getting their first jobs should just be homeless for 30 years until they can afford to buy a house? That’s a pretty harmful idea.
Youre looking at this from the current situation, corporare landlords are running amok buying all the property and only renting, decreasing the supply of houses available to buy instead of rent.
Outlawing landlords means all rental property goes up for sale, and only for people that will live there. Add on some pressure that current landlords have to sell within a few years or it goes to the state, and youre gonna have plenty of cheap houses for sale.
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There is such a big divide between homeowners and renters. The average mortgage is 12.5years in, meaning payments are based on home prices from 2010, when canadian homes were 300k on average. That means that homeowners probably pay on average, 1200 a month while renters are paying double that amount. Younger generations are fucked.
My landlord pays 1200$ for her mortgage and I pay 1000$ fir renting the mold infested basement !
In the last year my mortgage has ballooned by over 1k a month from 1600$ to 2700$. In that same period my basement tenant has seen her rent increase 0$.
Why? Because mortgage rates and affording my house are not her problem. That’s the responsibility I assumed when I bought the house. I don’t intend to raise her rent now or any time in the future.
Sadly, I keep being painted with the same brush as all the other quite frankly shitty people that call themselves landlords.
Yes, because landlords as a very base idea should not exist. Sure you’re being a “good” landlord, but the concept itself is having other people pay for the thing you own, while they get nothing of that investment.
The idea that landlords shouldn’t exist is one of the most ignorant and thoughtless rage memes going around right now. There are many many many situations where people need to rent rather than purchase, and without landlords there is no renting.
Rentals can (and should!) exist without landlords.
Someone has to own the building genius. That person is the landord. The only alternative to having a corporation or individual as the landlord, is having the government or a coop as a landlord. There is a place for those, but sorry I’m not for communism, that can’t be the only option as otherwise we run into the well known problems with communism, no competition leads to shit quality, which is generally what you get from government run housing.
The fact is if we seized all the rental property from landlords tomorrow it would only improve the situation in this country.
Landlords contribute nothing to the economy. They exist only to take money, make a passive income by doing pretty much nothing. Lmao, I guess they have to call a plumber every now and then, or post an ad on Kijiji
Bro, you’re a scalper. Landlords shouldn’t exist.
Name a single situation that couldn’t be solved in any other system
When you sell that house, what percentage of the sale will you be offering to your tenant? Their income has been helping to build your equity, and mitigating your financial burdens after all.
Being “one of the good ones” only counts for so much when the very nature of what you’re doing is exploitive.
I dont think you can be seen as a very bad landlord like the scum some are if you rent your basement in a fare manner. I believe owning multiple homes to rent them AND get a return on your “investment” when you sell them due to crazy inflation since all the homes are owned by the same groups makes them bad. I don’t know your situation so I don’t judge… Yet. lol.
The consequence of Boomer “I got mine” mentality
Mostly millennials and GenX. It’s easy to blame boomers but they aren’t the ones buying most of the houses.
Edit: looks like this hit close to home with the “muh boomers are the root cause of all evil” crowd. This is your reminder that the youngest boomers are now 60 years old. You’re also out of your mind if you think homeowners aged 35 to 59 wouldn’t scream bloody murder if the government somehow managed to suppress home prices.
I’m an older millenial and me and my cohort didn’t have property in 2010. Took us to ~2015 to start having enough cash. Now I see people saying “that is rent is double my mortgage payment”! Not mine. Mine is still higher. Can’t wait to have to re-sign with the higher interest rate.
Not a “boo hoo, my life is hard” thing, I see what side of the rift I managed to get on, but it’s not totally rosy either for us late movers.
I’m in the 35-59 year old bracket and desperately want home prices to drop. I’ve done everything our parent’s generation said to do to succeed and the goalposts move faster than I can make money.
When two adults making low six figures can’t qualify for an average home, something is deeply deeply broken in this country.
The shitty part is there’s no one in government who gives half a shit about it to actually do something.
I completely agree. It’s practically sociopathic at this point. And I say this as someone who bought a house 12 years ago that has “doubled” in value.
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Politicians owning real estate is a conflict of interest
Individual Canadians buying additional properties are definitely adding to the problem and should be taxed very very heavily.
Approximately 40% of MPs are landlords.
Approximately 20% of Ontario MPPs are landlords.
More information for the provincial politicians.
Who knows how many politicians at the municipal level are landlords.
Politicians have a clear, genuine interest to continue the system as is, so they can continue to make money off this. Add in the fact, that home ownership is considered the sacred cow of the investments and nothing can happen to that investment.
Guess what? People lose money on investments on all the time.
Millenials and GenX are still working on their 40-50 year mortgages. Boombers paid off their 20-30 year mortgages ages ago. Housing prices have to stay high, because that is Boomer’s retirement investment. If housing prices crash, instead of homeless young people we have starving Boomers.
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This is the best summary I could come up with:
This coincides with a 1.8 per cent rise in average asking rents in Canada from June, representing the most substantial month-over-month growth observed in the past eight months.
These include post-secondary students rushing to secure leases before the fall term, a notable increase in the population, and a slowdown in home-buying activities, largely attributed to the Bank of Canada’s decision to raise interest rates.
Data shows that in July, the average asking rents for purpose-built and condominium apartments broke the $2,000 threshold for the first time, settling at $2,008.
Analyzing the data regionally, Alberta continued to lead the provinces in annual rent growth for purpose-built and condominium apartments for the third consecutive month in July.
The report shows that Quebec maintained its position as the second-highest province for annual rent growth in the country for the second consecutive month, with an increase of 13.7 per cent.
recorded average asking rents for purpose-built and condominiums at $3,114, achieving the fastest annual growth rate in the country at an impressive 32.1 per cent in July.
The original article contains 1,006 words, the summary contains 173 words. Saved 83%. I’m a bot and I’m open source!
Here’s your reminder that Ontario expects disabled people to live on 13k a year.
And our retirement pension is 760$/month in Canada, lol? At 65yo we will all live in the street
In BC it’s 18k a year for comparison.
That’s interesting, thanks
If they are lucky. Getting disability anything requires 90% luck and a doctor who “has the time” to sign a few documents.
In the US, they assign doctors to evaluate you, only to see you literally struggling to walk/balance yourself, and be told you could “probably work at least 4-8 hours a week, no disability for you, moocher”.
Nevermind that even if said mythical 4-8 hour/week, remote job existed, the pay wouldnt cover jack shit…