Priced out of the rental market
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- čas přidán 2. 03. 2017
- Young Canadians are being priced out of the rental market. It's a major problem for those potential renters, but also for the cities they want to call home
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This is why it should not be frowned upon for living with your parents longer.
It seems its mainly the whites that make the most deal out of this. When i told my co workers my children (mid 20s) still lives with me, they pretty much shame me. But I do not care because looking at her children, they are renting and struggling hard. My children are saving up for a healthy down payment and investing while they save. My son doesnt even get invited to their friends place anymore as they had to move back to their parents place and we know they are embarrassed about this.
As an Asian, living with one's parents is very cost-effective since aside from saving money, parents have someone to also take care of them. Well, it is an Asian thing to take care of one's parents after they have taken good care of you. Plus the extended family phenomenon solves the issue of childcare as well. There is also less depression on family members as they all try to help one another and learn to cooperate. Of course, it is not all positive because of the complexity of human behavior and relationship, but that is life. We do not live in a vacuum. Yes, we are all individuals but we also live in communities and no man or woman or LGBTQwhatever is an island. Being too individualistic is as much a problem as being too tribal or communal. Extremes are never a better option.
Rental prices okay in Horse country’s. Abbotsford + chillwack (Maple Park) Nemo (Nanaimo) & Hamilton county + KW. Barrie, Not much too do in both.
For city slickers.
city sickness may apply
In pretty much the the entire world, people stay at home until they start a family (and in some places, even after). It's only in North America with both western culture, _and_ tons of space (so not England) that kids want to get their own place as soon as they can to have their "freedom" and parents want to kick their kids out as soon as possible to have _their_ freedom (why'd they even have them? 😒).
@@user-vn7ce5ig1z In other words, "western" white people and culture is what shames this; however, the times have changed and I don't think it's considered as such any longer amongst most.
Vote by leaving. Pretty simple. That's what I did.
Aren Patel life is better in New Mexico
Those 3 young people should get together, pool their money and buy a multi-level house for themselves.
Same. I moved to Alberta for work 11 years ago. I could never afford to buy in Toronto.
1275 to 1700? thats crazy. In Vancouver, even though rent is high, year over year increases are capped, 2017 increases are maxed at 3.7%
Lived at home til 29. Bought a 1+1 condo in Willowdale putting a 38% down payment. Really, living at home is the most realistic way to save these days, esp with student debt, inflating bills, and a lot of other things...
Solution: buy, dont rent. If you can't afford to buy, move home with mom and dad. save.
"We don't want Toronto to be a city of the rich" - then retroactively tax foreign investors at 40-50%. Reinstate rent control. Actually look out for Torontonians first!
or event better, block foreigners to own properties here; don't spend money in my country, you won't own it!! If the Canadian land is own by foreigners, it does not belong to Canada anymore. Try to own land in China!! lol
Taxing foreign ownership of property will increase rent, guys. The owners will shift the increased tax burden onto the renters and raise their rent to keep their profit going.
Can’t do that. Trudeau puts foreigners first. Don’t you remember? Diversity is our strength.
Why can Chinese people own land and building in Canada? I'm sure I would have a problem owning land or a building in china
What happens to free market principals? Is Canada even a capitalist society anymore?
It's that same inter-generationnal lack of cohesion that will crater Vancouver as well. What happens when the old generation tries to sell their homes , most of which were refi'ed during the bubble, to a generation still smacking its head against a 50k glass ceiling and paying old student debt? Answer: We'll all find out in about 7 years.
lots of dirt cheap housing, or more foreign investors
I'm betting on option 2. They don't actually care if anyone can afford to rent the apartments, because to them the city is just a giant bank full of house-sized safe deposit boxes, used to hide their corruption money from government officials back home. If the entire city empties out of jobs and people because literally nobody can afford it, the Chinese, or Russian, or Saudi, or Azeri, or whatever other nationality billionaires don't really care, because the house will still hold its value as long as demand exceeds supply. As long as they own all of the supply, they can guarantee that forever. If the government still refuses to get involved because they think fair property taxes are Communism, that's fine, I hope they enjoy ruling over an empty city.
If they can they'l definitely sell them to foreign investors, but then again let's remember these people are investors. They're buying our houses now because it's a safe bet. They've been averaging a 20% increase for a number of years, that with rent prices makes it attractive. But when interest rates rise and baby boomers start selling how are young people going to afford the prices? They're not, not at these rates. So from an investors perspective you'll be entering a downward trend, why would you want to invest your money if things look like they're going downhill? Investors probably wouldn't. But..
there are always the money laundering 'foreign investors' one, actually bought my grandfather's house in Mississauga for 850k.. some guy from Sri Lanka who bought it without a loan. It's been 3 years and occasionally I'll drive by it and it's covered in vegetation, clearly no one living there. There are some entire streets that are bought out like this by these 'investors'. But if you were a legitimate investor why wouldn't you be renting out the house instead of leaving it empty? They're not legitimate, that's why they don't want a paper trail.
@@mrubuntuking5257 ooh! 👏🏼👏🏼👏🏼🔥🔥🔥👀👍🏽👌🏼🎯🎯🎯🎯🎯
Good luck Boomers selling your $1m+ houses to these people...
Dave Murphy they sell them to offshore buyers because no one local can buy them. They either get rented by offshore landlords, or sit empty, or are demo’d by property developers who then sell floors to offshore buyers.
It’s sad because it looks to many like there isn’t a problem selling, but the effects on the communities & people who work here but can’t buy in a falsely inflated market is staggering & terrible. I’ve watched nearly everyone I grew up with move away. I pay a “reasonable rent” of 60% of my take home income.
The Chinese will buy
Trudeau will import lots of Chinese billionaires to buy them. Get ready for even more of these rude people spitting all over the place.
Dave Murphy
For the fortunate few, they will inherit those houses. Trouble is, property taxes will do them in.
If locals cant buy them, it will be purchased by international buyers. Look at other big cites in US, Europe etc... they have it worse. 600sqft flat can be several millions today. So Toronto is cheap compared to larger cities.
I'm surprised that a downtown apartment was that cheap in a major city in the first place. If you live in San Fran or Manhattan that's a steal.
Foreign investment is driving up property prices. There should be a law that says you're only allowed to own a house unless you are a citizen of that country and have lived there for five years.
I wish we had that in the us
As an American, I'm surprised that this is happening in Toronto! I used to think that only American cities suffered like this!
So many people want to leave Canada, it’s terrible living here. Prices to live including food, living and car expenses are too much
I moved out of the city years ago. I now live in the country and LOVE IT!! I saved $700 a month in disposable income. VOTE BY MOVING OUT! I did.
welcome to Canada lower your expectations in life half the country it used to be.
im 25 single and live with parents. I use to be upset about my situation.
But overtime, I don't really care
zeldera same here. 24 and do good enough to live easily with a modest income in Denver
Lack of ambition. Who the hell actually wants to live with their parents indefinitely.
@@dportal844 You are COMPLETLY tone deaf. Living with parents whether you want to or not in a ridiculous housing price era cannot be called a lack of ambition. In fact, trying to afford a bubble home is stupidity.
I’m 27 and the more I look around the more I’m like screw it I will live with my family and travel
Low vacancies? I don't buy it. Shift of foreign investors from BC spiked prices within few weeks by 21%. Pre bubble condition.
People need to remember there are more than three or four cities in Canada. We need to stop all trying to move into the main cities, living on top of each other. We have a huge country!
wait there is more than 3 cities in canada
If you don't have a job in those other cities you can't move there though. A lot of people would love to move to a mid sized or smaller town but, cannot do so because there are no jobs for them there.
Freeb Ca There is a lack of labour in many parts of the country!
Create jobs be daring and starve a little especially if your young and alone
I used to live in Ottawa. I ended up homeless because I simply couldn't afford rent _anywhere._ I moved to Windsor because it had the cheapest rent I could find, so now I get to live in a city with no services, no culture, no arts, no luxuries, no jobs, and no prospects. There are 11 buses for the entire city, and in the winter they use the sidewalks to pile snow from the roads; good luck walking anywhere. They used to call Windsor "Rose City," which baffled me because there isn't a rose anywhere. Turns out the city is so poor they couldn't afford to maintain the flower beds they used to plant, so they just gravelled them over.
So long as landlording is legal and people who were born with capital can use it to enslave those who weren't, you're going to see the same ghettoization recapitulated again and again.
Air B&B + foreign money not helping either
AirBnB is more feasible if you have your own house. Most lease agreements don't allow tenants to start charging for rent. Most places, if your "guest" stays for an extended period of time, they'll ultimately have to pay the rent of the rental property they're staying in and go from being just a "guest" to an actual tenant.
Dan Wallace ABB is a result, not the cause. Don’t get it twisted.
Jo P There is no data to support that at all.
Jo P That isn’t data. Here’s mine: I’ve been in and out of Vancouver and Toronto since the early 1980’s and investment has consistently returned cost of living increases year over year. Prior to any short term rental website opening - Development outstripped affordability a loooong time ago.
Jo P That’s responsibility of the owner to properly vet out guests in advance. Not all of them are qualified to be in that marketplace.
Rent is getting crazy. Buying is also crazy. I'm also looking to move to an area less developed. We just need more jobs to move to those areas. Even distribution.
$500 increase? wtf.
sepiw losyl usery at its finest. which is 100% illegal by the way!
Supply and Demand. There's an attitude of "if you move to Canada you have to live in Toronto or Vancouver". Then we get hit by constant news that people can't afford to live there on minimum/low wages.
I agree with supply and demand but this housing market is an artificial bubble fueled by the 0.01% in China and India. Its not a natural market.
That's because minimum wages are slave wages. No one who works 40 hours a week should struggle to make ends meet. Minimum wage should have you in the lap of luxury, but it also shouldn't mean you have to use the food bank.
7 years ago. Nowadays 1700 will maybe get you a bedroom in a shared apartment. Or you can share a basement with 25 international students.
GREED to the maximum 🤔
I am not wealthy or even close to wealth, but rent control to ensure that you can keep your apartment downtown is a bad idea. What the government needs to do is 1) make it easy for developers to build 2) improve Ontario's deplorable transportation system.
Hello...There is a reason your parents drove an hour and a half to work every morning. They wanted a family, good schools, decent house with a yard and all that for a reasonable price. You can still do that out in the burbs, even though its less trendy now.
People saying just move out of Toronto or any big city. Once you've lived in a place like Toronto, with a 24 hour frequent public transit system and things being open, convenient and generally world class. Moving to a smaller city can be painful in a lot of ways, public transit system that is a joke comparatively. Nothing being open, things being inconvenient. Now the slower pace of a smaller city can be a really nice thing. But when it feels like the entire city is in a coma.....
Well said.
@Lone Wolf Not just that, it also saves us from having to pay for a car, car insurance, gas, etc.
My prediction of Toronto future is that more and more people will eventually had to leave the city specially the young and the retired. The cost is not feasible to sustain with current inflation of housing and rental.
Solution: move away from Toronto.
Thats too much logic in one post. People on the internet dont like logic.
If your family and friends and entire support system is in Toronto, you'll want to stay in Toronto. When my son was sick and I stayed in hospital with him for months, my family and on occasion, friends helped look after his brother and sister. When we're looking for work, we rely on our friends and family to help us. When we're depressed, we rely on our friends and family. You really think everyone should just abandon their support networks? If you're okay with that, good for you. But not everyone is able to do that.
I'm one of the lucky few millenials that owns a detached home in the GTA. How did I pull that off without the bank of Mom and Dad? I'm originally from London and used British pounds and an exchange rate to my advantage on a downpayment. My main reason for staying is that Montreal, Ottawa, Thunder Bay won't have my family and friends. It was hard enough leaving family behind in London. I'm keeping what little family I have left as close as I can.
to where Vancouver? Ha!
Move to where?
Montreal where you cant find a job, or Calgary or Vancouver where you cant even find a apartment to rent much less a job
You people think you are so smart.
so many people don't understand the country they live in
Its mostly rich kids from the suburbs of Canada that now live in Downtown Toronto.
Anyone who grew up in Toronto, either lives in Scar/North Y? Etob or else even farther away...Mississauga, Ajax, Markham etc.
Again, move out of the big cities.
For example in BC the decade long trend has been wealthy Chinese migrants moving to the province which although increases overall GDP and probably GDP per capita the problem is that all that cash goes into real-estate which inflates the cost of land and hence the overhead costs for living and doing business in the province before that money (if it ever) becomes available for most people to earn. Thus the fixed overhead of life and business has been rising at a grotesquely faster rate than incomes have been.
1275 a month for a one bedroom apartment in downtown Toronto is an AMAZING deal. 1700 a month is a much fairer price.
I find the average monthly earnings of $2500 suspiciously low.
Hope this market blows like the other bubbles.
Yes, because it will be way worse if it does not.
Probably slightly less worse than London, England with the pricing out, the rent in some areas and the bigger populous. I plan to move to move to Canada on a work visa... just finding it hard to decide on a city to live in, I like the idea of London, Hamilton, Calgary or Winnipeg.
Would love to see a "where are they now" episode of these folks in 2023.
Canada is bringing in way too many immigrants. The number of immigrants should be reduced to about 50,000 a year, not one more. The problem with immigration in Canada is that 90% of these people head to three or four major urban areas which are already overpopulated. Toronto has too many people right now and the GTA is turning into a horror story.
actually canada doesn't have enough immigration to keep up with the baby boomer generation retiring as well as the low birth rate amongst Canadians. Pick up a book dumbass. People are quick to blame immigrants to take out their frustration.
We need to stop immigrants from small towns moving into Toronto.
S G Japan has zero immigration and cares for its elderly just fine. Sounds like you’re the dumbass who knows nothing about the issue. Canada has the second highest immigration rate (per capita) in the developed world after Australia. We need a break to allow housing to cool and wages to rise.
S G Yeah, that's working out great in Europe.
This
Playground for the rich, with the poor employed in food service and sanitation for them. Toronto.
I often wonder why a lot of gov't housing is downtown? Many of those people do not work, and occupy housing that would make it much easier for a worker to get to/from work. I was born/raised in public housing (but got out of it). I know what I am saying.
I only pay $875 for my apartment in Calgary (450 sq ft) and in the heart of a trendy community just outside of downtown. :-)
That's pretty good! Most people I talk to here in Toronto call Calgary a small village! So they won't move there but I know that I will move back to Calgary once I finish my education here
I love Beltline area! I missed it so much! Wanna buy a condo there in the future. After conservatives win in federal elections I think prices will go up again but not as crazy as Toronto
' It does not get any cheaper further out just inconvenient' truly sums up Toronto.
If we look around unaffordable rent is a huge problem not just in Toronto but in every major city in the world, which is making life harder and harder and causing depression in our young generation.
Only because they can't compete with those willing and able to pay the higher prices to live in the major city.
move "farther and farther from downtown T.O in 2007 ...I relocated competly out of the province ...to Alberta Calgary to be exact! ..we don't forsee any criminal type of increase that you ontarians have seen in this latest swoop of cost increases (ie: utilites gone up 400% and your ever increasing cost of car insurance! ) it is still affodable to reside out here . feeling empathy for all of Ontario right now.
I think I may move to Edmonton. Calgary is nicer though.
Income stagnation plays a huge role in this. Workers are going to have to organize and put pressure on employers and the government if they want better incomes because it's not going to be handed over. People need to get angry and take action.
I worry that unionizing in a globalized corporate world is going to be very difficult, though I agree its very much needed now.
Income stagnation is the result of mass immigration. Canada’s immigration intake per capita is 3x higher than the US, and second highest in the world after Australia.
LavenderBlume these "young professionals " are hardly union or social protest material.
LavenderBlume I'm no economist but I dont understand why a capitalist society wants to keep us poor. Doesn't a healthy middle class stimulate the economy?
This agitation needs to be done by paid union officials funded by workers without any involvement by their immediate bosses. If someone looks for a pay-rise unilaterally they will be targeted for termination, I have seen it happen. That is why you need unions and a sense of soldarity among all workers. You do not get that in modern workers and will not get it until they are starving. Markovs pyramid of needs comes into this situation, people will not start to organise until they are pushed to the point of greatest need, when their food and water become scarce. Also in the equation are automation, outsourcing including offshore and increasing world population making workers less indispensible in a particular region. The good days are over, not only in Canada but all over the first world. Dublin, London, Vancouver etc...... also Sydney!
I would just move to a cheaper city, Edmonton, Calgary, Ottawa, Etc
People move to Toronto and Vancouver because that's where the jobs are. The rental market is pretty tough in Vancouver. But I don't agree with a lot of comments here. It's a great city and that's why it attracts so many people. Living in a city like this as a young professional, you need to make sacrifices like getting a roommate or two, budgeting your expenses, looking for career advances that will pay you more. There are always ways to make it work.
why are we letting foreign investors bid up our housing market?!?
What is life coming to? Seriously?
I thought, give me a small box to live in not a huge home. Boy was i wrong.
Can anyone convince me the world wide system isn't against humanity!? Humanity being the working class!?
@Lone Wolf. Isn't it shocking how it all happened so fast? The property value increases and cost of living the same old life?
I have the greatest admiration for people who make huge salaries.
I've worked over 12 jobs in my life at 35 and i know working will never get me rich.
Now I also have the sad realization that at this point, still constantly digging myself out of financial holes: bills, tickets, Even having to pay tax, after paying my taxes, I'm never going to be able earn a home.
I got a son, and a 2009 car, if that stops working, i literally have nothing left,
I haven't had a vacation in over 6-7 years. Work everyday. Never go to the bar, nor clubs are parties, since about 4 years.
I Am seriously looking for answers.
More Toronto and Vancouver residents should move out of their high rent apartments, buy a roomy car, and live in it.
Should never have rent control . You want the life you pay
Are the rents going up because of property taxes? Land taxes? Makes no sense. If you drive your tenants out, then who's going to take up the slack? The three young people should pool their money and buy a multi-level apartment for themselves.
You need to BUY, you need to OWN. Being a renter is being someone’s houseguest, I couldn’t sleep if I didn’t own.
Who has the 1/4 million for the down payment and enough income that a bank will give them the mortgage for a million dollar (or more) place? Because that's what a place costs to buy now. Yearly property tax on a two room condo near me is $12,000 a year....not the mortgage payments or insurance, just the property tax alone, that's a third of what many live on annually in this city.
Of course they have to start with the fact that she's a "professional" with a master's degree. Like they realize there's a lot of people without degrees or fancy careers who are suffering much more, right? Not being able to afford basic housing even with a full time job. But oh wow, now it's reaching the people who deserve NOT to live in misery? The good high-wage people?? Heavens, something must be done!
I think the purpose of the example used was to illustrate just how out of hand pricing has gotten, not to diminish the fact people are in worse situations.
Well yes, i'm sure it's "purpose" was not to diminish the suffering of the poor, that's never the conscious purpose. But by grounding their argument by using high socio-economic people there must be an underlying attitude that as long as it's only the poor who are being priced out of a secure, dignified existence that's just natural and normal and ought to be expected.
It's the same thing every time there's a recession: the media interviews middle class people who lost their jobs and have to go on welfare and visit food banks. Of course, there's millions who are forced to do that all the time, recession or not, but the target demographic of the media -- well-heeled middle class parasites -- don't care until it reaches out and touches _them._
WOW! My first job was in 1971. I was making $2.50 an hour, $400 a month. My rent for a studio apartment was $125 a month. I'd hate to start out in this day and age. Now at 67, I own my own home and it's risen 300% in value.
come to Vancouver and you'll know the true meaning of expensive rent in Canada.
Lived at 111 Chestnut St off Dundas. 750 a month for 1100 sq feet-1988-2005. Elm St 825-600 sq feet-2005-2013. Deal can be had now, got a 1 bedroom in the junction for 900- 625 sq feet.
Norwood ont is 1300 a month for an apt in Ontario ,no jobs ,no rentals ,all of Canada cities having problems ,I was born here and cannot find affordable rent horrible lies in media ,no places to live in Toronto affordable
The girl was already living the condo when she got that notice. In my province that isn't legal. After a tenant moves out, that's when they can charge whatever they like, or prove that there is some justifiable higher cost to residence that necessitates a higher rent contrary to price control.
Housing is so tight, some landlords prefer leases, and when the lease is up, the tenant is imposed a very large increase in rent and with low vacancy rates, this means that it's tough for the tenant to negotiate. Either the tenant agrees to it, or they must leave, ending the tenancy
WOW, a reporter that has put her own bias into the story. This story could have been done soo well, but NOT!
There is a looming crash in our economy, and this story completely overlooked it.
Brian McConkey your so wrong about that. the city and the province are just making poor decisions! hint hint. wynn and tory!
Need to bring wee bit of rent control back. Rents can be increased by the market rate of say 30% and not go down.
next will be Calgary
I live in Seattle......I have paid upwards of 75% of my income on rent.....I don't eat much ...had a wood stove and scavenged pallets to heat....then the couple I rented from died and their kids sold the house to a cash developer....I now live in a 30yr old RV......and friends found me a trailer park to live in...now I live in the Burrito...and have a birds eye view of the illegal immigrant issue.....you would be amazed the number of people you can fit in a rotten 70s era 5th wheel....the homeless population living in tents and RVs here is going to explode because of greed ....the almighty dollar....the parasites live well off of your labor...and could not care less who they are shaking down as long as they are getting everylast penny of your monthly take home.....its just business you understand....that's why they go to church one hour a week to absolve their conscience and feel good about profiting off of others.....greed is good.....
Revisiting 2019 and you got 210sqft. Gap between assessment and average price per sqft increase. This is a problem. Lack of transparency and agents pumping in Ontario, cause buyers to overbid.
It's it pretty easy to solve, legislation to stop foreign real estate investment it is not sustainable to let the Chinese and other nationalities to come in and buy everything out. I have nothing against immigration but come in, live in the country and participate in society. At the moment housing are being bought by for example by people from Shanghai because the Chinese government is not allowing then to buy multiple houses, they don't even live in Canada. Cities like Toronto and Vancouver are rapidly dying.
Bring in immigrants and give them all these apartments for free. That will help.
My Puritanical Opinion lol. Good one.
LOL
That’s Trudeau immigration and refugee policy right there. The Liberal hidden agenda.
What huh
roflmao this may work 🤔
I hope Ontario will extend a rent control on all rental buildings and implement, the same as BC, 15% tax on foreign purchasers. As well tax on empty dwellings.
We don't need any ghost towns here.
D S why should we have a ghost town. clearly we have bodies to fill the spaces. the problem is affordability and jobs! investing way too much on infrastructure and not enough on jobs. the reason the rentals are so high is because the renter is also paying for vacant units and that's not fair! more jobs. more renters/owners. more relief. simple!
we have bodies to fill the spaces but not to pay the price... people are so squeezed with their budget that if few bills goes up (and it will, including interest rate), they will be homeless. If you don't have disposable income, you stop go out, socialize, go to school etc... The local business will be bankrupted. How you want to create jobs in this situation? oh..., wait a minute... maybe negative interest rates? ... LOL... it becomes a joke.
D S having disposable income is not a priority! Having income to survive is. How you spend your spare time is up to you! I think there are still people that don't mind hanging out at a park. Apposed to a club or bar. Question is do we need so many of those things? You can still fully express yourself to the fullest from home.
very true and your 100% RIGHT
"I'm working part-time" and she expects to save for a future. :/
Know your rights,I was a property manager. This is NOT legal and landlords can go to jail for it. Fight it,and keep fighting it. No judge will allow that kind of increase. The yearly allowed increase is 1.8 %
no it is legal as long as the contract has expired. most landlord only do 6 months contract or even 3 months rollover sometimes.
nepali hercules well you should fight to get that changed back to the way it was instead of agreeing with it.
THEY ARE JUST SLUM LANDLORDS ---LET THEM BE EMPTY---LIVE IN THE VAN DOWN BYE THE RIVER
i don't agree with it. just explaining how things are is all. the real reason why prices keep going up is because supply is not going up with the demand. government makes it very difficult to create high density neighbourhoods and people who already own a home don't want one being built in their backyard (reduces the prices) plus you have an attractive city that everyone wants to live in. it's a perfect recipe for sky high rent
it is an artificial supply/demand relationship. ... it has nothing to do with housing,, but all is about commodities trading... investments... there is over 2,000 vacant rentals in Toronto... you can pick and choose as you wish... from location, size, view, loft, high ceiling,. swimming pool... you name it.... so many...
In 2020, that place looks like a dream!
That's what you get when you WANT. You end up chasing a dream. If you're materialistic and superficial you'll never be happy.
Can you do the same show on Vancouver?
BTW, Supply is a BS excuse.. most new developments are pre-sold overseas before Canadians even get a chance to bid.
This is why I got to live in my van no more wrecks in for me and then have it at the room things have to change
Hey CBC, it's called The National, not The Toronto. Might help if you actually spent a few minutes covering something about the challenges in markets other than Toronto, like Vancouer, which is even worse... or Montreal, which is much better.
That would be a much more interesting feature.
kenektik How do you know there were never any segments on Vancouver or Montreal housing? One 7-minute segment means the National becomes “The Toronto”? Touchy touchy.
I am glad I live in Montreal , conveniencies are somewhat similiar , little colder in the winter,but that's what the underground city is for.Condos that cost 2000$ in TGA,cost 900$ and are twice as big.
Uncle has a house 5 minutes from downtown Montreal ,multi-level dwelling with rental downstairs,inground swimming pool and garage.He pays 1150$ monthly for 10 years.
Pretty much happening everywhere. I'm suffering the same in my city 120 miles away from London, England. The '30%' rule mentioned in the report is sensible. 48% of my net income is going on rent. Many Londoners are paying a higher percentage for their grotty 'rabbit hutches'.
Still...once private renters begin to outnumber owner occupiers and they are registered to vote THEN the politicians may start to take note. Western civilisation is going to hell on a handcart when things such as 3 friends sharing a 1 bedroom flat start to happen.
This phenomena is occurring in almost every major city across the world. From Canada to all over the States and London and so on. It makes no sense for a real estate developer and land owner to get away with such an immediate increase in rent when the average working professional average salary from a year to year basis cannot keep up with the rate of property value hikes.
Just live in Scarborough. Try for a place closer to the 401 Highway so you can easily commute. It's cheaper and more convient.
This is why I am living and working in Manitoulin Island. I am renting a small cottage house with 2 bedrooms for $790/month.
I'm originally from TO, work in tech consulting world wide services. Sold my harbour square condo and moved to SOBE, sold sobe back in 2007. Went on extended gig in KSA. Returned 2011 and purchased canal front foreclosed house FLL. Learnt to buy at the bottom and sell at the top. You all still living / surviving back there are like rats in a treadmill. Once the TO housing market collapses i may return and buy something in Niagara region, maybe a small vineyard . Life's a biatch but somebody needs to take advantage of the situation ...
I pay $1,750 for a 1 bedroom in Silicon Valley. The place is a dive, but a lot cheaper than most places here, which exceed $2,000.
Why is it OK for an employer to fire someone on the spot yet it is still frowned on for the employee to leave on the spot. This is an outdated notion. We still hang on to this when in most cases the employer does not want yo9u after you give notice anyway. In today's job market in all states that I am aware of the law is at will and you are an associate not an employee anymore. I was born in 1955 and this was the trend back when businesses cared about you and you cared about them, but anymore businesses don't really care about you at all. You are another tool to do work or they will replace you and not give one care about you. What is good for the goose is good for the gander.
What's wrong with these kids. I am an Elder Millennial. I saw the cost of living downtown where I grew up and decided to move to Scarborough. I own my place and it was really cheap. But that was 4 years ago. Now it has doubled in price. Ugh.
Government could build a bunch of mid wage level appartment buildings and charge for a small profit.
City makes money, people get reasonabily priced living spaces. Dont get me wrong not cheap they have to be run like a business.
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That's why people are living in their cars, converting school buses....to live in cheaper...
Its up to our gov't to put RENTERS AS A HOT !!! topic ....as a priority
Thanks Canada for putting profit above peoples quality of life!
That girl in Thunder bay is smart
5:16 Thank you for putting that in! That's what people don't get.
A.G.
I agree that there has to be a ceiling to how high a rental can be, but a lot of people of this generation manage money terribly, carry consumer debt and the blame the bigger economy. It’s a balance of the two
I don't get it. The law says they can set the price after somebody leaves. Why was it legal for them to jack the price while she was still there? Something not adding up
Isn't the government supposed to be helping the people that pay taxes and not those who scoop properties for money laundering while living outside the city? So many empty houses.
can i ask, what kind of apartment can you get in Toronto (not necessarily downtown) for around $1200 a month? Is it a falacy to think this is a possibility in the city or would i have to probably be based in the GTA?
Kris Taylor none
D S in the whole of Toronto not 1 apartment?
maybe a small box room
so qhat is realistic for a basic 2 bedroom (price per person)
Downtown TO, a 2 bedroom normally varies from about $2,000 (slummy, gross, small) to $3,800 (nice, decent). Split that in half and that's your answer. Some nicer places obviously go for more than $3,800.
August 2018 and there is no change. I'm Hamilton it's now $2000/mth for a 3 bedroom. And you don't even get the whole house!. They sent the basement for and 1500+ something's got to give. People rent because they can't afford to own their home.(downpaymnt ect). It's not fair! Greed is the main driving factor and no legislation as of yet regulating landlords
That masters girls is one Tough cookie to get a Masters So Young!
It isn't just young Canadians. It is the majority of all age groups.
I'd personally say that getting rid of rent control was a good idea, because the supply for housing has increased (as shown in the video), but there also needs to be more incentives for housing supply to increase.
Profit incentives will not always work by themselves, some other factors may include land availability and prices (cities that are dense and already urbanized typically have less land available, thus resulting in expensive land), limiting housing supply via building codes that serve the purpose of being aesthetically pleasing (or anything similar) will also decrease the incentives for building more apartment units.
If a city has less building codes in regards to heigh limits, aesthetics, or any unnecessary building codes (that do not pose a threat to safety), this should spur more development (if there is plenty of land available too).
People do not seem to understand that imposing rent controls can be terrible for Toronto. As shown in the video, the demand for housing is at 30 year high whilst vacancy is at a 7 year low (percentage wise, I'm sure these are significant quantities as 7 & 30 year lows/highs aren't exactly small).
If you'd impose rent control, the profit incentive would be lost, which could result in a lack of needed housing (more than it already is), which would probably result in maximized rents (for whatever the maximum rent is for rent control). If this were to occur, let's say in the future the government believes it made a mistake by imposing rent control, and if it were to allow uncontrolled rent again, this would cause the cost of living to skyrocket to a never before seen high, although that would be needed if you'd want housing to increase over time, and eventually result in a stable market (when supply and demand reach an equilibrium, this is when you'll have moderate prices for rent that would be stable, but before this could occur, the city would have to undergo extreme increases in rent to make the profit incentive worth more to developers. If developers do go overboard though, consumers could hypothetically stop renting units which would force property owners to lower prices, but this scenario seems unlikely because of how competitive the Toronto market is.)
I'm not knowledgeable on the surrounding area of Toronto, but if there are neighboring cities/towns that have more land availability, the government should be focusing on expanding housing within these areas, and creating better transportation alternatives to connect both points. A city can only grow so much (annexation of neighboring towns/cities could also be an option).
The worst thing about Toronto is the people.
1700 is outrageous
All commodities use Supply Demand fundamentals.. According to corporate sponsored media, however, it is not a SUPPLY PROBLEM ( corporation payoff politicians to keep prices rising for better REIT and mortgage loan profits... Government also benefits from increased GDP, capital gain taxes, transfer tax and yearly property taxes... There is literally no incentive to fix the problem! The suggested increase in taxes and interest rates should be risen to somehow produce affordability? Ridiculous! When will regulations on supply stop hindering development? I mean why not allow Single Family Detached to build more suites? Why worry about Victorian era architecture? Why force lands to be labeled as agriculture only or industrial only? Why worry about blocked view of the horizon? These are all ways that restrict housing supply thus pushing future generations into poverty! Well at least they aren't restricting the development of more prisons that will be needed for the future growth of impoverished criminals...
You can only increase rent on a tenant will the lease term expires not during. As far as those ladies living 3 to a 1 bedroom. Try buying a house together. You have more space and a appreciating asset that you can use the equity in the home to buy another house.
Save your money paying to live in condo no thanks!
Sounds like downtown LA. Most decent apartments downtown are around $1700+. You can only afford $1000? Get ready to live in a small studio with no kitchen and in a complex where families are crammed into a one bedroom and very few people speak English.
This is happening in all of the best cities.
Want to live in the best city? Pay up or move out.
What they need to focus on is possibly move to places that they can afford, if you want governments to do something, make them build apartment buildings, it’s the government responsibility to give housing to everyone