'Astronomically expensive': Canada’s rental market keeps climbing
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- Опубліковано 29 сер 2024
- Vancouver remains the most expensive city to rent, but prices in some smaller Canadian cities have skyrocketed.
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Average mortgage renewal today is $700/more monthly than it used to be. Rentals are not immune. Next time elect someone who thinks about economic issues instead of SJWs.
funny part is you think conservatives would do better................protip: they would be much much worse.
but dude... weed!!!
Oh he thought about economic issues ... he wanted to make his MPs and the REIT sector stinking rich!
@@GreenBeanGreenBean I'll take much, much worse over this junk, frankly. Much, much worse = the sooner it all finally collapses and we can start to pick up the pieces. This economy is dead but on life-support. We need to pull the plug. There is LITERALLY no other solution available.
Omg. Affordable housing is a social justice issue. Stop blindly name calling like a child.
"It won't change until we see an increase in housing supply" - reducing immigration would be the quick and easy fix, but you aren't allowed to say that
Decomodify, Conservatives will blame anything before they blame the real culprit. Capitalism
You are 100% correct. Until the government build enough homes to match immigration then housing and rentals will stay high
Exactly
Federal Government: "Come to Canada and deposit your settlement funds in the bank! Done? You're now on your own, buddy!"
Why arent you allowed to say it?? If someone calls you a racist, tell them to f-off
So glad I got out of Canada. I pay around 1000 Canadian to live in central Tokyo, and can buy a used house for 100000 a few hours in the suburbs. Canada is doomed unless it stops immigration asap.
They won't stop immigration because Canadian landlords will need scapegoats to pay their inflated mortgage. Just shove 10 imported students in a room and charge 500 each, easy.
Did you move there under a visa program? Which field of work are you in?
100k? say wallah.
Help me out here…what does immigration have to do with it?
@@denylynn8379
Mass immigration = high demand.
And all along the way every person who warned about this was dismissed as a conspiracy theorist. Canadians have gotten precisely what they have stubbornly continued to vote for.
I agree...COVID lockdowns were the fail of the govt n businesses
Indeed, but Canada no longer is a democracy, we’re slaves for corporate criminals
mass immigration is cause of housing/rent unaffordability
Ha, replies to Mr Kyle shadow banned?
Housing and it's supply does have a little to do with interest rates and other government policies (Ponzi schemes) such as local assessments, taxes, permits, extra required Eng. papers and studies, upgrading storm drains on YOURF nickel befor eyou've nailed one board, yes, BUT govt. itself is not the solutioin andl you're looking to govt. to provide one. It isn't going to happen across the board. Only a few entitled Section 8 (USA) or full welfare (Canada0 will get taken care of. No one else. We're on our own.
Amish put up barns in one day, takes 10 years for Ontario to build one house
Mennonites built our homestead barn, but I think it took them a week or two. Time for a barndominium.
Yeah basic framing is only a small part of building a house.
Failed society
Well, Canada doesn't have millions bathing and laundering in the same water that they poop in, so it's hasn't failed entirely yet.
Capitalist imperialist anti worker anti PWD society.
Turns out flooding the market with half a trillion dollars of printed money was a bad idea.
What about increased real estate values. Boomers are dropping off now and leaving their homes to their kids. What used to be a $250,00 inheritance has become 1.5 million inheritance. With so many dying off, is that not also an unexpected flow of new capital into the marketplace? This also is contributing trillions of new dollars right across Canada.
My mortgage payment has gone up from 2500 to 3600, everyone has to pay for our government’s crazy spending
Leadership in this country sucks
There is no leadership in Canada
I know, poilieves conservative friend doug ford removed rental caps. Thats what cons do.
Canadians that don't have a home will probably be put on a reserve one day and get free money and alcohol from trudeau 😅
@@thebleckBieber45 Can you focus long enough to stay on topic .
“Leadership” what’s that ? Haven’t seen it since 2015
Thank you liberals
Costs on living in Canada is out of control! its impossible to survive in this economy!
Economic collapse is the only possible outcome for this situation.
We’re living the natural death spiral of capitalism.
@@stevestruthers6180 canada is a big singapore, housing will never collaspe here. because we need 20k 20 stories built in canada per year and we build like 150 lol
@@penstateftw422
Singapore doesn't have mass immigration.
Inflation is everywhere for sure but in this country its like 10x worse
$3K for a 1 bedroom in the new building on Lakeshore in Oakville by the Marina.
Arbitrary migration targets are simultaneously increasing demand and suppressing wage growth. There are better ways to control immigration. I would suggest demand based approach with some guard rails in place. For instance, I would require all educational institutions to provide housing for international student (at least 50%). Businesses should be required to provide accommodation to all temporary/seasonal workers on top of the minimum wage. In order to hire foreigners employers should be required to prove that he is paying enough to afford housing in the region (market cost of accommodation is less than 30% of salary). Accommodation for refugees should be secured before bringing them to the country from around the globe. No accommodation = no permits. It would limit demand and prevent wage suppression.
And your ideas would do nothing to address the reasons for the supply shortage, and would trade the benefits of immigration for a nominal reduction of housing demand.
@@Hyperpandas “benefits”?
No private company will ever increase supply in the anticipation of price decrease. Developers are already scaling down their projects and firing workers because there is not enough demand at the current price level. So only government could increase supply in this situation.
Permits are not units, so all branches of government should immediately start building and buying affordable rentals.
Such bottom-up approach would put downward pressure on housing prices and would support employment at the same time.
@@Hyperpandasnot the brightest eh
Ahhh and effectively making the Canadian economy the most unattractive in the 7G nations. Not even the Tories would dear to put such government controls on businesses
@@MrAlen6e , is it attractive as is? Should we increase our migration targets instead to improve “attractiveness”?
Moving to Canada, getting an education, working, and getting a house used to be a given. Now the same cheque to cheque lifestyle so many others live by in other countries is happening here. It’s way tougher to live cheque to cheque in Canada than it is in South America. I really feel sorry for all those immigrants who have thought they hit the lottery by being able to move here only to rack up debt and start living cheque to cheque. Since Covid Canada has lost its lustre, it’s a shame that the country has become what it has over political decisions and mismanagement.
In 2022 alone we have 500,000 immigrants + 770,000 int'l students + unknown no of refugees.......
This housing crisis had been planed.
By whom and for what purpose?
It definitely seems that way
@@Hyperpandasby politicians holding 40+ properties for the purpose of getting dirty rich?
That's why they raised minimum wage a while ago. Can you imagine that at 13/14$/hr lol. Just stop paying, they will figure it out then
@@billbishop2563 I saw that timmins has a population of 40ish thousand with over 4 thousand students , from some country lol. It must be impossible for a young person to get any work experience when ALL those kinda jobs are gone to adult students.
You will rent nothing and you will be happy.
How many times the government dodged questions in parliament? Look it up yourself and you will know who have been causing all these dramas.
Need more poonjabis every year!!!
😂😂😂😂
I say, we need more of them every day!
This is why i still live in my moms basement
My mum moved into MY basement.
Me and my mom live in RV. We can't afford a basement. Laugh or cry, I don't know 😢😂
becasue you vote conservative lol
Supply of housing will not increase with interest rates this high. If anything we are seeing a slow down in construction.
That's right. No point constructing houses if nobody will be able to afford to purchase them.
What is the average unit? In Calgary a one window, one bedroom basement suite is up to $16-1800 a month now. To rent the 1400 square foot upstairs is $2800. Plus utilities.
AND you have to live in Calgary. I did school grades and TWO work "tours" there. Would have preferred Vietnam.
And there’s no rent control so they can hike it up to whatever in the future
@@rachelk8368
Yet Calgary has nothing on Vancouver and Toronto when it comes to high rent. And both have rent control.
@@shauncameron8390ya but it’s Calgary, I’d rather live on half the income in Mexico or Thailand than to spend even a month in Alberta
Hey bra's lets keep bringing in more immigrants
Cutting immigration?
We have 770,000 int'l student permits issued in 2022
society is going downhill. prepare yourselves.
just for conservatives lol
expect a boom in squatters on forested Canadian land, in BC you would be surprised on how many folks live in RVs... discouraging and scary to get old...
Living in a RV actually has ALOT of appeal in current Canada. It's probably the smartest most economical way to live right now.
only for you freedumb*rs with low expectations lol@@larryhouse3776
That's it, I've had it here, I'm moving to Tennessee.
It's simple economics really. Something our current government simply doesn't understand. Building materials, labour costs, land acquisition, permitting, insurance and interests rate pretty much doubled the cost of ownership of any building... Couple all that with low housing supply AND high demand from immigration - foreign investment, or simply someone looking to move out from their parent's house and your looking at the perfect storm of unaffordability.
What do you mean, don’t you remember “and the budget will balance itself”😂😢
i used to pay $3800 for my mortgage and now i am paying $6200 and out of 6200 around 5500 in interest. I am so upset with Liberals that there is no way i am going to vote for them. Liberals priorities are totally wrong. Liberals priorities are more immigration, climate etc, whereas priorites currently should be monetary relief to Canadians. I am Indian immigrant and Candian Citizen.
Well if you vote NDP it would get even worse - if that's even possible
How are interest rates due to liberals, rates have gone up worldwide. Maybe next time don't assume that the cost of borrowing will be free indefinitely when taking out a mortgage
There is no way I am gonna vote for NDP as well. I will vote for Pierre this time. I found NDP culprit as well in the whole situation. Currently, everyone in Canada looking for election and change, but NDP making liberals stay in power.
when the bankers all start to high-five each other right after you sign a variable rate mortgage, it probably means you made a mistake.
@@aplacetobewithmythoughts7428
A financially insolvent country just like every other province they got elected to run.
Since Ford has removed rent control on new units. My neighbors beside in the apartment I live in, pay $1100 more then me for the same apartment.. nothing renovated nothing done but because of Ford they jacked up the price because they can. Between JT and Ford this country is falling apart..
2nd largest land mass and population is just 40 million approx and average housing can’t affordable what a l system
I would like to thank the liberal party of Canada, and the NDP, for making everything too expensive to actually live.
I should’ve got a job in the civil service. Cash for life, raises to cover all these expenses, and retirement before 60 with an index pension.
Now we know who is keeping liberals in power
Federal including railroad is retirement before 45 in some cases. 45. And you're fully qualified in 20 years. 20 years.
@@user-zp7jp1vk2i
Must be nice!
But haven't you heard about our AAA rating? Dud you know we have the lowest debt to GDP ratio in the G7??
I contributed to this low debt by cancelling my Disney+ subscription.
Hey Christia. You've been found out. Come on out from behind your virtual handle. :)
How can folks actually afford these prices?
They can’t. This is why credit card debt levels are going through the roof as well. Some renters also just aren’t paying at the moment. Things are going to break.
Because they save up. Then they buy at these prices and that's what keeps the market at this level. Maybe one day all the buyers who can play at this scale will run out and the market will reflect such with lower prices, but today is not that day.
Only Fans 🤣
You know what’s also climbing? Immigration. It’s basic supply and demand.
And the size of the public sector.
Everyone sees the problems but no right solutions for all the capitalistic system problems. Greed kills.
One of my co-workers just told me there is an homeless encampment right next to her daughter's school. They throw various disgusting items/substances right on the playground and where children walk. Some of them leer and yell at the young children (elementary school). The parents are trying to get the police involved to remove the encampment. No one wants to do anything about it. Some fathers are furious and may take things into their own hands if something isn't done very soon.
Liar
@@marlene8344enabler.
@@marlene8344 I have seen homeless camps close to day care centers, the police eventually removed them, it took way longer than I would expect.
Rent is high, because of rent control.
Rent control always makes it worse.
Only the rich will bet able to rent everyone else will live in their cars or on the street.
Welcome to living in the big city. There's only so much space to go around to accommodate everyone.
It's very simple. There's more immigrants coming to canada then houses or rental units being produced. Basic supply and demand
Weak leaders create hard times!!
Well more ppl, less homes, more rent. Simple
Soon only astronomers will be able to afford to live in Canada.
I moved to Canada on PR but now I'm thinking about moving back because of housing and other expenses.
Moving back where? Where is housing affordable and not prone to supply and demand?
Yes, get out when you can. This housing crunch will take 100 years to fix, that's IF they want to fix it. Otherwise, being a slave to landlord is your destiny.
@@user-mz7de3kc3dusa
@user-mz7de3kc3d if u think any home in Vancouver is worth more than 5 million then u must be a rainy day and drug enthusiasts 👍
When did you move here? Are you not employed?
Should it be "ransom" instead of "rent"?
All that rental money going into the pockets of individuals instead of the economy
Supply and demand, get over it.
When you're young you can "bunk up" like living in a German WW2 submarine. But today, if you let a room out, you're much more likely to get turfed from YOUR OWN house. You h;ave an "incident" and you'll find yourself subject to the Kens and Karens entitled world, and the cops/RCMP will put YOU to the curb and out of your own place, so in assessing "risk" you can't rent and give someone a deal. It just isn't worth the risk.
I would rather my property sit empty now.. than put a entitled tenant in it.. cost me less to have it empty than a arrogant entitled tenant putting me into deep debt as they keep voting fir higher cost of living with hand outs to sweeten the deal.. . as a landlord. . .. property owner it's not in my best interest to deal with a renter.
Vancouver gonna become the new hasting.. everyone just lives on the street
a disproportionate amount of canadas wealth is in the hands of a few, we need less millionaires and billionaires and lets redistribute the wealth and those pipelines of wealth to better our lives.
No. Just because you have 100$ and 4 of your friends agree that they should have some of your money, doesn’t make that fair or legal. You can’t vote on taking what isn’t yours. Go get a job and pay for yourself. Invent something and become wealthy. Then see if you think freeloaders should have some of your money just because they feel entitled to it
Ok Karl
Absolutely nothing to do with millionaires or billionaires
a country only prints a sum of money and can't go over or it causes inflation, so the act of having more billionaires and millionaires that puts the existing sum of money in the hands of a few, leaving the rest of the citizens to deal with having to invent new taxes instead of finding out where all that wealth has gone.@@jumbome7420
With Trudeau the rich landlords keep getting richer and the poor tenants become homeless if they cannot pay up.
All thanks to justin trudeau mismanagement policies
It is surprising to me that rental rates are high and climbing given the Canadian income levels and income growth. On the surface, it does not seem possible to have such high rental growth at this point in cycle. I don't buy the immigration argument, if the new immigrants are capable of paying high rents, they must be generating a lot of new economic activity but Canada's GDP is blah. I also don't buy the higher mortgage rate argument, as rent is a function of income levels of the tenant population and not landlord cash flow. Is there some rental collusion or other factor which would explain such a one way market.
In USA, by comparison, rents have flatlined for a while and are falling in areas where new apartments are coming online in large numbers.
it is tough to make ends meet with this government in power
Oh my condo was 70k when I bought it 😊 2.9 intrest rate.
Get rid of Air Bnbs!
Rent control made Air BnB.
My wife kicked me out to the doghouse, and it's costing me an arm and a leg
I pay zero for rent and zero for mortgage
“Own nothing and be happy “
Of the 10 most expensive places to live in Canada, all 10 are in the GTA and Lower Mainland.
But don't forget that we have the dental. Whoever is eligible for it.
I want to talk about the cost of food. Here in Nova Scotia the cost of a stalk of celery is now $5 and change, almost $6 !!!! How can we afford food? We can’t afford it anymore. Do something about this mr Trudeau!!
No use asking him for help. He's the one who caused the affordability crisis genius.
Not here in Edmonton. I can still rent the same apartment I did 14 years ago in College for the same price today. Maybe $50 more tops. I am sure costs have doubled for the landlord, but here in Edmonton, being a landlord is like operating a not for profit
Yeah... But then you have to live in Edmonton :|
@@mraso30 lol, and that means exactly what ? Justification for $3700 a month 2 bedroom apartments ? My 5 bedroom house on a lake doesn't cost that much
@@MustyBastard vitually no poster ever states WHERE they live! HUH??
It’s ok because they 400 off payment will help
Living in Vancouver so expensive
If only there were some way to, I don’t know, control rent? Nah, it’s a silly idea. /s
New builds should be higher. Old builds shouldn't be able to jack up the price! Unless you are making 1000$ plus a week then you are living on the street! Or not eating ! It's sickening!
Sweet i can rent out my home and afford a fancy beach resort in a 3rd World country.
You don’t need extra bedrooms for one
Nothing but greed.
"no solution in sight" -- Non-Market housing. That's definitely going to help, but it's not discussed anywhere
And at who's expense is that going to be built?
@@shauncameron8390 It's in the form of government issued loans or government back loans from banks. The housing is rented or sold with strata at rates for debt repayments and maintenance. There is no profit taking from the running of these buildings.
What ever happened to rent control.
Rent control = fewer rentals available to rent.
Peter P.O. liver’s got this 👊
CRAZY!
Thanks trudue
We all voted for this and asked for this.
Peter Poliver will fix this 💪
Everyone who rents.. DO NOT PAY.. Completely bottleneck the Landlord and tenant board... We can save our money.. Then wait as the courts cannot keep up and all these landlord scammers lose their "investment" they don't pay for... Very easy 5000 renters stop paying in Toronto especially upper and basement apartments
lol only rightwing bums would say such silly things lol
How is the government allowing such rent increases.
They don`t care ,they pay it for immigrants but not Canadians ,if they don`t get work in a few months ,ship them back so Canadians can get the rentals,but as long as the government is pay for these rentals for immigrants ,not going to happen !!
How is the government allowing such (BoC - interest rate) increases.
Is a political consensus both the liberals and Tories will never tell businesses what to do, that's the way neoliberal works and why would they NAFTA practically took that way.
@@bobchan1666because it's an independent institution....
@@MrAlen6e to make up for the awesome fiscal policy our govt is making
Government meddling for many years is to blame. Tenants have way too many rights.
wahhhhhhh
Wanna bet.
🤔wonder why??🙄🤢
Go roomshare renters
Thank Ford for abolishing rent control!!
Congratulations, you fail basic economics.
Come to BC where the NDP controls rental increases each year and you'll see that the problem is just as bad.
They essentially told landlords "we're 100% on the side of tenants and 0% on your side". Landlords have read the writing on the wall and are adapting by renovicting and charging much higher rates to get well ahead of inflation, as well as selling their units to new buyers who don't want to be new landlords. The affordable rental stock is dwindling now.
Well you're free to find housing that was built before 2018 as they're still under rent control.
Canadian Southern Border gets developed.
A THIS NOT GOING TO STOP..TO STOP SHIPPING A SALE. WOOD. HOUSE IS MAKEVBY WOOD...HOW CONTROL FOREST.a Taxes. Stop selling wood is gold price
But what happens when the wood becomes gold by the house sale shipped in the taxed forest?
It is all about supply and demand , and landlord is taking advantage of the situation all the immigrant coming in need a place to live, look at what is going on in America soon the same will happen here, you can build a billion new homes and it still won't solve the problem, once there is co-operate greed in the equation.
Enabled by government meddling which leaves them to fill void as everyone else got taxed and regulated out of the market.
There needs to be a rent increase block put in place. Put it to a normal price and lock it in place. This is getting out of hand and only because of Greed.. When is it enough?.
There is such a thing in BC. Each year the BC NDP gives guidance to landlords on how much they can increase their rents. During Covid, there was even one year with a 0% increase allowed. It backfired in their face.
Landlords adapted by renovicting and increasing the rents on new tenants by large strides to get ahead of the NDP, and even sell their units because they know the NDP will hurt them in another way in the future.
My landlord increased my rent $400 starting January and I swear I didn’t find anything around. I have to accept because I have a family and it’s winter. We work for paying bills and food and never can save 20
boomers will tell you to just work harder
For the landlord there are a lot of fixed costs like mortgages and taxes. So the increases are mainly due to Landlords greed. Time for government regulation.
Taxes are rising, mortgage rates have climbed so has heating
The cost of operating a building is 35% higher than it was 2 years ago.
Refinancing a rental property for $600 more a month, higher taxes at every corner, higher utilities, higher insurance (especially for condos), many landlords are loosing money, but are in it for the long haul and won’t see the benefits until they sell and retire.
Government (over) regulation is exactly why we have a housing crisis.
This is what happens when housing is given up entirely to the free market.
No it's because of heavy government interference over decades
“Free market” is an illusion. It doesn’t exist all laws, taxes and regulations are deviations from such an ideal. Zoning, migration targets, tax & interest rates are not determined by market forces, but they “rigs” the game each by moving balance in a certain direction.
No, this is what happens when mass immigration reaches its breaking point.
Nothing to do with that at all. It’s cause med by more immigration then there is housing
Wrong! The housing market is over-regulated. There's barely anything free-market about it.
Canada the great lol.
build the wall!!
How come there is no cap or law against this? Is insane that this is allow to continued to make renting beyond owning a mortage.
How about wage going up to meet this demand?
Ask the BOC to cap interest rates and deflate the housing bubble
Wage increase is the worst thing that could happen. Wage needs to decrease.
Wages have de nada to do with "other" costs of living. The association for a business owner ? It does not exist for them. All kinds of OTHER issues rule the day for them. Except in commie countries.
How about putting the immigrants to work and build the millions of houses we need, if they want their citizenship?
😮
Nation wide RENT STRIKE ....... if nobody pays rent , landlords will have to put greed on the back burner ......
And put tenant greed and entitlement at the forefront?
lol cons always looking for a free ride lol
Keep voting trudeau onterrible and quebec,you guys deserve it for voting in that nasi
you definitely misspelled albertan conservatives
I love watching cons in misery due to thier con govts BAHHHHH@@GreenBeanGreenBean
We need to increase productivity .