What happens if Toronto stays unaffordable
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- Опубліковано 27 тра 2024
- Toronto’s soaring rental prices continue to make the city unaffordable for many. CBC Toronto’s Shannon Martin explores what’s at stake for the future of the city if prices don’t get under control.
00:00 - Introduction
01:26 - Impact on Toronto business
04:13 - Impact on Toronto arts and culture
07:04 - Divided city
07:49 - Conclusion
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We don’t have an arts and music scene …. That disappeared a long time ago. They spend all their time working other jobs to make rent that they don’t have time for art.
Toronto is a shell of what it was. It’s becoming a playground for the rich and a campsite for the poor.
Same as Vancouver
@@mrfake675 tragic… Vancouver used to have a really cool scene too :(
same as calgary and sakskatoon, and edmonton...its almost as if they are trying to run us all into the ground nation wide.
That's really tragic. I always thought that Toronto and Vancouver had a lot going on in the art scene in terms of comedy, music, festivals, open mics, etc.
Toronto has a great arts and music scene but it's becoming really difficult for artists to afford to stay.
That’s exactly right. If your civil servants can’t even live in the city… there’s an unsustainable issue going on.
And then government departments have the gall to mandate that their employees travel to offices in the city when it isn’t necessary to perform their job rather than have the option to work remotely
@@shanerob681 stop voting for right wingers
The fact is : if people can find renters with high rent, so it's not "expensive". For whom can't pay high rent, they will live far from the city, and they will come with cars... In US, low paid worker has 3-4h to go to work and back home ... Because they don't have the choice. You accept or you will not get money to survive :)
@@tuduermestrop8474 I love how you finish that semi-grammatical screed with a smiley face as though you're very pleased with this state of affairs. I assume you are one of the landlords profiting off the labour of your tenants?
Quit bringing in illegal immigrants
This is happening all across Canada not just Toronto
Not really. Most of Quebec have affordable housing.
@@shauncameron8390 Consider yourself lucky then, the rest of the country can barely afford both rent and food at the same time, hence the record utilization of food banks
@@shauncameron8390 Not everyone wants to live in Quebec! Places like Vancouver and Victoria are out of control
@@lyndanickerson1373
Namely English-speakers.
@@lyndanickerson1373 It's not about if everyone wants to go Quebec or not. It's just when you say all across Canada you bear in mind Quebec is quite large a part of Canada and you won't say it is happening all across Canada without knowing anything in Quebec.
Mental depression is at an all time high in Toronto because all people do is work all month to pay the rent
Yup, and it will unfortunately only get worse. Gonna see depression sky rocket, homelessness sky rocket, violence, etc. I mean we're already seeing it happen.
just like B C
The juice is no longer be worth the squeeze and millions will drop out of the economy.
The high cost of rent is having a number of negative consequences for Toronto. It is making it difficult for young people to start families, and for low- and middle-income earners to afford to live in the city. It is also leading to an increase in homelessness and rental insecurity.
How many young people have huge money problems by having kids they couldn't afford just to start a family??? So then why complain....
@@angrypillow3915 - Fighting? Nope, go ahead do what you like. But don't complain when you are broke and can't raise your family. I worked in a place where one of the janitors was always crapping about being broke. He only made $1500 a month, was the only wage earner, and him and his wife had 5 kids. Just what the hell did expect was gonna happen? If you want to buy a house, or a car, or any large item, you need a job, money, etc. But you can pop out 4, 5, 6 kids with no accountability to anyone then complain when it all goes bad. Sorry, I don't want to have kids when I know damned well they are going to go hungry...
Aren't a lot of young people moving out west?? There are still some areas of the country (ie AB, Sask Man) where housing is affordable. Smaller cities in Canada?
@@maxxomega6599 There is no reason why a janitor salary should not support a family. It did until the 1990s
@@MedicalAutonomyProject- Yeah right. In this day and age, 1 income and 5 kids? A janitor job is not worth 5 or 6 grand a month...
I’m an RN with 10+ years experience and I left with my family in 2022. We couldn’t have any quality of life commuting 2 hrs each way. Now the beautiful province of PEI has my skills and life for us is immensely better.
We need to normalize a simple lifestyle and stop normalizing debt. Huge SUVs, huge houses and private universities are simply not necessary. I live within my budget and I sleep better at night knowing that if I lose my job tomorrow, ' be fine. I didn't buy the biggest house. I bought the one I could comfortably repay
Yeah can being frugal be sexy please? recently mentioned that I'm frugal to a young woman and she gave me the weirdest look... Being financially responsible is looked down on
I wish I could find it, but I remember reading a study once that claimed financially insolvent men had 1.5-2x more sexual partners than their financially solvent counterparts.
Big house suv. Bruh you got people driving Honda civics, living in a 1 bedroom apartment and not a luxury one at that living paycheck to paycheck.
The median rent is 2000. A lot of financial professionals especially the one I work with Samuel Peter Descovich agree that one should not spend more than 30% of their gross income on rent. That means you need to make a minimum of about $80,000. Interesting considering the median income is $54,000.
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Unfortunately most of MPs are in the rental business. They will never do anything to hurt them self.
I think they should be ban on policy makers to own more than one house.
It would be a very interesting exercise to look into which MPs are landlords! I realize most of them would be hiding these assets through numbered companies, but with some digging and asking the right questions to the right people, that information will be found and should be made public!
This will get struck down in Supreme Court as unconstitutional.
Everyone should be banned from owning more than a single home. Including corporations.
"Most MPs are in the rental business." Is that actually true? I agree its frustrating. But, is that actually true? MPs, of all parties, are all landlords and colluding together? Hmmmmm. Rich Canadians, as a class, may be in the condo business as condo board members. That might be true. MPs as feudal landlords? Maybe in the UK; they seem to operate with a class of upper crusty people.
Policy makers sure, however, banning individuals from owning more than one home has been tried throughout parts of the Netherlands as well as South Korea, it has done nothing positive. We should be advocating for significant numbers of personal dwellings as well as rentals to be constructed to make the rental market more competitive and to lower cost of the scarce number of units available.
Toronto is hardly a city anymore. It's a mecca for the rich and leisurely consumption. It's also culturally in decline, as artists keep being forced to live elsewhere due to the affordability crisis. Would've been good to see in this feature some more analysis of how the crisis is manufactured by bad state and business actors, longstanding austerity politics (at various levels of Canadian government), etc. You really need a class analysis when you're taking about who and who doesn't have access to housing. It's physically not a scarce resource. It's just that people are blocked financially from it.
According to you, rise in population (supply) isn't a major cause. Got it.
> It's physically not a scarce resource. It's just that people are blocked financially from it.
Habitable land is not a scare resource?? You can increase the population of Toronto to Sao Paolo's of about 32 million, guess what, that doesn't increase the size of the city.
The problem is, everywhere in Canada is unaffordable. Sure you can move to a small town in Saskatchewan and it will be cheaper than Toronto, but still more expensive than an actually decent city in most other countries.
@@cadcad-jm3pf
No. Quebec, Montreal aside, doesn't have an affordability problem. The rea problem is people won't expand their horizons and consider living somewhere other than the GTA or Lower Mainland.
@@shauncameron8390 Well, yes and no. Most of the jobs are located in the areas you mentioned, so the smaller towns are automatically out of consideration for the majority of white collar workers. Sure, if you have a remote job, you can live on PEA, but then I'd rather move to Bangkok, Nha Trang, Da Nang, Queretaro, etc. The insane property prices in big cities were formed by the recent unprecedented waves of immigrants who come to Canada seeking better life and do not want to settle for a lower middle class lifestyle in a semi-rural area. The government lures in highly skilled people by telling them their advanced qualifications are in demand (which is untrue), so naturally they expect to get high paying jobs in the major metro areas sooner or later. The whole system is messed up on so many levels.
This is literally dystopian if the average person is struggling while doing everything right and unable to afford homes or rent. The end is nigh 😢
Quite a sad situation. Canadians are some of the friendliest people I've met, well most of them anyway.
@@phillipholland6795wrong
It is hard out there for sure BUT the world is changing not just Canada. Pay is low cost of living is high, distraction with technology is at an all time high and news like this video is perpetuating our ideas toward the haves and have nots. Comparing our situations to the recent past isn’t going to help either. All we can do is do a budget set a goal and stick to it! It’s hard to get out of the city life habits but it’s doable.
This is what happens when your economy isn’t dynamic and wealth generation comes disproportionately from housing
And immigration.
@@shauncameron8390 Generally immigration is good for the economy. But the only thing that is going to drive down housing costs is a very long and very deep recession. Cutting back on immigration will, in itself, put the economy into recession, and also decrease the demand for housing so realistically it's win win in terms of housing costs. Of course nobody wants a recession, but as the Stones told us, 'you can''t always get what you want.'
Yup. Canada has the lowest productivity among the G7 countries.
And it's not really surprising. We can't even make our own masks anymore.
Bingo, most accurate comment.
No this is what happens when you let millions into the country with no plan for housing. Also, printing money. Face it this is on Trudeau.
It's hardly surprising that "artists" can't afford rent. But when nurses, firefighters, and civil servants can't afford rent, the system is broken.
No way its capitalism
Saying artists cant afford rent is a bit of a generalization.
I'm an artist who works 3 jobs in Vancouver.....not doing much art these days
That is when I will be sabotaging the ones who own homes in Toronto and then those owners have no choice to complain so that the working class can afford to live and save money.
Artists may not be necessary but they make life more fun for all of us.
I left Toronto in 2017, and I am still stuck in Traffic on the 401 E near the 427 in the collector lanes fml
LOL isn't that the truth!
@@rhysphil9332 I finally made it to the DVP, but some new Canadian drove his 2007 Hyundai Accent into the wall! Sunny is on the scene with his tow truck, but some other snake, says he got to the job 1st! Now we are waiting for the OPP/MTO, Traffic now backed up to Allen road, use collector lanes!
The problem on the 401 is too many NEW CANADIANS that come far far away places like Cambridge, Milton, Hamilton, Ajax, Whitby that do not know how to drive, especially in winter, and hog the LEFT LANE, as well as siting too close to the steering wheel, where their scarf, rag they wear on their head's will go flying off in a crash !
The $3,000/mo rent is already here. I'm seeing new buildings posting their rental prices and their 1 bedrooms are listed for $3,000+/mo
2 bedroom should be 4000 then .
Why do news outlets always do this? They barely scratch the surface of the problem. This isn’t a city wide issue, it’s a nation wide issue!
I lived in Toronto for over 10 years, absolutely loved it. Went to school and had a good paying job and ultimately had to leave this year for that exact reason. I miss living there so much but I needed to think about my future stability. Things need to change.
WHERE YOU LIVING NOW?
this entire video doesn't address WHY this is happening
For the love of god, repeal Exclusionary Zoning-- the policy that literally makes it illegal to build low-cost housing on the majority of land in Toronto. It's so obvious.
When I was a teen in school, our teacher's taught us that rent should be approx the equivalent of one weeks earnings. FAR FROM IT. And the banks encourage landlords to charge tenants enough or more to cover mortgage on the building....So, giving interest rates going up like they have been, the banks are making a ton of money at the renter's expense.....and can't afford to save for a home of their own. NOBODY should struggle/suffer like this!
what year were you a teen in School 1959? Did they teach you what to d in case of a missile from Cuba?
"We need to bring in a record number of immigrants because birth rates among Canadians are so low" ... "Canadians cannot start families to grow the population because housing is so unaffordable - in part - due to record-breaking immigration."
Thank you! One of the few comments actually highlighting the #1 reason for this issue.
Supply isn't the main culprit here, in the last 15 years I've never seen so many apartments, condos, and townhouses built in Toronto and the GTA.
Britain is having the same exact problem. They're also going year over year with record-setting migration numbers. What a coincidence!
Yet they can afford their convenient lifestyles and a household debt that stands alone in the developed world.
The immigrants can’t afford to have kids
The era in which people move to cities for opportunities is over. Might as well live and work in small rural villages.
Not really. The opportunities are still there. It's just that you're going to have to pay a bigger premium for the privilege.
@shauncameron8390 the privilege of living hand to mouth in a shoebox?? What's the point of that? Might as well live with family and friends in a small town
exactly...I left Calgary for the east cost. I don't make as much money now, but my mortgage is 875$ a month and i can drive 15 mins to work. No more crammed condos, insane rents, buses and zoo grocery stores for this guy. Whats the point of making lots of money when you lose more than half to rent, traffic light cameras, parking lot fees, transit fees the list goes on when you love in the city, you get drained. Not to mention the complete lack of community because of intermingling cultures that want nothing to do with each other.
@@BobbySickString Calgary City Council is certainly addicted to that photo radar corrupt tax they have. When revenues started to decline, they reduced speed limits to ridiculous levels in order to keep the cash rolling in.
Love it. Like reverse Industrial Revolution. Everyone goes back to the field and farm. Seems like a recipe for happiness perhaps but certainly not Capitalist “progress”. Or maybe AI will do all the work for us and save us 🤪
It’s a sad moment in every Canadian’s life when they are old enough to realize that they were born in a place where they have to compete with the top 1% of people from around the world in education institutions, the housing market, the job market, and now even for healthcare. Even more fun when you realize everyone around you has different value systems and prefers watching their own kind succeed
It's broken.
Problem is - no one in Toronto is making enough money - full family or single - no one is making enough now to even hit market rent. People are now working more than one job or out sourcing to taking government funded classes to try and figure something out. Some people are within issues with credit that may be just mediocre but they still get judged. Now landlords are asking for AAA tenants with credit scores above 70 - one situation asked for an annual income of at least $72,000.
well yeah cause we got professional tenants out there screwing everything up - y'all tenants have all the power once you get into the unit so ofc landlords need vet every tenant out
who will serve coffee to the super rich?
robots? LOL
What happens if Toronto stays unaffordable?
Owners are getting even richer, and renters even poorer.
Well done, Canada!
Owners not rich enough. Need more
owners without mortgages yes
It's also the banks that are getting richer on bigger mortgages -- that's additionally why this nightmare isn't ending.
@@lawshorizon
if i remember correctly, the hebrews used to have debt jubilees every 7 years or something
people have been in this situation hundreds of times for thousands of years... they know debt slavery is not a sustainable system...
@@therearenoshortcuts9868 ... That reminds me of the year of the locusts. Every seven years they come out of the ground and devour everything in sight. Right now were in the 7 years of usury.
Yeah keep importing people from curryland without having any housing for them. So they'll pile up family money and drive up prices since they can typically afford more.
watching this from San Francisco, where my studio apt is CAD 3,400/month. This city used to be filled with quirky, colourful bohemians that gave it a charm and magical air, now its tech bros, millionaires and homeless encampments.
Moved from Toronto to a very small town in the country last year, never looked back :) My mortgage is less than a 1 bedroom apartment in Toronto and I have a house with a beautiful backyard and no traffic around me. It really is the dream!
My wife and I live just over the border in Buffalo New York. We've been traveling to Toronto for over 30 years. As an outsider, I have watched the changes that have taken place. When we eat out, we like to leave a generous tip, and I can't understand how the wait staff can afford to live and work there.
By the way, Canadians are among the most friendly and wonderful people I have ever met in my travels. I hope that you folks can rescue the situation and average Canadians have less costly housing
I left Toronto 2 years ago, moving out of Ontario next year.. way too expensive.
I left in 2003 for rural Nova Scotia, and there isn’t a day goes by where I regret that decision. I suppose I could see the writing on the wall even back then.
@@piobmhor8529 I wish I had your insight back then. I have watched housing prices in rural Nova Scotia more than double since covid. Now I could barely afford that. Canada is a mess now.
Like myself. Barely surviving after spending years of my life and buckets of money in education. It’s so frustrating, heartbreaking and unfair what’s happening in Toronto.
paying high price for college or uni is the dumbest thing someone can do......stay strong
Have you looked into moving to London, Ontario? It's a mid-size city with friendly people and a better climate than Toronto.
@@chris_hawk but it's still expensive....is it different in terms of Costs ?
Nobody said life was fair and if they did, they lied. A good education is great, but u still need a job at the end of it all to live, that is the way it is these days. High costs are everywhere and no politician is going to change it unless we start with big oil, and that isn't going to happen.
@@robm9581 what do you mean with big oil
There's already a huge brain drain in Canada as people are going to positions in the US that 1) pay more and 2) are located in places with less absurd rent. This is only further incentive to accelerate that process
“Why is rent so high?” as single family homes can be seen in the same frame as the CN Tower. LEGALIZE APARTMENTS EVERYWHERE!!!
The only thing that will help affordability would be government using eminent domain to bulldoze singe family homes near subway stops and to build thousands upon thousands of soviet style apartment buildings and renting them at the cost to run them/pay for construction esp, with the immigration numbers. These ultra expensive duplexes are not helping anybody. Adding $700k units is not helping affordability.
Empirically incorrect assertions.
@@MedicalAutonomyProjectThe thing is people don't want to give up their single family houses to live in condos or apartments. They view it as a massive downgrade. Condo/apartments don't have private backyards and you can't play music or loud TV at 3am since the neighbors will complain.
what HAPPENED to the arts movement scene you mean. All the art studios are gone... they were bought/turned into condos 5 years ago.
I'm moving to New Brunswick one day. I cannot afford to buy a house in this province but I can buy a small one at Brunswick right now. The cheapest house I found there is under 100k which is amazing.
Vancouver, B.C. - What will happen is what happened here in Vancouver 2010 - 2015. Rents were so high that Essential Services Workers (Police etc.) commuted to work from the interior of B.C.
The Provincial Government eventually stepped in with a Rent Rebate program that still exist today.
I just moved to Vancouver from Toronto and it’s worse here. The drugs have been de criminalized in small doses and it’s like a mini skid row. Cost of living is insane here.
Vancouver from Toronto.. talk about jumping from the frying pan to the fire.
Yeah I had to move back to live with my mom I’m Vancouver. But been looking around here and think il prob be moving back to Toronto
It's designed that way to be only for the very wealthy + the poor struggling, cutting out middle class. People are forever happy 2 keep it that way that's why nothing has been done, I doubt this situation will ever change. I'm Canadian born, I left and I know many families that left as well in 2020 + 2021 during the pandemic when Toronto/Ontario became a shell of itself ( no soul, just commuting + work, no festivals, no concerts, no socialzing , no visiting the park, no visiting the lake/beaches, nothing). Not surprised that even more ppl left in 2022. I knew I would never be able 2 start a family there, I am/still am kinda young + I am educated and like a lot of young ppl do have many hopes + dreams, I worked regular jobs in TO + still tried 2 embrace my artistic gifts on the side but knew the city just wasn't a fit for me so I had to leave. I see a lot of ppl arguing on social media back + forth waisting time while what they really should be doing is moving out + finding a better country or place 2 live. Please prioritize relocation. The gov is bought + paid for + chosen, there is an illusion of democracy + an illusion of voting in Canada, no one cares about your opinion unless you are connected 2 the politicians or are a politician urself. Stop blaming the gov + take action on ur life, that's what I did + got the h+ell outta there. I know it's not possible for everyone 2 just up and leave esp those with large families or those really attached 2 Canada but I don't really have those responsibilities of raising children.
It is indeed hopeless + the government will not do anything, people are not united + fight over the smallest differences between each other (like how long their families been in canada compared 2 ur family etc), there's no such thing as unity in a capitalist society/country. Compared to modern asian + southeast asian cities Toronto is not it when it comes 2 transit/housing/shopping. Southeast Asian cities and even some European cities are more technologically advanced/modern + w' better transit compared to TO + Canada. These cities make Toronto look like something from the dark ages. More Indians + people from the middle east will probably move to Toronto + Canada I'm sure. I have nothing against these ppl, they can make it work because the whole family will be in 1 house + under 1 roof.
After I left I heard on social media that the Canadian gov was sending our tax dollars 2 the Ukraine, that was the icing on the cake for myself, it was another nail on the coffin that solidified leaving Canada was a good thing. Those funds could have definitely been put into creating more sustainable things in the country and for candians. I was seeing all the canadians on social media complaining + was still wondering why they put up with it. It's clear the system hates us, why do you stay? Please find some courage + strength 2 do something about your situation.
Where did you end up leaving to if you don't mind me asking and what was the process
Personally, I'm just glad I moved to Japan. Not sure if I'll ever come back. More Canadians should consider doing just that. Leaving.
You're not missed Kumar
was it hard to gain entry into Japan
@@stevejeffrey11 Getting in a bit hard depending on your qualifications. There's always language school, which is what I did despite being in my 30s. Found a job after that and will continue to refine from there. Living here long-term is really about how much you want to do it and how willing you are to either learn Japanese or to work with whatever you get. Otherwise it's quite inexpensive as far as a developed country goes, very convenient, great food & weather etc.
Not so easy for a Canadian citizen to just take off ..I hope more people leave so Canadians who are born here can afford to live in our own country
I have to confess, as a US citizen, I've always looked to Canada as our more intellectual and empathetic neighbor. In years past, I have visited cities like Toronto, Montreal and Quebec City and always left moved by the people and the creative energy. Since the 1990s, I've watched, as every large city here with a thriving and creative counter culture got swallowed up by mega-realty companies who would repackage them, spray on a glossy sheen and inflate the prices beyond anything remotely affordable for people working in creative fields. It saddens me deeply to realize that corporate greed has gained such a foothold in your country. For your largest cities, like Toronto, this story confirms it is already too late. As time continues to pass, the city will be full of more dreadfully dull and boring people who have no capability of achieving a sense of individuality without buying it. For now, the future of the creative class lies in urban areas of smaller towns and cities. Do your research and find the environment that's right for you. But don't wait too long...
As an American living in Montreal (and yes, I gladly learned French), I can confirm life is great here.
On the woman with bleached tips point, you can't hope for buyers/owners (capitalists) to just do the right thing and forego profits. There needs to be enforceable laws set by the government to create room for the people in these situations. The market really doesn't need to care about the human cost of housing, and as long as it stays that way nothing will change.
Anyone that's bilingual should just move to Montreal. It's a much prettier city, livelier cultural scene, amazing nightlife (beats Toronto hands down), also much friendlier residents. I can't tell you how many people I've spoke to that have said their quality of life increased when they moved to Montreal.
that will work until everyone moves to Montreal and there's no longer enough housing...:p
won't happen I don't think because it's a french speaking city@@ronevans6958
I tried it and was miserable. The city was gorgeous but I didnt experience a huge difference in friendiness, people are warmer but still hard to meet people especially with some language barriers. The city is also pretty small despite it being lively, it felt kinda too quiet. I noticed no difference in nightlife.
@@ghostassoc Interesting. I appreciate you sharing your perspective.
That is absolutely true. I moved to Montreal in 2010 and I've learned a lot of French. If one can't or won't try to learn any then they might as well pack it in. Most anglophones who move here and leave do so because they don't have employment . Those who do stay . I would never ever move back to Toronto . One big difference between the two .. is that you csn tell Montréal has a soul...its evident from the first visit .
Story of the UK economy as well. I live in England. It is in steep decline economically. Yet house prices and rents are at highest rates in history. The wealth inequality is higher than it was even in Victorian times! The Anglosphere countries have had their governments taken over by corrupt politicians that are on the payroll of corporations/housebuilding companies and landowners. I would like to imagine this can be changed democratically and peacefully. But it has gone too far now, the only outcome, whether in 1 year or 20, is violence, riots and eventually some form of rebellion against the corrupt government. It is what has always happened historically in any nation when most people can't afford food or a roof over their head.
even if you make 100,000$ a year, its not enough to live in toronto. rent, car, insurance, utilities and other expenses will burn up all your cash EVEN BEFORE you can even think about putting any money aside for an actual home property asset.
Our kids earn over 200k. Can’t live in Calgary either
@@Stardusted1 no its not.. calgary is much better than toronto at the moment. average house prices there haven't even reached in the millions yet.
I live in Vancouver with a house and only make $60k a year. The problem isn't just unaffordability - people haven't adapted and have insane lifestyle inflation in Canada. I'm 29 years old and saved for ten years straight. If you can't save $20k per year with that much income, you probably don't deserve a home. For clarification, I lived with my parents until 2 months ago and never traveled. Currently a bookkeeper with no children.
@@James-eq8cqPlease check your privilege. Many people are not able to stay with their parents or it is not safe for them to do so.
@@zabmcauley5647 30+ year olds living in their parents' basement is actually very common. It's why Pollievre brings it up repeatedly. Many households are like this, particularly immigrant households (East Indians, Filipinos, Chinese, etc) - do not pretend that Canadians move out right at 18 or pretend we're all Caucasian.
Toronto voted in these policy’s over the last 20 years. Now people are fleeing Toronto so much rent in Kingston, Barrie, Renfrew and others are like 10-15% cheaper at best. Canada is paying the price.
What happens is people up and leave, going back to the fairly comfortable lives they were living in the country they emigrated from, and forcing Canada to find an engine for its economy other than the lazy buying and selling of property.
Rent is reflective of mortgage prices so its safe to say at these rates when owners and investors come to renew their mortgages rents will go to 4000.
rents are set by the market, not peoples mortgage payment. Rents shot up 20% between summer of '21 and summer of '22, before rates got hiked. This was due to demand from immigrants and international students coming back to Canada after Covid. If landlords are too far underwater each month, they sell, prices drop, some renters become buyers and the market finds an equilibrium.
Cities like Toronto and Vancouver are just big dark shadow streets with empty speculated Condos. The life, entertainment, cultural industry and events have near almost completely disappeared in most areas of their downtowns. Shopping is no better than going to your local smaller city mall that has the same access to products and services at much cheaper prices. Renowned Restaurants are disappearing also due to over valued reat estate which also makes rent and RE purchase only affordable to extremely wealthy foreign nationals. Toronto and Van has lost their way from Canada's over immigration of the wrong type of people that protest what seems to be everyday, no these are NOT people protesting to help our CND homeless or CND issues. Vancouver's homeless and drug problem has not been addressed with concrete solutions in decades and have been rather moving in the wrong direction very quickly. There is no culutural unity in Toronto like there used to be. New Canadian ideologies have claimed even more cities as their victims. Property tax is insanely low in Toronto and Vancouver also and has been for decades which largely contributed to their deterioration. Toronto and Vancouver have been extremely financially mismanaged for many decades and still is presently with no adults in the room in clear sight for the future. Canada is mistakenly trying to be everything to everyone excepting being Canada to Canadians. Focus is needed more in this time than ever before in the history of our country. This dellusional trail of destruction is not leaving anytime soon with the completely wrong uncontrollable immigration and financial system presently in place. Hold on and buckle up it's going to be a long ride for people that stay here to see improvements until the next new generation can adapt accordlingly.
While Vancouver's the most expensive in Canada, Toronto's also extremely expensive. I Can barely imagine how crowded some places will be if those 2 cities prices go out of control endlessly.
Of the 10 most expensive places to live in Canada, all 10 of them are located in the GTA and Lower Mainland.
Toronto will become like San Francisco and Seattle. Lots of rich people, technology people and poor people. A lot of stores are closing down in Portland OR, Seattle WA and San Francisco because there are no "essential " workers to support them.
Because they can't afford to work at those wages and still live there?
No. Many of the stores there closed down due to crime. And all 3 of the cities you mentioned are run by far-left defund-the-police types for Mayors.
I can somewhat understand landlords that still have a mortgage to charge the market price for rent. However, those that paid off their mortgage a long time ago or just paid with cash (statistically speaking it is about 50% of these type of landlords in Canada), please explain to me why are you charging people $2k6 a month for a 1BR apartment?
Are the average people really this desperate to pay 50%-80% of their after tax income just to be able to live in big city?
They'll say that repair costs have shot up all the while hiring people who shouldn't be doing the job in the first place.
Right now cash yields 4.5% in the bank. So rental yield need to match the cash yield. So for a $750000 house, the monthly rent should be 750000*0.045/12=2800 per month of rent.
Same reason empty nesters are living alone in a 4 bedroom house they don't need: it goes up 10% a year in value, in other words, greed
@@homer30 No they will leave eventually
@@MedicalAutonomyProject - Bah, people always whining about greed. It's my house to sell when I want to sell it. If you can't afford what the market will bear it isn't my problem. I am neither a social engineer or charity. Pay the price or hit the road and keep looking....
Great format and production - really enjoyed it.
Ottawa has managed to destroy the hope of an entire generation of Canadians.
i know people younger than me who have no place to live. i met someone with an income and inheritance living at a shelter because you can’t get an apartment without dishing out a years rent upfront. students are dropping out, not due to the education system but the cost of living. not to mention the refugees and newcomers who were promised safety and stability have their lives upended, and now you have 15 year waitlists for supportive housing. toronto was built around people with excess wealth and this is what it has come to. banks spawning condos at every intersection and there’s nowhere to walk. awful place to be
Nothing new. 25 years now
The working middle class is being pushed into poor lower class. And if the problem cant be fixed people will get frustrated and the next step is anger. Understanding what will happen is easy. Fixing the problem is the challenge.
USA social problems here we come, if we are not getting there fast enough already unfortunately.
I’ve given up. I’m not participating in the economy anymore. It doesn’t make sense to me to work hard just to barely be able to put a roof over my head. I’d rather be homeless than be a cog in the machine that barely gets by.
The same thing occured in San Fransisco. Look what happen to this city.
Yes, exactly. Once it reaches $4000, nobody will stay there.
I would have said that about $2500, and $3000, but here we are.
You might as well live in New York City if you're paying that much.
@@sexygeek8996
At least NYC has finance among other thriving industries to justify its high rents.
cities are for people. cities are for everyone. not just for the rich and powerful. not just for tourists looking to rent out an air-bnb.
if everyone is pushed out bc of these prices, the city will become a ghost town.
not to mention, the stress it puts on the cities and towns outside of toronto and the pressures on those fragile rental markets then pushing the people that live there out of their own cities. its a domino effect.
places to live are meant to be homes, not "investment opportunities"
this exploitation of renters has to stop.
renovictions is a fun word for the gentrification of an entire city
Not exactly. Is Pyongyang, North Korea for everyone?
Exploitation of renters? LOLOL....
@@onefortyfivepm776
Well, it's better than blight and decay.
I gave up on our government making the right choices. They simply do not care about the common person.
Right choices or politically expedient choices?
Toronto has had an affordable housing problem for a long time. Even way back in 1988, 35 years ago when I moved to Toronto it was hard to find any decent rental accommodation in my price range. I ended up renting a very dumpy basement apartment, for one and a half years, before I have us able to move into something better.
1988 it was very cheap. Salaries were more in line it the cost of rent
@@breakfasttelevision4261
Interestingly under Brian Mulroney, the PM Canadians love to hate.
@@chadwellington2524 well, I came up from Montreal in 1988, and I found it very hard to find any apartment in my price range, which was under $600 at the time
Unaffordable housing is all across Canada in major cities. Living costs are too high, and most ppl are afford to live where they want.
try the Budget Inn on skid row
So what are the solutions? Feeling mad and upset isnt a solution. Simply lobbying the government and saying "rent is too high" isn't a solution. Vacancy rates are low despite rising rents being high. This sounds like a major supply problem along with the financialization of housing.
The rent prices are the same outside of Toronto as well! 😢
You got it wrong. Toronto is a piece of land, and it doesn't make any decision to stay unaffordable. In the contrary, it's the people that made the decision to live in an unaffordable city. The right question to ask is: what happens if people keep choosing to live and move to unaffordable cities? Like, ban their right to move or what?
Some of us make $2300 a month total so no way in hell am I going to live in Toronto with even a studio at almost $2000...that leaves no money to even eat let alone get to a job by public transportation, have a phone to be reached for jobs.
I'm a new yorker who wanted to move to Toronto but wow, It's already very expensive here but Toronto isn't that far behind. Any suggestions around Canada? Montreal is another favorite of mine.
just dont move to Canada at all... i mean it, it turned into a dump here not worth living here anymore sadly.
Go to Montreal. Unless you want to get ripped off in Toronto !
calgary or montreal
@@Numenorean921 Who actually moves to Calgary? Down east in the maritimes we call it Little America...
@@MaverickBlue42Calgary is great but it's cold
This is a very scary city to live. I used to live this city, the city forced me to leave.
Between parking tickets (delivery driver) and random fees yeah they actually kicked me out too... 75k wasn't enough to make it in this city
Amazing reporting!
Alot of the magic of Toronto for me are always from the people - random souls that all gravitated towards this unique Canadian vibe. The mixing abd collaborarion of all people make it a magical place to visit. It felt like every person was welcome there. If that ever goes away and we base who should be there on income that world class city vibe will dilute exponentially. As the young and new move away it defintley will not be that same - alot of potential talent will go undeveloped for all of Canada.
what is the point you are trying to make-:)
@@garystar1592 "As the young and new move away it defintley will not be that same - alot of potential talent will go undeveloped for all of Canada."
A little late. It's gone already. Back to the drawing board for actual solutions.
Toronto is speedrunning Tent City%
San Francisco has been hollowed out. Before the pandamic, San Francisco 's commercial real estate vacancy rate was a mere 4%. Now San Francisco's commercial real estate vacancy rate is a whopping 27%! New York doesn't fare better, its commercial real estate vacancy rate is 20%. Because of "work from home" policy, people just moved out of the cities. Two of US's most expensive cities have developed same syndrome. I am wondering why doesn't the same thing happen in Toronto? You see "work from home" + expensive rent should be a perfect catalyst to drive people out. Should somebody delve deeper into the issue?
Price of tents will increase
The 'investment class' is eating the working class alive. No system that is this top-heavy can survive.
What will happen to the city is this. It will collapse. People will move away. People will move in with relatives. Lack of staff will prompt people to find other municipalities. Kitchener - Waterloo, Brantford, Guelph, Hamilton and other smaller municipalities. Inevitable. Canada is big, big, big. This isn't Tokyo, or New York City etc.
Los Angelo’s built an area in the city for workers. It was called skid row
I am Swiss and the situation for accomodation is the same.
I read an article today about the same thing happening in New York, Over a half million people left due to housing/ rent affordability and access amounts of immigration, inflating public service response times. End State are cities like Hong Kong and San Francisco .
I lived in both toronto and Hong Kong. Toronto affordability and cost of living is much worse. For people who can’t afford Hong Kong rent, they can choose to live in greater bay china area, which can be 1/10 of the cost and the commute is quite efficient (40min) For middle class, they can totally afford to live in Hong Kong. The pay in Hong Kong is also much higher than Toronto, because of low tax rate. Also can hire domestic helper for 800 cad, so both can work, it reduce so much workload. All that I want to say is that Toronto is a nightmare for immigrants.
thanks for the information!
Filthy disgusting greed is causing this and it is something that is barely talked about. Obviously they are too scared to approach the topic
Bah get stuffed. Property owners rent places for what the market will bear. And so what, greed ISN'T illegal. Pay up or get out...
Because the only disgusting greed going on is that of the government.
@@maxxomega6599 you can get stuffed as well and take your greed with you as we watch more and more people at the streets because they can't afford anything. I guess as long as it didn't happen to you
@@user-du4ku9vo1g - So they can't afford anything? So let's blame that on someone else or everyone else. People always hollering about greed when all they are doing is trying to make a living just the same as every one else...doesn't make everone greedy just because they are doing well...
@@maxxomega6599 Another 20 years of this and you won't have any more poor people in Toronto to extract rent from. It will only be the Very Rich and homeless beggers/criminals. All the Middle class and Working class will have left. You think anyone can afford $3000 rents that isn't top 5%. Your arrogant greed will not only be your own personal downfall. It will be your cities, and nations downfall.
🧡🧡🧡🧡🧡🧡 the artists voice was so needed, thank you so much I love you 🧡🧡🧡🧡🧡🧡🧡🧡🧡
Well now you guys have three options: 1) expanding vertically and people accept much smaller personal space like they do in Hong Kong, 2) expanding horizontally and people endure much more painful commuting like they do in Tokyo or Bangkok, or 3) alternatively do both 1) and 2) at the same time and people suffer thier space and/or commuting like they do in Seoul...
Or... invest in more productivity rather than high population growth.
Or start using the ridiculous amount of unused land, Canada being second largest country by landmass
or change some districting laws and regulate developers and landlords
@@308Fibreglass-hl2on Most of Canada's landmass is not desirable to most people, and would be severely difficult and costly to develop. Land-use is optimal when it is a gradual, organic process... this isn't the case when we're growing this rapidly.
Or the real solution is to curb speculation/money laundering and stop bringing in a million immigrants a year..
Not sure how you think commuting in Tokyo is painful. Their transit system is 100x better and id bet the average commute time is less. Cost of housing/renting is also lower as they have no immigration and people, both local and foreign, arent speculating in Japanese RE.
What is the occupancy rates in these places with the high rent?
The same thing that happens in other highly desirable and very expensive cities like New York, London and Sydney; apartments will be shared by 2, 3 4 roommates, more and more houses and apartments will be subdivided. The most important solutions are to build more housing and invest in high-speed regional rail. The other side of the coin is that there will continue to be upward pressure on employers to pay ever increasing wages in order to attract the top talent.
Toronto ain't NYC or London... People get paid poorly here.
@@djtchamp5076
New York is a dump. It’s like living in a prison. Concrete everywhere. Restaurants leave garbage on the street in bags the day before collection causing a rat and rodent issue in the city.
London is rainy and cloudy all the time. Nothing special there either
Miami will be the new NYC and London very soon
LMAO yeah that's the trajectory TO is on. Not the precipice of the largest bubble in history, which will make it VERY clear where Toronto stands among ACTUAL world class cities. Have fun, investors :)
@@sean4060
But New York is the world's biggest financial center. London is not that far behind.
@@djtchamp5076
Thanks to Canada's tax policies.
absolutely criminal what's happened to this country
Not good when nurses, teachers, first responders, trades people cant afford to live in the city they work in.
The lady with two different colours of hair had a brain in her head.
People struggling with housing understand it on a visceral level. We’ve done everything we’re supposed to do: We went to university, have pretty decent jobs, and still can’t afford housing?
THE SOCIAL CONTRACT IS BROKEN!
I’m hopeful that there’s a younger generation out there who views housing as “home” and maybe even some young folks now who want to get into the business of housing, but aren’t in it, or don’t want to be in it for oodles of money; who maybe recognize that there’s a way to do it in a more sustainable way: in a more human rights friendly way.
edit: Unfortunately this world and the people who own housing, even my own parents, are not ever going to be interested in letting rent be cheaper for the people they rent to. It will always be about the money until people return to, well, God.
Which in and of itself is unsustainable. Who exactly is this going to come at the expense of?
@@shauncameron8390 Billionaires and millionaires with tens of millions in assets? I mean it's not actual humans who pay for these homes.
Sooo, you want the poor tu suffer and have no social mobility. Got it.
Beautiful comment. Not happening, humans are their worst enemy.
Eliminate rent control, expedite evictions
Grew up in toronto my whole life, living apartment to apartment, and as I've seen the city deteriorate over the last 3 decades, I can't wait to leave (once I can save up a bit of money).
Nothing will change, everyone with any kind of power owns property, and benefits from the poverty of everyone else. They’ll all complicit. That’s reality.
Not everyone makes 4000 a month but yet is 2500😮😮😮😮is rent only
U can't even save.
It's becoming sad how mid class is not possible anymore
People keep complaining about rents but no one is talking about wages. Canadians aren't getting paid enough. Minimum wage in Ontario is $16.55CAD/hr or $12.07USD/hr. In California the most comparable state in the US the minimum wage is $15.50USD/hr or $21.25CAD/hr everyone keeps complaining about affordability where as we should be striking and demanding higher wages.
Min wage is a joke. My mom got paid 2x more in the late 80s to do the identical job I'm doing. How's that for wage growth 🤣 $18 an hour in 1989 dollars compared to now only $16.55 in 2023 dollars. Ford intentionally delayed min wage growth to protect his business partners and friends. As awful as Winn was under her we'd have at least $18 an hour by now. Ford cancelled numerous min wage increases as soon as he became Ontario premier.
Only 10% of Canadians make minimum wage to begin with.
@@shauncameron8390 Thats not true
@@zacatkinson3926
That is true.
But California is also a state people are fleeing from and has the most homelessness in the US.
i find it odd that there was no mention of "Tent Cities" as that's what will happen when people can't afford to live, they will end up on the street, inn tents, cars etc.
Why should it be on the young to fix this? What about our corrupt politicians?!
Guelph is almost the same as Toronto. It’s in the top ten most expensive places to live without the benefits 🤷🏼♀️
Due to its close proximity to Toronto.
Something will eventually haveto give.
How is it that we can incite replacing plastic straws and bags with paper straws and reusable bags almost nationwide but we can't get affordable homes? Wtf are these priorities?
I was able to sublet on Erskine ave (in 1989-90) for $495 a month. It was a 1 bedroom. It was a short walk from the subway line, plenty of choices for shopping and entertainment etc. I ended up leaving my job in the fall of 1990 to move home (eastern Ontario) because my apartment was under rent review...it was to increase to $650 immediately. It broke my budget. This was long before Air BnB and VRBO and the condo craze that came much later.
That rent is too low . It should be 1000 dollar a month
I'm not sure what the issues is. Didn't Canadians elect politicians that enacted policies that created this situation? Didn't they get what they want?
Correct. Canadians wanted to virtue signal about being welcoming. Now that demand for housing has skyrocketed and supply for work has increased, they've realized there's a problem. But many of them still want to pretend to be morally superior to others, so they'll deny the main cause of the problem.
yes quote us bumper stickers.
@@kevinroy1736 Yes, because this is on US bumper stickers. Now, how about an intelligent rebuttal?
I will, when you put real thought into it instead of quoting bumper stickers, your "it's your fault you elected him" is a pathetic argument@@TheTimeweaver
@@kevinroy1736 Typical passive-aggressive Canadian response. When we cast our vote, we are not just exercising a right; we are also accepting a responsibility. By electing a representative, we are essentially hiring someone to work on our behalf in the government. Just as we would carefully hire an employee for an important job, we should be equally discerning when selecting our representatives.
A poor choice can lead to harmful consequences, including reduced access to quality healthcare, underfunded schools, and economic instability. The decisions made by elected officials can have a lasting impact, often extending well beyond their term in office. Poorly thought-out policies and short-sighted decisions can lead to negative consequences for future generations.
I'd say "everyone moves out", but to where? Rent is atrocious everywhere right not, not just Toronto. I mean, Toronto is a bit late to the party as far as headlines about rent costs go...
Calgary is already over 2k for 1 bedroom apartment dt as well
$55 an hour all trades bare minimum. Buildings are a business. They should be paying exorbent amounts of taxes. Why are people renting at all?