Less Than 1% of Rentals are Both Vacant and Affordable in Canada

Less Than 1% of Rentals are Both Vacant and Affordable in Canada
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[@Lifeisapartydresslikeit]

I’m a homeowner and I CANNOT afford to rent. I think that’s a serious problem

[@sam-rv1lv]

Vacancy control makes sense, it would have a major impact to stabilize the rental market.

[@robertguay3773]

Met 2 more people from Toronto today bragging about how they moved to Calgary because it sucks in Ontario. Had to remind them not to screw this place up there is no where left to go.

[@PrimePropertiesTO]

LMAO

[@Max_Divies_888]

Zen, the rental market still seems healthy in downtown TO despite the higher prices. I just rented out my 1 bed at City Place for $2250/mo within 30 days and got 3 months prepaid as well.

[@robertguay3773]

wow I was renting my 2 bedroom top floor unit it Calgary in a 5 star neighbor hood for $1350 including utilities just a year ago. All stainless appliances front load washer dryers (high end). I chose to sell it as I hated renting units but now I see why everyone is moving here. here you can still find some nice Townhouses for under 350k if you are patient. Houses are a little crazy but they are building lots right now so should drop back down.

[@pancakes3ful]

We have to many people and there isnt enough labour to build houses . Totally makes sense .

[@paulshealthfitness7922]

I think there's a lot of rental but they are low quality/ small awkward and no parking. If you want something decent its harder

[@PrimePropertiesTO]

Depends on the areas supply.

[@aimielin3991]

Yes. The sizes are getting smaller and smaller. I think the government should maybe set a minimum size for each size of bedrooms.

[@robertguay3773]

@@aimielin3991 The market is doing that right now. It is all supply and demand if people will spend $800,000 on 300 sq/ft they will build them small if no one buys them they need to build them bigger.

[@vert911]

Let's see what the inflation numbers say next week. If it keeps going down, and unemployment up, there will be another 0.25 decrease in July. I think this will continue for at least 6mo-12mo, until the decreases take effect. During this time bonds will readjust and every month more and more buyers will come back. Slow increases in some areas and slow decreases in others with above average MOI. Rates to pause lowering at 4% if no bad recession.

[@Jo-mf2vu]

If rates pause at 4% that would be a disaster for real estate. The system is built on 2% rates.

[@GreenBeanGreenBean]

@@Jo-mf2vu incomes of the top 25% (the actual buyers) keep on trucking higher every year, making buying more affordable.

[@Jo-mf2vu]

​@@GreenBeanGreenBeanIf you are right and 75% of the population become peasants Canada turns into a third world country where there is no middle class. Tell me why again millions of immigrants will want to trade their country for our freezing third world country? The picture you paint of a distopian Canada where the rich use the poor and immigrants as income is not a Canada that stays inviting for long. You can't have your cake and eat it too.

[@vert911]

@@Jo-mf2vu People can take 2% more. It's not that bad. Rates should be kept at 2% above inflation for some time and then be lowered to stimulate the economy once threat of prolonged recession is past. 2% wont cause a catastrophic event like 5 or 6% will.

[@PrimePropertiesTO]

100% true. Given the wealth divide.

[@Mehmed317]

It’s not reasonable to make 50k! Thats twice the income of some hole in the Eastern Europe with 5% income tax. I really don’t look at housing cost as problem, because it’s a problem among all developed countries. We have a wage problem. Hopefully over next years wages are up 5-6% annually.

[@PrimePropertiesTO]

Agreed. Immigration is not good for wage increase. Neither is low productivity

[@zoro1674]

Spoken like a true union worker. More for less

[@OpokuRealty]

Awesome content as always.

[@PrimePropertiesTO]

Ty

[@gems.studio]

I wondered how these units accumulated and the generated. A lot of units available, esp. over here in Vancouver and Richmond, are on different websites/ FB groups etc. in all different languages...

[@bryankerr9174]

Is this just because people can't afford to buy condos or houses anymore?

[@somebodyintheworld5036]

Buying is worse. A 1 bed condo in the downtown area will be 490-560K. At current mortgage rates, a 25 year mortgage comes out to about 2.5-3K a month. With maintenance fees it goes up to 3.5-4K. Rent is shit, but at least rent is only 2k vs the 3-4K of ownership.

[@regentP4RK]

I had to fake my credit score just so I get a place to rent. I know it’s wrong but the landlord never had complaints and we paid 4 months plus rent before moving in.

[@Joe-mz6dc]

Well now that you told me that John I'm going to have to kick you out.

[@regentP4RK]

💀💀

[@goldguilder9554]

We have millionaires sleeping in their cars in Vancouver

[@wendymarshall2132]

Really??

[@wendymarshall2132]

Really??