What will it take to solve Canada's rental housing crunch?
Вставка
- Опубліковано 14 сер 2023
- A new report calls on all levels of government to work collaboratively to address the lack of rental units. Experts discuss what it might take to solve Canada's rental crisis while exploring the findings of the report.
»»» Subscribe to CBC News to watch more videos: bit.ly/1RreYWS
Connect with CBC News Online:
For breaking news, video, audio and in-depth coverage: bit.ly/1Z0m6iX
Find CBC News on Facebook: bit.ly/1WjG36m
Follow CBC News on Twitter: bit.ly/1sA5P9H
For breaking news on Twitter: bit.ly/1WjDyks
Follow CBC News on Instagram: bit.ly/1Z0iE7O
Subscribe to CBC News on Snapchat: bit.ly/3leaWsr
Download the CBC News app for iOS: apple.co/25mpsUz
Download the CBC News app for Android: bit.ly/1XxuozZ
»»»»»»»»»»»»»»»»»»
For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
It's worrying that big financial firms could own 40% or more of homes, squeezing out the middle class. Most folks should hold onto their homes if they can. I'm thinking of buying cheap houses in 2024 and maybe trying stocks too. When's the best time for stocks? Some say it's profitable, others say it's risky. Any advice?
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
Mind if I ask you to recommend this particular coach you using their service?
Sharon Lee Peoples is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I looked her up, and I have sent her an email. I hope she gets back to me soon. Thank you
One day we will be convinced that they are not really trying to solve the problem. They could easily limit short term rentals and the number of homes a person can purchase. What ever happened to the money laundering in BC? Who went to prison?
hardworking Canadians are going to prison after going homeless when everything is expensive
Finnaly someone speaking truth
"You don't know what you are talking about" Pon Zinvestor
Bingo. Owning a home is a right. Owning many homes making people pay your mortgage has to be curtailed.
@@terrymckenzie8786 you have the right to buy one.
21% over 2 years??? Are you kidding? My rent in a Calgary apartment went up from $1250 to over $1700 between Oct 2022 and April 2023. That’s about 50% over 6 months. And that price is only slightly higher than average now, so I’m sure the increase across the board is at least 30% this year alone. And then I’m told that the inflation rate is 3.5%. Really. As a senior on a fixed income, I’m so glad we get an inflation adjustment. At the end of July I got my OAS quarterly adjustment. $7. Thanks so much guys. That’ll cover the many hundreds of dollars (each month) in rent alone.
Yeah the inflation rate is 3.5% for one month, not for a year.
Curious how as a senior you are renting still?
Not every senior has been able to purchase a home over time.
Tell us how you don’t understand how averages work. ;P
For those in “rent-controlled” provinces, and who are not moving around… rent increases are capped. ;)
There are a substantial portion of renters who would like to move. But can’t due to the risk of rexposing themselves to current market rates. I know I’ve been staying where I am because an equivalent place elsewhere would cost me drastically more.
@@jamesryan7684
Incorrect. Inflation is calculated based on the same month the year prior. So we’re currently looking at that rate vs the same month a year prior.
Maybe if we had more houses and less people.....
I'm all for immigration, my wife immigrated here, but if we can't house the population we have now and aren't building millions of houses per year, why are we bringing in more and more and more people every year?
Trudeau believes they will all vote for him.
I fully agree with you
They just want us to rent. There going to provide us with lots of rentals, so cool.
too many refugees they are in the shelters our native destitute use
We are trying to solve the housing crisis upstream with immigration rather than downstream such as building houses and addressing affordability which will take a long time.
Need to ease the pain.
The Canadian Dream is having someone else pay your mortgage with their rent.
bs the way renters are 4:42 these days that would be foolish
Stop bringing in so many immigrants
Then on top of it I don't even see what job sector they are going to slip into in order to start contributing to society 😒
investors backed by bank loans and illegal money in real estate are buying expensive housing which most Canadians can't afford and forced to pay more rent
That's a bingo.
Supply and demand. Liberal cities are notorious for preventing and delaying development. Never vote Liberal/NDP
That's been disproved over and over again. Corruption multi housing owners that stuff is a small percentage of the population
I moved to Victoria in 2016 and it took 6 months to get an apartment. Many companies seem to own most of the properties. And there’s not much vacancy. And they are very particular about who they rent to. I was finally offered a two bedroom apartment and it was very nice and a good location. I took it because it was the only one I found available in 6 months. But it took half of my salary. When I was younger the rule of thumb was that you paid about 1/4 of your salary for rent
Rent is cheaper in Manitoba.
@@jerrykobylt7387
But salaries are lower in Manitoba.
Don't live in the most expensive city in the country then😂 pretty simple. Move
Get rid of air bnb and short term rentals, tax the hell out of foreigners not living in their real estate. That’s a quick easy start right there.
Yes!!!
nah. airbnbs are awesome. hotels suck.
I'm an immigrant myself. I'd say, immigration should be paused till we fix the housing issue. Otherwise it will only create more homelessness and crime.
And unemployment is on the rise as well.
So, it's mostly Federal governments responsibility to solve this. No matter how much money you put into housing, you can't create enough houses for 500k more people in 2 years.
It's a lot more then 500k. 500k in only 'students' (aka hidden cheap labour)
Haha great idea to burn the immigration bridge for others now that you have made it here.
burn the immigration bridge or burn the nation , how can you basically have the facts in front of you that the nation is in trouble majorly and your answer is "I don't care the immigration bridge is more important" ? that's not the type of attitude we want here to begin with.@@vit8250
Wow someone speaking some sense. I never understood what the big objection to oscillating immigration levels was.
Everyone knows this. However Trudeau doesn't want the housing crisis to be solved hence why he massively increased immigration.
The workers are here already, you just need to actually pay them.
They may need to make more, put paying them more won't change anything. People will work in the industry they know, chump change or gold.
Look after your own first.
@@NoName-ys7co It needs to be. He seems to ignore his own and places importance on folks from other countries who want to relocate to Canada, our friends to the North. How can he help outsiders if he cannot even look after his own?
Getting rid of Trudeau for starters.
Trudeau didn't cause the housing shortage! It's a worldwide problem. Anyone with just average intelligence knows that already.
Start allowing tiny homes and van homes, without referring to them as travel homes. Allow them places to park places. Cover the construction by proper construction rules and methods instead of labelling them travel homes. So it would make it easier to insure them with proper insurance!!!! You are welcome.
BTW, I am aiming to be moving into one by next year!!!
We should be opening large factories to mass produce modular home segments that can be shipped on regular sized semis.
You may pay higher insurance but you (if you have your own land) pay very little property tax
why? why can't we allow for the conditions for regular people afford a regular home (house) like it used to be. The micro home ideology is a regressive one and not a solution, we are already going in that direction, house>town house>condo now do the same with rentals..., and next average people get priced out of those as well. the real solution is to economically and by population #s grow the middle class. my opinion, peace!
Nope, that would just be the next area for higher rents in these units.
@@daemenoth Great idea
Send the immigrants home, we can't afford it...
Lol, 99% here is immigrants
Aftermath: First Nations sends this guy back 😂
I think the housing crisis can only get worse, even if the government get into high gear. The reason is that it takes time to plan and build, and in the meantime half a million new people are coming per year. The rental development near me in East Vancouver just took 5.5 years from the time the developer approached the city for permits till occupancy. If it's one housing unit for every 2 people and there are 2.5 million people coming in the next 5 years, you'll need 1.25 million new homes just to house them, and that's not taking the pressure off what we feel at the moment. To make any kind of a dent in the housing crisis you'd have to build maybe 2 million new homes in the next 5 years. The way the city of Vancouver performs I'd say there's zero chance of things improving in any significant way. They're still trying to decide how to tackle the problem and have meetings and then consultations, then more meetings and by the time anything will be done a 20 something that was hoping for a place of their own will be closing in on 40! Canada really is broken!
Putting sand in an open bucket…that’s how it feels
Canada is headed for economic collapse not just because of the housing crisis, but also because of all the needless foot-dragging. Short of a Manhattan Project-style initiative where it's literally all hands on deck, no expense is spared and all the stops are pulled, the crisis will never be solved. Look for millions of Canadians to start leaving the country soon.
Too many investors allowed to buy up property and a large immigration factor without infrastructure....developers left unchecked simply want to pave farmland and Green space, they don’t care about the community, or the environment.
@@verar5844 Not sure. But they are starting to leave.
They are leaving where they came from to Canada long time ago. Most of them have already places to live in comfortably.
Greedy, people over charging because they’re using it as incoming revenue.
clearing you have no idea. their costs are increasing as well. you cant honestly think those people should subsidize your lifestyle.
@@roseoverdose6451 they should sell so others can own.
If you're renting a suit, should be reasonable and if you can't hack it as a landlord then don't bother.
@@audiarayz What a ridiculous opinion to have. You want to penalize the very people who worked hard their entire lives to buy multiple properties because it's not fair to everyone else. Rental units are a commodity and the scarcity of units drives the price up. You also state that the price should be reasonable. How is that achievable when the costs the landlords themselves are paying goes up with along with everything else? You say people should sell so others can own. These "other people" you talk about are more than welcome to purchase on the open market along with everyone else. It is hardly surprising someone like yourself is a lifetime renter and never had the ambition or common sense to buy a home and then complain about how unfair life is.
Higher taxes on owners more than one house own
100% agree.
Raising taxes doesnt fix anything 😂😂
@@zr0dte if you're taxed or penalized for owning multiple homes, then you'll be more inclined to sell those extra homes.
@@audiarayz no, you'd just ask for more rent or add another suite to it.
@@roseoverdose6451 You can only raise rents to a point it is cheaper to own then to rent, the government should also add rent control
I'm a lefty but Trudeau's inactivity during this crisis is beyond irresponsible. Tiny one time handouts and special savings accounts haven't done squat.
We need to lower interest rates/ offer subsidies for new construction as much as possible, remove restrictions on building higher density housing in single dwelling neighbourhoods. Allow tiny houses, converting homes into multi-unit dwellings and laneway houses, etc, anything to add to the housing supply.
The Provincial and Federal governments also need to get back to building affordable and co-operative housing like they used to from 1950s to the 1990s.
You are describing what the NDP would do. Are you comfortable with that?
@@jamesryan7684 Yes for sure.
@@yerabbit6333 👍
Lowering interest rates would likely have a negative effect on inflation again, and enables landlords to expand into buying up even more housing that they intend to offload the cost onto future renters. They would need something to curb this behaviour, or the situation would likely worsen.
To be honest the best thing I can think of is the government gets into building affordable homes themselves like they did after WW2. Stuff that developers don't want to touch because that is not profitable to them to actually build affordable housing. The government can recoup a lot of the investment cost on the tail end with the sale of the houses, as well as control whom the houses inevitably sells too. Cutting down on speculators buying up new housing as an investment... Doing so would likely cost a politician their political career, as they would also be devaluing the houses of the current home owners... that are not likely to thank them for that.
You have been listening to Pierre. Good for you!
Maybe if every new build wasn’t a luxury suite and advertised as such! Condos and house are all builder grade. Unless your building privately.
Build and build for first time owners. Once u r in the market you wait it out to upgrade.
Get rid of air b&b. B&b
WE NEED MORE houses... build up and tall, scrap green belts. Canada is bringing in 500,000 ppl every single year. What else did we expect would happen.
Theres plenty of land, no need to use the greenbelt…. Build more and faster, and tax multiple property owners
@@Browsinginb the green belts are promoting sprawl. We need to prioritize (dense) development in them and the sooner the better.
Definitely wrong about the greenbelt. We need that land to stay green. We need to build multi-storey rentals 4plex 6plex and 8 Plex on every corner. Shops down below to serve the neighborhood. It works we just need to do it. We need to only build medium density mixed use areas until there is more than enough housing for Canadians, then let more immigrants in. This issue wasn't solely caused by immigration in the least but the numbers we are currently bringing in (don't care if it's from England or Thailand) is absolutely unsustainable with our current housing and infrastructure. There are so many problems but a lot of the solutions are fairly simple at their core. Slow immigration and get into wartime production mode on medium density housing.
@@White1148why is immigration such a priority for you? Why do people want immigration in the first place? It should be treated with serious constraint, in any country, and something to be earned.
@@FuelAirSparkTime it is a net good, this is more or less a statistical fact in a general way. I'm totally cool with someone from basically any country immigrating to Canada. On this issue I just want our government to reinforce the dams (infrastructure) so they don't bust like they already are starting to. Once we have more than enough housing bring immigration numbers back up. Get having babies everyone because our population is going to crash without immigration and that's a disaster economically and socially.
49.000 construction workers just lost their jobs this year! WTF are you jabbering about? We don't need more immigrants for construction, we need the projects!
Really? Well then…we definitely have the workers, they just need a job! Why do they have to complicate so much? The PM should listen to the people, to the middle class, and not these higher ups…they are not the ones living the average Canadian life
Yes, soaring interest rates and growing municipal bureaucratic inertia have let to an actual slow down in construction and related job losses. Besides, yes the workers need jobs, but they aren't the ones who pay the soaring interest rates to attempt to finance new projects. Secondly, wages for many workers cannot afford to to buy homes or pay excessive rents in markets like Vancouver and Toronto, so they are forced to move away to cheaper regions. Meanwhile, the federal government ignores all this and says we need more immigrant workers (ones who will bunk bed 2-3 to a room or 7-9 in a house so that they can split rents cheaper and be able to exist in high-cost cities).
Regulations on AIRBNB. My landlord wrongfully evicted my family and turned around and put it up on AirBNB. Many of the apartments in my building are empty most of the time as they are short term rentals. Also I have 5 buildings around me that are 1/2 vacant. They are looking for people who can afford to live in them. There are not many people that can afford a 2 bedroom for $2700.00. I live in Kitchener Waterloo region
We need to have a 100% moritorium on AirB&B and similar rentals for a full 3 to 5 years until the rental crisis is eased, if it ever will, with all the millions of newcomers that Turdeau is rushing into Canada.
I’m against Airbnb. But I also understand that market rent on a property in Vancouver or Toronto will not cover even the expenses of owning it let alone breaking even. So anyone buying a property to rent it out is just speculating that the value will increase in the future.
Units are available but expensive
"advocate for homeless" someone who benefits from homelessness increasing. the corruption is real in that business. no accountability, and no progress but increasing tax payer funds every year.
This is happening in Australia too sadly. Interesting to see the same thing happening in Canada.
Canada is definitely worse
500,000 + new immigrants every year... what do you expect will happen?
Australia does not even allow so many new immigrants and refugees to go to their country each year. Canada's problems are amplified due to the amount of immigrants coming in each year.
NIMBYs in both countries too @@77dris
Fit all the empty highrise office buildings in every major city. Since Covid and people not returning to work there are very very many buildings with space enough to convert some floors to housing/ rental homes.
There are some places that do this with pretty good success, but that is a short term band-aid. They would still need to address the underlying problem.
banks are happy giving loans to investors when you have a healthy revenue coming through rents so basically its a forced rent on Canadians so investors and banks can be happy
@@biggbluh The Canadian Dream is having someone else pay your mortgage with their rent.
Let's be honest , Canada as we had come to know for most of our lives is dead . It's gone . In its place is a severely dysfunctional , broken nation plagued by a life crushing cost of housing , an historic housing shortage , skyrocketing rents , an explosion of homelessness , a healthcare system in critical condition , a crisis of leadership , a political culture that ceased to serve the people a very long time ago , runaway inflation , shockingly dismal future life prospects for youth , engineered division and a severe crisis of belief in our government representation and our institutions . To be frank , Canada has never looked so poorly and without hope . It seems all that once made Canada great has ceased to exist . The opportunity to build a prosperous life for one and one's children . A democracy that for the most part worked very well . Free thought and free speech . A shared sense of decency . A social contract that worked for all and was shared by all . In its place we have a plague of greed by banks , developers , the real estate industry and landlords . The political class has been corrupted beyond recognition . Representatives of the government can't even be bothered to actually openly and honestly answer any of the questions put them by the press and the public . Our institutions routinely ignore the will and wishes of the public as they implement numerous irrational , divisive and corrosive agendas delivered to them from on high . The people feel powerless , abused and ignored . Canada ..... its wealth and power , its future seem to be in the sole possession of an anointed elite who by all appearances seem to believe that they , exclusively , have all of the rights to the wealth , power and direction of Canada . They remind one of the despotic aristocracies of 18th Century Europe . Most Canadians , lost in past beliefs about Canada haven't yet fully realised just how bad things are and just how bad that they are likely to get should things as they have . However , increasing numbers of Canadians facing a litany of financial , housing , healthcare , etc., challenges are coming to realise that they are no longer living in the fair minded Canada of old . They are shocked and dismayed by what Canada has become and are quickly losing belief in a political process which has failed them so miserably . The Justin Trudeau years have proven to be an unmitigated disaster . His arrogance , authoritarianism , elitism and ineptitude have laid waste to the country . Is it too late to save Canada from the downward spiral that now consumes it . I would like to think not . However , it is going to take a great deal of structural , institutional and political change to make me a believer in the promise of Canada again .
Ok, so.....4 years of Harper 2.0?
Pollievre isn't helping anyone making under 80k a year.
Trudeau isn't great by any stretch, or even adequate any more...
But acting like PC's have a hope in hell of doing any better chance when it's said and done is just myth. They'll squash unions, and regulations on industry and big money, make a bunch of cuts to services in the name of frugality, give the suits some tax exemption crap and lower/low mid income Canadians end up cutting up and eating their belts to get by as Pollievre gets praise from Shareholders.
I'd mention the NDP being the only ones seeming to want to help everyone, but nobody will really vote for em. Again.🥴
And let's face it Mr. Singh is not "Canadian lookin enough" for most of those old school Tories anyways😉 (hate Trudeau only because they're old enough to have hated his father)
Rinse and repeat every 8 years.
Red (rinse) Blue(rinse)
Don't give up. Focus on the future together. You should run for office bc you care, but I would not waste time on the negative and push things back on track. Focus on the solutions. Thank you for caring. You said what we all want to but we end up lighting ourselves on fire. Let's find a way out of this.
Sad but true, it comes with the me for myself and mine is better , bunch of crock , big is not better and huge is ridiculous but hey some people are greedy and don't care eithet 😢 I left 30 yrs ago Thank God 😊
Discusting prices whether you rent or buy prices have doubled in 10 years!
Trudeau, Trudeau, Trudeau l, Schawb.
tripled
@@user-pf5fo1xs1q We need a crash!
While we're talking about the overall shortage of apartments, Canada has to first end the greedy rent grabs. An 1-bedroom apartment I was paying $820 for, in 2015, now rents for $1,800 in 2023. If you're single or a student, good luck. There needs to be a cap on rent prices, period.
We are in the vancouver suburbs and pay $1000 for a 1 bedroom basement suite in a townhouse. It is out there if you look.
Charge taxes to the oligarchy and stop giving bailouts and subsidies to corporation$ and invest in social services and programs !
There are more than 1.3 Million empty homes in Canada.
where did you get that stat? i don't believe it.
@@roseoverdose6451 please do a google search
With some of them condemned awaiting renovation or demolition.
@@shauncameron8390 yes 8% out of 1.3 million.
I agree with others that greed and self centered people are a part of the problem and it is getting worse not better.I know of some landlords who do not work because they have more than enough money from rental income on their rental units.
how about stopping immigration!!!! 40 mill and counting. LOL!!!!
so what? dont like it move. its their property.
What is the problem? THeir job is real estate. Not everyone has to go to work 9-5.
BUILD APPROPRIATE SIZE HOUSES THAT PEOPLE CAN AFFORD!!!! Like "wartime" houses in the 50's. Not fancy but a roof over people's heads. There is no need for massive 5 bedroom houses to be built when no one can afford them.
Put a cap on interest that greedy banks can charge. Play hardball with greed!
We need to put immigration on pause for a few years until housing prices come down. Or only get immigrants that build homes.
Canada don't have good civil engineers n city planners?
Trust me the government is more focused on other agendas. I came as an international student, tried to register into a trade and was told by the school only Canadians and permanent residents can. So I went on to a building designing program. Even though I graduated and have work experience, I'm still having a hard time gaining permanent residency. This definitely locks me out of moving up in my career in construction because of a few pieces of paper.
@@simba8665 That's ridiculous. We need you.
Prohibit owners to buy more than one house!!!!! Make owners to sell their 2nd, 3rd houses
That will nwver happen
Its not individuals buying up the houses its companies.
@@letfreedomreignhonk324
Thanks to government over-regulation.
Rent has nearly quadrupled in the last 9 years in London ontario.
Immigration is a big,big problem. How about we take care of people already here before bringing in more immigrants Trudeau believes will vote for him.
Because we NEED the bodies to fill the Ponzi scheme that is the social contract in our country.
People didn’t have enough kids to ensure there would be enough tax payers in the future. So we need to fill that hole with new people able and willing to work.
So yes. Growth through immigration IS what’s needed to “take care of Canadians” in the medium to long term.
@@TheRabid0ne
Because they foolishly drank the feminist/Marxist Kool-Aid.
It's actually not the problem.
The cost of building is too high and immigration levels are too high, I just solved it for you. 22% of home builders cancelled their projects also so expect it to get even worse.
I saw a documentary where a investment coalition drove into a trailer park in a bus and bought it. They raised the low income trailers from $600 a month to $1500. Average people who want to use rental properties to get ahead in life, are using people that rent as their stepping stone. Don,t blame them for trying to get a head, but we have to limit how much property they can own, and leave it for normal people.
I do blame them for trying to get ahead by putting others behind.
@@nosnibormailliw5122 I agree. I own a few rentals, and in the past average people could do this by working hard, but I agree it’s time to change.
Manufactured home parks are generally owned by family businesses. In BC, the landlord may not increase the rent more than 2% plus the difference in property taxes once per year. For the past two years, property taxes in those parks has gone down because the assessment on the park is dependent on the income from rent, which means a rebate to the tenants and an annual increase of less than 2%. The tenants' mobile homes themselves have gone up in assessment by over 100% since 2019. That all means that tenants of those parks are making a fortune, while the landlords are losing money. I know because I own and operate one. There are no parks on Vancouver Island charging more than $650 per month. I know because I research those numbers and I belong to an association. There is no greed involved.
@@mitchellmurt637 Yes, but watch out, the big New York, Toronto and London UK hedge funds and other groups are quietly but rapidly snapping up these family-owned mobile home parks. In other industries, they've already taken over 60-80% of vet offices, non-chain pharmacies and dental offices in BC., centralizing purchasing, upselling on services and prescriptions and jacking up fees. They are coming for the mobile home parks and RV camp resorts next. Big profits to be made when jacking up pad rents 30-40% to squeeze out bigger returns for their investors. It is happening all over - just look at Blackstone with huge percentage of rental units that they own in USA.
Well you can start right here at Regional District of Nanaimo, have been waiting 28 months for a building permit for a 1000sqft house. $45,000 just for government required red tape so far still no end in sight. Just last month they nailed me another $4500 in permit fees. Yes we have a housing shortage and that is 100% due to government employees willful incompetence.
Let us place the blame squarely where it belongs: Area A Rep Jessica Stanley and Chairman Vanessa Craig.
And in the city of Nanaimo it is even worse with far leftist Mayor Krog in charge.
Add another 500,000 immigrants (so many Student Visas accepted now, that universities cant hold the students)
Build another 50,000 homes.
And they wonder why there's a crisis.
@@TheDarthJesus There's a skilled worker shortage in Canada. So what's your solution then? If we get a family of 5 and 1 or 2 have professions with 3 children, the actual jobs filled is much less than the 450,000 immigrants allowed in. That number also includes seasonal workers. Have you even looked at the Canadian immigration website?
@@jamesryan7684 And forcing more unskilled workers into this clowncar of a country, that cant house it's citizens, is supposed to fix the housing issue?
We cant provide housing, medical services, or education to our current population. Why strain those sectors more?
Wow, nice to see at least SOMEONE is trying to do something. They are housing heroes!
Yes, they have some good ideas but ultimately this CBC segment bordered on a "puff piece" to help out the Federal Liberals by focusing one single report and helping punt the ball down the field to a largely ineffective solution sometime in 2026-28. Meanwhile, hundreds of thousands of families could be out on the street in 2025-26 via defaults from higher mortgage rates, let alone "renovictions". Federal Gov't and crown corps like CBC don't ultimately care - they easily qualify for mortgages and mostly own their own homes. "What rental crisis" as they cozily retreat to their homes and condos to stick their heads back in the sand.
The great replacement
On the west coast Big ‘off shore’ Wealth is arriving on the Gulf Islands. The locals become serfs, running the stores and restaurants, looking for places to stay in the summer Months
That's been happening for decades now...
Every country that has been undermined with mass immigration is suffering, or will suffer, the same problem.
Toronto has nothing but money they can afford to pay more
A new prime minister
You can build all the units you want. It won't solve the problem. If they're reasonably priced rich investors who already own homes with a lot of equity in them will just buy them up along with foreign investors. But the government just won't put limits on who can buy. The developers want the mist people possible in order to quickly sell their units. As long as they get paid they don't care who is buying. They don't prefer the poor or the desperate,
You couldn’t be more wrong. Scarcity drives prices upwards, which makes those assets worthy of investment.
If supply was outpacing demand on housing, prices wouldn’t be rising as quickly, which then makes it less desirable as an investment, lowering the number of investors.
This is very basic supply and demand.
@@phil649 I think his point was that we're selling too much real estate to foreign and domestic investors. As long as they keep buying we will continue to have a shortage and housing prices will remain high.
@@yiranimal
Thanks to government interference that made them the only entities that can afford to buy.
@@shauncameron8390 Apparently banks no longer have to worry about folks defaulting on their loans, they merely extend the amortization period. As such the banks can lend out more money without the old fear of defaults. This drives up the price of housing. The OSFI is supposed to be doing something about this in the near future..
REMOVED OUTDATED Zoning laws , aparment bans, and bring back missing middle housing for the middle class.
The immediate solution is very easy, slow down immigration. They would do this if they actually cared about Canadians. Instead, the politicians are more concerned about profiting from the problem which they have created.
There are hundreds of thousands of jobs not being filled. We need the immigrants, but we must build more homes.
@@terrymckenzie8786 What jobs are not being filled? Canada lost 45,000 construction jobs last month.
Where are people going to live? GDP per capita is decreasing. Quality of life is going down. Immigration policy needs to be sensible, not this idiocy that is taking place.
@terrymckenzie8786
There isn't a shortage of people who can work. It's a shortage of jobs that pay enough to bother working.
Most trade jobs start at $18-20/h and require a car. You'd have to live in that car.
Maybe Vancouver and Toronto, but what do you suggest is a reasonable starting wage for a tradesperson? You know that the wage rises substantially with each year of an apprenticeship completed right? Stick with it and you will have a very good income at completion. And if you have what it takes to start a trade contracting business, there is an extremely good living to be had. All young people starting out in their careers have always started at the bottom and then worked their way up. It's no different now.@@FullCircleTravis
Where are the hundreds of thousands of vacant jobs? That is bullshit.
All i see in my GTA neighborhood are construction vehicles/sites dormant and unmanned. How urgently exactly is the government working on this?
A complete change of government would work wonders I think.
Municipalities need massive amounts of money for water and sewer
And bureaucracy.
Short term rental ban
Totally agree. This would be a huge help and would add tens of 1000s of units with nothing more than a legislative vote.
Lol 😆 all bs!! No construction workers who can afford to live here ... disaster ahead!😮
Builders will always build what makes them the most money. And thats 600 sq feet condos for 400,000$ plus. No work force to build affordable housing.
Need personal property rights such as to housing in this country and not rentals.
We need DEREGULATION. The right to boot a bad/non-paying tenant from a unit, and not get caught in the hellscape of the landlord tenant board which can take YEARS to evict a nightmare tenant.
When people with lots of equity in there home borrow money and buy more houses to rent that is part of the problem. No one needs more that one home.
Their!!!!!
Bingo!
Everyone knows the solution.. from the start and was warning it would end up like this.. but still no action..what does that mean.. I guess many want things to be like this …just waste time discussing and push things to the extreme with no actions so that existing asset owners banks or corporations benefit by the asset price bubble by discounting the social issues arising out of it
Canada has mass inward migration. Most of these new Canadians will be renters. We need to match housing policy with immigration policy. We can't have the people show up and not the houses.
Build what? More unaffordable homes?
its not the lack of housing- it is the lack of affordable housing as compared to the cost of living and wages - it is all stacked against the average person, even with a good education and job skills. Prices of everything have gone to far compared to our wages.
As long as there's mass immigration and people insisting on living in the big city, housing will never be affordable.
Yes, there are actually a sizeable number of low-rise and high-rise apartments being built, but out of financial proforma needs, their ability to recapture their costs (including hugely expensive government taxes and fees) almost necessitate focus on the luxury-end or middle/upper-end of the market place, let alone $ 1,800 to $ 2,400 rents for 1 bedroom apartment - beyond the reach of many students, middle-aged and seniors.
Enforce rent price limits.
😂 how about just building more and stop letting the 3rd world to canada, your rent prices would drop instantly
How about having meaningful protections for tenants and regulating rent increases between tenants, as is done in Quebec? Framing this problem as a building crisis overlooks the way legislation in most provinces favours property owners over tenants. Here in Ontario, people are living in tents because they have lost their affordable housing to rennoviction, with REITs buying up apartments in order to evict legacy tenants and raising the rents. Cracking down on the financialization of housing by REITs is a federal issue, but the feds actually encourage this predatory behaviour by giving these corporations huge tax breaks.
This is it exactly. Thanks to these protections, look at rent prices in Quebec compared to the rest of the country.
How do you think every property owner who pads their mortgage by renting their basement suite is going to feel about this policy?
its a bad idea. just scrap the landlord rental act. there is bad on both sides
@@yerabbit6333
But immigrants are not flocking to Quebec like they're flocking to Ontario and BC. Say what you will, but Bills 101 and 96 are saving graces.
Another endless discussion without coming to an actual Concrete solution
The commodification of housing is the primary reason we're facing such a dire crisis in affordability, whether you're a renter or a would-be purchaser.
Insistent on living in a major metropolitan area.
Supply and demand. Figure it out.
Builders want to build glam condos and houses. Whi exactly is going to buy them?
Perhaps,we need to have Public Builders build lower cost, smart green housing for the rest of us.
Also, frankly, Business and housing really dont mux when it comes to doing the right thing regardingvthe environment and, the working poor ...and, those who cant work.
It never takes very long for the conversation to propose more easements for the developers. Not once did I hear in this report how those who benefit from exploding housing costs can contribute to solving this crisis. The head of my city's developers association made a rare addmission that developers have "made some mistakes" that have lead to the housing issues we now face. Of course he failed to elaborate on what those mistakes actually were and what resolutions they as developers could offer.
The "skilled worker shortage" is another BS line trotted out to explain why nothing is being done. The fact is that more and more barriers are put in place to seperate the workers from the jobs. In my youth I could put on my workboots and find work that day. Calgary had "cash corner" where you could stand and be picked up for a days work and gain valuable experience in the bargain. Now you must sacrifice a small portion of your wage to agencies in order to access even the most menial work. Agencies that put their clients through such a rigorous examination as to make a proctologist jealous. As more and more people are shut out of housing and jobs we don't need more conversation we need more action.
Canada has a huge shortage of trade workers. Fact. You can't just go and start building a house with no training.
@@jamesryan7684 there's always a shortage, thing is I see lots of building going on where I live but it's all high priced mini mansions
@@audiarayz It's also worth noting that in many cities they are tearing down 2-3 older "affordable houses" for the land to build these. Meaning that not only are they not actually fixing the problem, but making it worse by taking previous affordable housing off the market.
@@audiarayz No, there hasn't always been the size of shortages we are seeing now. Pay attention to the news... and builders. Of course they are still building luxury housing with their limited resources because that where the most money is. Duh. If there's only10,000 guys (eg) left to build houses do you thing they are going top build sheds or mansions?
@@dennisheyes4561
Those affordable units were too dilapidated and costly to maintain.
To solve this, first get the Federal government out of it all together. They have no business sticking their nose in it at all. The municipal government has only to hand out building permits and enforce building code. Let the free market reign, the federal government doesn't solve problems they create them. Less government is good government.
So they are planning on keeping us renting instead of letting us buy.
PP doesn't care about working people. Conservatives only day that until they get elected. To be fair, the Liberals are about the same. We need to elect people who don't seek power but instead people who want to help regular Canadians rather than corporations.
This is why I tell everyone I know to vote anything but conservative or liberal every election. It’s only ever these parties and they both need to be scared of losing power to wake them up to the people (who are struggling and tell you what they need) electing them to power.
At the expense of economic viability like the NDP.
I like all this talking and nothing comes out of it who's paying those clowns.
Government lobbyists.
Protest during rush hour in every intersection. Everyday. Then they will listen to us.
Build to rent is the solution apparently. You'll own nothing and be..
These talking heads all think like bureaucrats. They need to think like businessmen. If there’s money to be made, developers will solve whatever problems ahead of them, including government regulations, labour shortage etc. The reason why there’s a housing shortage in the GTA is because investors are not buying them. Residential real estate is no longer a low risk, hassle free, high return investment. Upwards of 75% of condo units are bought by investors who turn them into rental units. Historically, this is the biggest source of rental units, several times more than purpose built rentals. A significant portion of these investors live abroad. The overseas buyer’s tax has practically ended purchasers from overseas. The residential tenancy act that capped rent increases puts many landlords deeper in the red each year. Rent increase in Ontario was capped to 2,5% this year when many landlords are faced with double their mortgage payment when they renew their mortgage. During COVID, Ontario government allow tenants to live rent free, while the landlords had to pay the mortgage, maintenance and property tax. In recent years, the number of ‘professional tenants’ who refuse to pay rent has grown exponentially. The inept Landlord Tenant Board is making eviction a rare event. As a result, many existing landlords are selling out, further aggravating the already tight rental market. For the past couple of decades, baby boomers have been buying condo units with the intent of supplementing their retirement with rent. In the past couple of years, they have been exiting the rental market in droves. Demand for pre-construction condos has seen a significant decline as dealing with tenants is not for the faint of heart. Building affordable housing is a pipe dream in this high interest rate, tight labour market and elevated material cost environment. Who in the right mind would invest in a purpose built rental building, knowing that a good percentage of tenant would default on their rent and it would take months to evict them? Until investors decide to buy rental properties again, you can put all your energy into the 10 point proposal and it won’t make a damn bit of difference to the rental market.
Poilivre is clear about his mind set. And it's not good for the regular (non-wealthy) person or family. Poilivre is a political cousin with Premier Doug Ford.
NDP Liberal government can give away tents. One room, rent free on the sdewalk,. What can go wrong.
Who will build, build, build when rates are going up, up, up?
Absolutely. Housing should be a human right. It’s a problem of the system that benefits the wealthy and landlords
No it shouldn't just like living in the city you can't afford is not a human right.
Wrong. Housing is a commodity, nothing more. If you cannot afford it then move to a place where you can or live in a tent. Instead of trying to achieve something with your life you spend it on here complaining about how unfair everything is.
@@markadler8968 and I’m sure that you will complain about homeless people living in tents. I believe in a developed civilized society we should evolve and do better. Everyone should have health care and education and clean water and housing. And smart rich people can see that it benefits everyone. There would be less crime and vandalism and other problems. And people doing better and having more money can be good consumers and shoppers in the billionaires stores
There will be a half-assed effort at staggering cost that won’t solve it. Politicians at all levels will say “see, government can’t solve this”. We’ll be right back to private sector developers building homes too slowly just like the last 40 years.
To actually solve this is to pre-approve a high-density mid-rise. Prefabricate modules. End exclusionary single family detached zoning.
Politicians are terrified of solving housing. The Canadian economy is floating on expensive housing.
And Canada's economy is going to collapse because such shaky foundations are not infinitely sustainable.
Thanks to government meddling that made land acquisition and building costly.
We have opened up our housing market to foreign buyers when foreign buyers leave. Their countries is mostly due to economic and political reasons, and when investing in Canada, their wealth creates a financial genocide in displacement of equal equity that was occurred for the past hundred years this genocide of wealth has displaced, the bedrock foundation of our society that brought us to this point made you adjustments to one’s personal life has occurred and experienced it firsthand and have seen the migration of long-term communities, friends and neighbours have been displaced and moved away where they can find proper housing. This is not right when people come from other countries, moving to communities, and transform them to their likings and disregarding what once was a Community I think if people can’t buy land in the wrong countries and loot there and create their own communities, why should they come to Canada?
Our taxes should be used to build more social housing. Government should stay in the housing business. It is them who created this crisis. Allowing very rich land developers to charge for these new units as much as they want is nothing but promoting greed. There should be start-up rent and a percentage of allowable rent increase in a year. Not everybody in Canada is rich and these people need help. I can't believe that besides homeless people, this wealthy country has immigrants sleeping on the streets. Working Canadians living in their cars or RV. Single renters living in 600 sqft 1 bedroom apartment with 9 others. I was shocked to find out that a Japanese student pays $1,200 for a den adapted to a small room in my building. Unbelievable what has happened to Canada.
Building material prices exploded since covid. How is it possible to build affordable housing today when prices are 21/2 what they were before ?
Mixed use buildings are good with some designated for low income people. Operated by nonprofit cooperatives. And have rent to own plans to make it easier for people to buy. And regulations on landlords and speculators who buy properties and drive up prices
Link to the report?
where tf can I find the report, a link would be nice
Reduce immigration DRASTICALLY, remove the red tape for building new apts and homes, and make construction jobs more attractive somehow (btw, most immigrants do not want to work in construction).
Foreign owners MUST divest ALL of the property they have bought
Be forced to sell within a year? Absolutely agree. Last I checked I wasn't allowed to buy land in China.
If you raise the Wages in construction your "shortage" will disappear. Construction is a BRUTAL job. There are lots of white collar jobs people would rather do that pay well. Construction needs to compete with that by raising wages. More Immigration will just exacerbate the high cost of housing and keep the wages low which will just keep the "shortage" going.
Ban Ab&b
Raise interest rates so high that the housing market crashes.
it is crashing but slowly
@@user-ry2qs7xf9k It's a slow moving crash, we just can't look away. Only in this case, I would find it far more entertaining if the crash sped up!
Here in BC, strata run housing do not allow rental properties. We should change that to help accommodate the crisis? I would love to buy another home within this Strata complex. This would partially accommodate the housing dilemma and I can further invest in real estate .
The rules changed, that only counts for 55+ stratas.
I'd rather you not own multiple homes and leave those for folks looking to buy their only home.
Limit international students. Block international investors from buying properties. There you go.
Has anyone tried lower immigration from those over 30 years old?
Sure, build more and then investors will buy it up and control rental prices again. BS, what we need is government rent control along with policies that prevent foreign investors and locals should be limited to owning no more than two homes. Look, I just solved the problem.
We already have that. And you would not want to be the person looking for housing as rent control = near 0% vacancy rate.
How about not approving over 1 million immigrants in half a year with no plan in place to house everyone? Do you actually think people move to canada so they can end up in Bella Coola BC? I wonder if human beung can balance themselves into various dwellings too just like the budget.
Ban tearing down rentals to build condos . Foreign students are the problem as well
Condos are built because due to city zoning restrictions and NIMBY's, those are the only high-density housing developers are legally allowed to build with a decent ROI.
That's on the federal government.