Average rent in Canada tops $2,000 per month | About That
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- Опубликовано: 10 янв 2023
- The average rent in Canada, accounting for all kinds of housing, has skyrocketed to over $2,000 per month. A Toronto-area woman tells About That what kind of problems she faced after her landlord tried to steeply increase her rent.
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And we wonder why so many people are living in tents. It's getting harder and harder for a person working full time on minimum wage can afford their own place
And people argue --- especially rich folks, both Libs and Cons but especially Right Wing Cons --- that rich people taking ever more and bigger slices of the PIE humanity produces as a species is NOT what's responsible for why more and more people in every society are fall through the cracks.
You can't have many "pies" just like you can't have many Earths. There's only ONE PIE like there is only ONE EARTH: if a small number --- 1% to 5% ---- of the species owns too much LANDS and other such resources, the other 95% will have to divide the crumbs among them.
If a plantation owner says the reason he should get 95% of the wealth his 10,000 acres of Cotton plantation produce... because he owns those 10,000 acres and most or all of the hundreds of workers toiling from dawn to dusk to make him so rich... then obviously those 100s of workers who are making him so fabulously rich WILL HAVE to get just the crumbs he decides to share with them.
That is just how PERCENTAGES, wealth, space, food, resources, and the ONE EARTH reality work. Saying everyone who works hard "will get it some day" just like saying if you play the Lottery long enough, you MAY win big!
@@Al-lv7vgDepends on who you live with. I bet you've never been a woman in an abusive relationship before eh?
@@Al-lv7vg That's cold =\ Speaking as an abuse survivor (and male), and in reference to your comment about preferring roommates to tents, all I'm saying is *I* can imagine (that is, *have experienced*) situations where I would choose a tent (or homelessness) over continued abuse,
@@Al-lv7vg appreciated. :)
if only we had massive quantities of undeveloped land we could access
My son pays half of his income on rent, his friend just sign a contract for $2700 a month on rent, she is going to pay half of her income one rent, I feel sorry for young generation they can never be able to buy a house.
There’s so many empty buildings in the city, they should turn those into affordable apartments so people would have a chance to live a decent life, Canada put billions of dollars helping other countries ( I understand we have to help other countries in need) but shouldn’t we help our own people first or our governments should do something about and not just talk about it, action are better then just words
And the finance capitalists are profiting hugely off this suffering.
@@person-yu8cu Who? You think landlords are making bank? 😂
@@waynejohnson1786 then they can get a real job like everyone else. most of these units are bought up by a rich corporation and kept empty to drive up prices. they're making bank on your dollar.
…wow, they have high monthly incomes…I guess close to $100K per year each.
You're going to see a lot of people shack up even if they don't really love the person or it's their second or third choice just so they have housing and divide expenses. Or, gasp!!!!! People will have to live with family longer or forever like so many places in the world. Only in the Anglo world they see living with family shameful now they are being forced which is kind of karma coming back to bite bad values. The youth of today are screwed.
Rent is getting worse, i swear i have to work overtime and i still struggle paying basic bills
My first apt at 18 in the city of Vancouver was a 2 bdrm for $700. I'm now 43 and stuck in the Vancouver rent-trap. At one point in my late 30's I had about $60K saved. That wasn't enough a down payment on anything, and not even looked at by the banks since I'm single self-employed person with no co-signer. As much as I wanted to continue growing that amount, it started to get used. And used some more. I've now lost all my savings, and now in debt. I lived abroad for the greater part of my 20's-30's and used to be very proud to call Canada home, but a HOME is relative to what? We need to be able to grow, not dwindle. I'm doing my best to get out of debt, GRATEFUL to be grandfathered into my current apartment with rent-protection, but this building could be sold for development anytime. And that constant state of unknowing has its own terrible affects.
I rented in Vancouver back in the late 90's and 2000's my average was $500-700 TOPS Canadian. One room, kitchen and furnished. But 2K are L.A. prices. Gosh, I wish I kept those apartments.
This is the reason why I am leaving Canada: how can I call it home if I can't afford a literal home? no way José I'm out
@@TravisWinchesterGood luck. You will soon find that the grass isn't greener
@letswalkinthewoods1462 it's everywhere and rampant unless you move to Portugal or Belize or Panama., India etc..
I am also leaving Canada. It really is sad that this country is so unaffordable place to live in. How is it that we are bringing in more and more people here. Refugees - it is wonderful to help people in need, but what about Canadians who have build their lives here and now are forced to leave. Where are you housing these new Canadians? Could greed be behind this behaviour- somebody is getting rich somewhere (developers, real estate agents, politicians), like what happened in BC.
When housing is treated like a commodity with massive investment from corporations to buy up property to force scarcity the 'market' bloats and bloats. Landlords have been raising rent up to the limit (if there is one), and pushing the limit over and over and over and with 0.5% Vacancy ... they can charge more for an apartment than the mortgage for the entire home. Friends pay 135% more than our mortgage, to rent a 900sq/ft house. So they pay so much they can't afford to save for their own place. If they owned it, even with all the costs they'd be paying less than us. The value of our house has increased by 200% in one decade.
And the sad part is that Blackrock is using your money to scoop up anything. Then if Blackrock etc run into issues, they are too big to fail and get a socialized bail out.
Right now Blackrock etc are investing your pension fund into not whats best financially for you, but what Greta deems "green".
Of course you pay more to rent a house then the mortgage. The landlord has to pay the same mortgage plus repairs plus taxes plus put money away for new roof/furnace/hot water tank, flooring etc.
@@wally7856 That's not why rent is more expensive than a mortgage. It's because landlords know renters don't have a choice so they charge higher.
@@wally7856 Wrong imbecile... its because your greedy and its not enough you get your equity paid you wanna cover even more instead of paying part of it , stop lying to people
@@person-yu8cu yep rentals are inelastic for that reason
Average of $2000 a month for rent vs. $375 people on disability receive for rent each month. Way to go Canada. Leaving the most needy facing life on the streets.
Well we can't let the rich be poorer. We need to make sure Trudeau and his buddies are well-fed and comfy.
That may be true, but it comes with a free same day MAiD service.
@@hunterslaptop7024 one day they will rename MAID to DAD. Doctor-Assisted-Dying. People will need their DAD.
@@torontocharlz it has nothing to do with Trudeau tho, why does everyone think the federal Gov has everything to do with this???
@@marykay8587 what do you think are the reasons for increased rents?
The EXACT same thing is happening in the US, the UK and Australia. It looks like the middle class is being wiped out and 2 extreme classes of society are being put into place like a dystopian film. Scary
And our leaders want to import more people here to compete for next to no supply of rental units...
Just as Marx advocated in the name of abolishing private property.
@@SuperpowerBroadcastingRight, not sure where those new-comers are supposed to live.
@@rayneuy3273 if you drive to rich area's you will find out
You can add Germany and France in the list although I have the feeling it’s the same thing happening everywhere in the world
The first time when I came to Richmond, BC, in 2015 Jan, my rent was $900 (850sqft). Current rent is starting from $1800..Insane.
my parents sold their house for 306k in 2015 due to health problems. that house is now worth 1.5 million. it hurts.
Vampire capitalism is in crisis
I don't remember these prices. In 2011 I was paying $950/month for a 450 sqft apartment in Surrey near Surrey central in Whalley and that was the cheapest I could find in the Ghetto
yup same here, in 2014-2016 for a 1 bedroom rent for us in Burnaby was $980 heat/hw, hydro & car park incl
Thank the Liberals 🤝🏻
Since I couldn’t afford to buy a house anyways it didn’t bother me so much of crazy housing prices but now rent is also going crazy and it concerns me. I am looking for a small studio apartment outside of downtown and I cannot find anything under $2,000. I am considering buying a tent next month.
Right? What happens when the majority of people literally cannot afford rent because it’s 4050 a month as the average. People aren’t gonna be able to move because they can’t afford to so people will either live back with their family, outside, shelters, or are squished in small apartments with 4-5 people,
it is a logic consequence. If housing prices go crazy, the rent must become crazy too to cover the crazy high costs of the monthly payments of the mortgage, property tax and what not. The whole property market is out of whack.
Good riddance 👏
Honestly, I was walking past a car dealership the other day and found myself envisioning what that van could look like as my principal residence. HAhahaha ..... make it a slow boil and most will eventually blame themselves.
Managing money is different from accumulating wealth, and the lack of investment education in schools may explain why people struggle to maintain their financial gains. The examples you provided are relevant, and I personally benefited from the market crisis, as I embrace challenging times while others tend to avoid them. Well, at least my advisor does too, jokingly.
I subscribed for a few trading courses but it didn't help much, been getting suggestions to use a proper financial advisor, how did you go about touching base with your adviser
The adviser I'm in touch with is 'Yuval Eric Brokman' He works with Merrill, Pierce, Smith incorporated and interviewed on CNBC Television. You can use something else, for me his strategy works hence my result. He provides entry and exit point for the securities I focus on.
Google his name,>
Yuval Eric Brokman
search his full name
rent in Toronto was O.K. until around 2016, when the immigration floodgates opened (also when Trudeau started his "Destroy Canada" plan). A million extra people, with no extra units. An apartment I was renting in 2015 for $800 is now $1,800. Countries in Europe have taken steps to block immigration, I wonder if they will EVER do that here....
They like ignoring the migration issue 😂
If you pay $2000 for rent, your income should be $6600, $1600/wk, $40/hr. I'm on a neighborhood app in Toronto, and every week, people are complaining about things being stolen. They say these people should get a job because so many are available. I ask how many are paying $35/hr. No response.
Most pay $15/hr. Wages don't go up.
@@brockashocka5565 wages would go up if the liberal government didn't bring in a half million new citizens plus millions more temporary foreign workers every year.
@@michaelsyntak5418 Yes exactly. I agree. They do it deliberately to suppress wages and drive up rents.
@@brockashocka5565 $40 an hour what is George talking about?
Wages either stagnate or go down, never up. Landlords want to protect themselves and line up their pockets. Employers want to protect their pockets and keep increasing their profits. The workers get fkd from both ends. The govt just likes to watch from the corner of the room.
"You shouldn't be paying more that one third of your income on rent..." HA!
*Gross income, which makes that statement even crazier to me lol
guess who's not paying proper taxes??
@@ROC4Life96 No, gross would be a lower proportion than net.
I just moved to Surrey into a 1 bedroom apartment and it's $1600 per month but that's 30% of my gross income so even though it certainly feels expensive, it's apparently in line with financial recommendations.
@@djayjp Your lucky you got a 1 bedroom. I just moved to Surrey as well and only got a studio for that price.
A definition of poverty in Canada used to be, " an inability to pay one month accommodation with one week's wages." Sad. Time to look outside Canada for an affordable place to live.
Asia seems to be very popular
@@terrymckenzie8786 indeed. Thailand seems nice :) But prices are going up there,too
I have bad news for you....
For 2023, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
A lot of folks have been going on about a January rally and said stocks that would be experiencing significant growth these festive season, any idea which stocks this may be? I just sold my home in the Boca Grande area and I’m looking to remunerate a lump sum into the stock market before stocks rebound, is this a good time to buy or no?
@@tatianastarcic I got into a bit of dilemma myself due to this chaotic market, wasn't sure if to sell or just wait a little longer, 75% of my portfolio was tanking and in the red, but I began gaining clarity and have more confidence in my investment through an lnvestment adviser, I know most DlY - lnvestor like me would say advisors aren't essential, but come to think of it, they're better trained and equipped at this and if I have to give just a little amounting fees for me to be able to net $650K in less than 8months like I did this year, I truly don't mind.
@Craig Daniels Having a counselor is essential for portfolio diversification. My advisor is Melissa Scott Glazner who is easily searchable and has extensive knowledge of the financial markets.
@Craig Daniels Found her, I wrote her an email and scheduled a call, hopefully she responds, I plan to start 2023 on a woodnote financially.
Building affordable housing is easy. But…why the hell would developers do that? There’s no money to be made. Fellow Canadians…the next to you vote, DEMAND that the candidate you’re considering supporting has put affordable housing numero uno on their list of promises.
There are different ways to do affordable housing. Some parties propose straight up direct government building and control, something most likely incredibly inefficient. Subsidies, grants and private incentives would get mass swathes of housing built with the government only paying a part of the cost, all the while enjoying the benefits of private sector operational efficiency. Win win.
@@samueldion-dundas5219 …excellent. Well said.👍🏾
When will the Government step in and do something for the people 😢
Governments in Canada do not care because they collect more free money from tax payers and they are part of the problems " they are all free loaders Crooks that is why they Run for high offices. easy money.
They’ve compounded the problem with mass migration and the devaluation of our dollar. When will people come to their senses and realize the gov’t doesn’t work for the people anymore.
@@CaSPeR_GHoST we love being slaves
they wont
The government is your problem. When a person can build a duplex and rent out both sides for more than the mortgage, then people who have money to invest will build duplexes and rent them out. But, when the government slaps on rent controls and makes evicting deadbeats nearly impossible, people with money to invest look elsewhere to put their money.
I just checked what is available below 2k in Toronto there is basically no condo apartment at all available! This is what realtors and builders did over years and years! They sold places with crazy prices promising such guaranteed rentals. If you are working professional, it is no sense accepting any job below 200k.
Going to be a real wake up call when ChatGPT can do most 'professionals' jobs and everyone is let go. I've always felt the bloated 'office force' in our modern society was propped up fakery somehow. A balloon waiting to be popped. None of it is 'real' jobs. Moving bits of paper around. It's all about to be replaced by, well.. bits!
I live in a nice place with reasonable rent, it's inclusive. The landlord is a decent person. I have not seen a rent increase from him since 2006!! But even he broke under the strain. I told him I wasn't going to give him grief. It's still nice rent. But the reality is, I'm likely going to be here on my last day if something miraculous doesn't happen. Because it's either here for 800, or anywhere else for 1200. And as I am on disability and so is my spouse, this is it. There is nowhere else. And locally (Lindsay) the average is really 1400 to 1600 for a 1 bedroom apartment. The average singular individual simply can't manage on 800 bucks plus utilities, you either have 2 incomes contributing, or you are out of luck. Something has to happen, and I frankly have no idea what that needs to be. I love my country dearly, but it is not easy to live here if you are an average schmuck and live alone. You need that extra income.
Hope you give your landlord a nice hug - as a fellow LL, I gave my tenant a discount as we are all going through hard times.
@@KS-qy5lt Same here, I havn't increased rent on my tenants since 2019. I'm doing well enough that I don't need to squeeze them. They've been paying rent for years without an issue and I want to keep it that way.
And the landlords are trying to make old tenants vacate to get new tenants for higher price. I personally experienced an issue with my landlord who asked us to vacate if we want to make any lease changes(adding another tenant) they were literally forcing is to do it.
Contact Landlord and Tenant Board.
Greedy landlords.
I’m paying $500 monthly for my 1 bed here in suburban Tokyo, a region with the same population as the whole of Canada
Canadians wont settle for that, a single canadian needs a whole house or 3 bedroom luxury unit all for themselves
Sounds horrible.
This was by design and took some hard work to accomplish. First have to convert the system to permanent surplus immigration to create a bottleneck in rental supply. Then offer zero interest loans to drive prices up creating a bias toward condos and away from rental units. Once property has skyrocketed and most people are in a leveraged situation then rents will have to go up to pay off the principle and interest. Raise interest rates and boost competition for jobs to keep pay low.
You have a group that is professional and under that you can extract everything from.
My daughter & I had to relocate from being a ' super' for a 12 unit apt in Moncton,paying 475.00 for a 2 bedroom. The average rent that tenants paid was 675. For 2 bedroom.The owner decided to sell, he told me rent will be going up to
1200. Approx after renovations also. We had absolutely no choice but to move .This was in 2020. I was told to call New Brunswick housing program,,,well that was a total joke ,a 5 YEAR WAIT! I could have been homeless,Fortunately I moved to PEI ,I applied for subsidized apartments and within 4 Months I have an apartment !
Try Toronto's waiting list something like 20 yrs. I heard.
@@elena2125 it used to be shorter, but the government decided public housing takes money away from rich landlords who have to compete with rent geared to income.
@@MrMannyhw it's not always that easy
@@person-yu8cu
And their own coffers through property taxes.
$2000 per month is being modest, it's more like $3000-$8000 per month in the GTA. I'm in Mississauga ON, rent a small 3 bedroom house for $3500 plus utilities, my friends are saying that I'm lucky I found such a good deal, their rent is $5500 a month. My husband and I both work full time and rent eats up about 60% of our income. It's super hard to live in this country. We've been renting for 19 years and gave up our dream of starting a family or buying a house because it's too unaffordable, we both have to work to pay bills, we both make pretty good money, but the cost of everything, rent, utilities,car insurance for 2 cars, food, average clothing, anything else we need, we don't go to restaurants or go out much, and $12, 000a month barely covers a basic life in Canada. Also there is no free daycare for married people so we have to choose to not have kids and pay crazy rent VS living on the street, this is the real reality of many Canadians.
$12,000 a month is your income?! Lucky you!! That's almost my yearly lol
@@truthshurtmorethanlies That is likely household income, Which would imply they're making around 70k each.
My friend in North York pays $17K/month for her rent. Count your blessings while they last. These greedy landlords will only increase their rent until no one can afford to live anywhere unless they sell their souls. This is the perfect moment for a 2008 style market crash.
@@gvs6462 Are they living in a mansion. At 17k a month for rent surely they can afford a mortgage...
@@MrsKiwichan
Penthouse. She works a contract for a fortune 500 company so that would explain how she affords it, but still. The point being that she is spending someone’s college fund every month just for rent. There is something wrong when it gets to this point.
I am in process of leaving Canada after 23 yrs. Its no longer affordable to live here. All I am doing is to work for my rent. There is no point of wasting rest of my life in here lik this
Going where? I’m curious
Same I just moved to Indonesia. Democracy is Dead.
Where are you moving to?
I also moved out! They bring new people who can make this system keep running for another period. Once they wake up they will bring new people
@@JJs_playground Everyone is moving to Portugal where income tax is only 10 percent with much better and cheaper healthcare.
$15 an hr at 40hrs a week is $2400 a month
Rent starts at $2000 in vancouver
income assistance caps at 1350, disability caps 2000
our government can't do math, or expects us not to wear clothes, eat food, take transit, own a vehicle or pay digital bills.
at $2400 a month the government expects you to move to a canadian city where you can still rent a one bedroom for $800, if vancouver is a must then they expect you to share a place with 3 or 4 other people
And when the rent increases there? Then what? Move again? The “if you don’t like it leave” argument only takes you so far.
@@gravijiga then you combine the two options and share a place in the city with the lower rent, work more hours (the $2400 figure was based on 40 hours of work), not disagreeing it is tough but there are things that we can do
@@gravijiga you know that they are average size cities ( 100 000 People) all over Canada where rent is lower and the rent fluctuation is reasonable. You will surely get rent increase but not as drastic as Toronto or Vancouver for exemple. You can still enjoy all the main services a d amenities that big cities have to offer. Salaries are maybe not as high than the big 5 Canadian cities and their suburbs but good anyway. Since the cost of living is lower you will break even at the end of the months and possibly save money. At some point if opportunities don't come to you, then create them.
You can pray to God for help, but I don't that would be helpful.
Terrible place - drug addicts, crime rates are really high, broken healthcare(No family physicians, Long hr of wait in ER, No surgery date available), Expensive housing and grocery. I wonder how middle class canadian citizens are surviving in canada.
I'm considering leaving back to my home country after 12 long years. My parents bought a beautiful condo, 3 br, with pool, gym, and a gated community area, parking, etc for $110k in Goa, India. With the rents I've been paying, and doing the math, I would've owned 2 condos in 10 years. I work from home and earn in USD, and I've really been thinking of saying farewell to this country.
go then please
It´s an EXCELLENT idea. I just did it, going back to Brazil. I have my own apartment here, best thing I did in my life... I feel like a millionaire, and feel so sorry for Canadians on those videos. Canada is a total scam.
@@phokingape For sure. I could also go to Thailand (girlfriend is there), it´s even cheaper.
That girl is lucky she has no health concerns, or job problems.
The competition is so tough to get a room on rent that the landlord asks for paystubs, 1 year bank statements, criminal records, credit checks, full month's rent as just security, references from my 2 previous landlords, and my current company boss. Even the canada's top defense company i got interviewed for, haven't asked that much checks. All just bcz there are so many people so the only easy way to filter out is to make it harder and expensive
Landlords want to protect themselves and not dealing with bad people... unfortunately LTB is too busy …
Just wait until Trudeau lets in 1 million migrants per year. Good luck.
Friend of mine lost his house over covid years people not paying any rent for 2 years. Not able to get them out. over government rules not able to evict. What questions would you ask. Tell you the truth it is the people that do not pay. that have ruined the rental market and forced prices up even higher. Basic business. if 10%. are not paying rent on time or no rent that cost is put to the other 90%. then the banks. mortgage rate gone up 7 times in one year. How much would you rent your house for. Try looking at the other side. We have faster ways of making money out of property without renting. with. no problems at all.
@easytogrowfoodathome3153 well that is what credit check is for. All other things weren't necessary as credit check itself covers it. Well we can say both side suffered. You cant image how hard it was to find a rental place in ottawa. 10 to 20 visitors per location, some owners increased the price since they saw the opportunity. The same room which costed 700 dollars on initial listing is now more than 1000 dollars
Stop cooking curry
Thank you so much for this segment. It was great and the points are spot on.
You ask me where my hard earned paychecks goes...rent is number 1
Doug Ford allowed rent control to be increased. vote the cons out because they support an unregulated inconvenient market to rule.
How can we vote the cons out? Most people already voted against the cons last election.
@@person-yu8cu I think the reason the opposition has not had a voice in recent years is that since Ford's changes to the provincial elections act, there is also a vague threat of charges and legal action for political speech even by politicians in ontario 'outside of election time' yet Ford is on tv every day himself, not facing any such threat. He's created policy that quashed the regular cycle of debate and that's why this will keep spiraling out of control just like the hospital funding crisis. It's a ridiculous situation in my opinion.
Well he’s the only reason these buildings have no rent control … and we have nobody in opposition that will change that.
stop the endless greed of landlords and large rental corporations. politicians please make rent price control laws. these greedy people are ruining others lives and even causing homelessness at this point.
I see lots of people here blaming greed, but people are always greedy, so it can't explain sudden huge increases.
Economics doesn't advance greed as an explanation for changes in price. Instead, economics explains that prices naturally move as a result of supply and demand.
Canada has embarked in recent decades on a course of mass immigration, and under Trudeau the level of mass immigration is now at historical highs. That's the biggest driver of rent and home price increases: the huge amount of demand.
Property Tax has increased by 5.5 % for 2023. Bills, property maintenance has doubled, repair costs have increased, MORTGAGES have jumped $800 on an average per month. What are the Landlords supposed to do?
Some landlords are very reasonable by keeping the rent reasonable and are not being greedy, but sadly in those cases Tenants too are enjoying full meal and not paying full price.
@@opencommentsbbcnewsnight1704 I like your point of view
@@Farooq1977Some landlords are being reasonable (mine included) but some are being unreasonable. It's the same on all sides.
I'm amazed comments are open.
The worst thing is that it is unlikely that renting prices go down even after inflation comes under control.
That's the dirty truth a lot of people won't admit. Same thing for when the interest rates go down.
No landlord ever comes and says "hey, I'm paying less now, you can pay less too" but when the rates go up.. suddenly there's "no choice" but to increase....
@Traisas completely agreed, as a 25-year-old college student, I don't think I will ever be able to afford to buy a house. Even if I make like 100k per year. It's just ridiculous.
@@pradeepyoi6975 Yeah, it's a tough situation for a lot of us....
Most Landlords are Crooks 100% Evil reality.
There are cheaper places in other parts of Canada just saying
0:40 Average rent per month at $2,000. That’s CRAZY!!! OMG!!!
yes and is time to be thinking and saving to move the F out of Canada
Newly renovated apartments in the rental building I live are now (Jan 2023): 2450 for 1BR and 2650 for 2BR (i see them on rental company website). Prices after apartment renovation were 1300 and 1600 respectively just 2 yrs ago, It's insane! I live in New Westminster, Greater Vancouver BC. this is 65 yr old building, and when ppl move out, suites are renovated and rented out at a much higher price.
By monopoly anti-competitive corporations like Boardwalk and Mainstreet. They do superficial 'renos' and buy up huge percentages of available rentals in markets, and this is done in tandem with introducing 'take it or leave it' rental increases that vastly exceed inflation rates. This is more properly, more accurately understood as extortion.
Everything is flipping high in this country 😢
The biased focus of this summary is mind boggling. What is the point of focusing on migration within Canada? It accounts for an extremely small amount of the housing prices nationwide.
The truth is that our government made a choice long ago to sell the dream of home ownership. Housing prices are high because home ownership has been promoted for decades by the government. If we wanted to, we could do as Switzerland did and create a stable housing market. The Economist did a great video about it: How an obsession with home ownership can ruin the economy.
CBC's analysis largely promotes the narrative that uncontrollable, external factors are to blame for housing and the economy. They will not question the status quo of current political and economic thinking. As a result, CBC's de facto function appears to be pacifying the Canadian public by selling them on the idea that the situation is beyond anyone's control. It's not.
Imagine if everyone was just given a free house or apartment. Why can't this be done? Why do we chose to live in a system that requires you to pay to live?
it can be done, it's called communism and don't want any part of it
Families are meant to pass homes to the next, but the devaluation of the dollar under JTs watch is crumbling the system. We should have less government to help fix the issues.
Every Canadian born could easily have a house provided by the government (to own) they do this in Kuwait.
@@icantwiththis In Kuwait, they don't give PR or Citizenship to immigrants.
@@icantwiththis
But that's restricted to citizens. And Kuwait was never known for granting PR or citizenship to just anyone.
The 2nd largest country in the world. A population of only 37m. A crazy super low population density (4 peoples per square kilometer) And yes we are watching this right now
Most of Canada is crown land. Only about the size of Spain is available to buy from the public.
Thank you for sharing.
"Getting out" to rural areas isn't an option anymore, either.
Unless your job allows you to work from home.
You can't have housing be a human right and an unlimited profiting item at the same time.
If there's is anyone who can leave me a home or property I will accept it and care for the land forever. People with no children and no family leave perfectly good property to the bank..
I gratefully accept to be your heir.
It's not a human right in Canada that's for sure. At this point it's becoming a luxury.
This is a dire situation. Even with more housing stock, rents will not be lowered. When demand wavers so does construction. Owners want to take take take. Legislation needs to be put in place that either directly or indirectly tanks the value of homes and rentals by at least 50%. Or we need to freeze the market until wages catch up. It needs to be drastic at this point, I can’t see something like that happening in a clean orderly way
How would that be good to tank the value of homes and have everyone owe hundreds of thousands more on their mortgages than their homes are worth?
"Owners want to take take take." NOPE ! It's too simple to put it that way. Sure those exist, I would gamble they are the big corporations but as a 1 building owner I can assure you that sky high property taxes (because the property suddenly is valued so much higher) and higher insurance premiums (because the property is suddenly valued so much higher) and higher interest rates (because, well.... the banks) all come in to play and leave no alternative to raise the rent.
@@nordette don't buy a house If you can't afford it and got to rent it out.
@@OGwhale yes its never a good idea to buy anything you can't afford but what does that have to do with what I wrote? The comment above is saying they need to tank the value of homes I'm saying that wouldn't be a good idea, everyone would be upside down on their mortgages. That would have a devastating effect on the market and society.
@@nordette oh I see yea sorry I agree with you that it's wrong. It's kind of the people's fault for rushing to buy up property at ATH prices. A lot of people panic bought because they thought the prices were going to continue to rise when their were people that knew the housing bubble would pop but were ignored and told they were wrong.
There ios a connection between high immigration rates and high rents; obvious case of supply and demand.
i still remember when a big mac combo was $3.49 :(
I remember back in the 1970s when it was $1.25
What were the wages back then?
It certainly has to do with Canada wholesale importation of international students from the third world. Imagine all 2 billion people from India is imported in to Canada , what would that look like ? This is crazy , Canadian politicians' desperation for income from boutique SCHOOLS via importation of kids from INDIA ! Not only housing is an issue , even JOBS ( menial JOBS) are scarce , so what can these kids imported from India do in Canada to make a living after attending these boutique schools , commit suicide as 5th Estate reported !
I've seen that report. Very sad. Actively recruit poor people with hollow promises because there tuition is 5x the price of domestic enrolments.
It's really quite simple. 1. Lower interest rates make borrowing cheaper 2. Cheaper borrowing makes people buy more homes inflating the price 3. Inflation starts to increase so interest rates increase 4. Variable mortgage holders see their costs go up while most people wait and see as rates increase their monthly payments 5. These people waiting decide to rent in the meantime 6. The landlords who have seen their mortgage costs increase with rising rates try and pass on the cost to renters of which there are a lot. 7. High rents. LOWERING INTEREST RATES BELOW INFLATION IS A BAILOUT FOR RICH LANDLORDS. Remember this next time you think that high interest rates are why we are here, they aren't they're just a symptom.
Negative real interest rates will just inflate asset prices pushing them higher and higher than the inflation rate. End result is still skyrocketing rents.
You forgot massive 3rd world immigration and in those countries the whole family lives together as well.
Shocking thats now whats happening here.
Not.
My partner and I rented a North York (Toronto) condo apartment (700 sqft 1+1) for $2350 last year. We bought our own place and moved out last month. New asking rent is $2650. Only 4 prospective renters showed up within the first few days and it was already rented out.
We need a revolution, the housing stock should be in common ownership of the working people (not lazy capitalist landlords who evict homeless in -40)
If I had a million dollars;
I’d leave Canada
Thankfully I left over twenty years ago.
I heard a lot of landlords saying rent prices will never go down, which is the same rhetoric of people at the top of any bubble. This is going to burst soon.
I wish
Keep up the solid reporting.
My rent went up $500 this year, my employer want to increase my pay olny 2% while we saw 8% inflation! This is just insane!
yup. Not to mention fuel (and thus heating) costs.
Hey ur lucky, i got a 0.2% raise lol - when u ask your boss if this was a decimal error and he is reluctant to answer 😅
This is the why we all need a union! Our union refused and we are ready for a strike very soon! There is no way we will get less than 8% increase!
@@KS-qy5lt Yowsers! A cruel employer.
@@sachadee.6104
Don't you just that carbon tax?
This country is just one big monopoly game that a lot of us a loosing
Will there ever be a discussion about the proliferation of professional tenants and how much the province enables them? Once someone establishes tenancy, if they stop paying rent, it will take atleast a year for them to be evicted through the LTB.
Let’s say there are 10,000 professional tenants in Ontario. If each evade rent by $10,000 every year, that’s $100,000,000 in lost revenue which ultimately fall on the paying tenants. That’s not a leaky bucket, that’s a bottomless bucket. We could easily build an entire neighbourhood of affordable housing every year with that’s kind of money, but the province and LTB keep enabling grifters at the sake of the paying tenants.
For the life of me don’t understand how this aspect never gets any discussion considering how much money is being being lost.
Canada is mostly a landlord country. There’s barely any competition or productive stuff that happens here so the only way to make money is to flip/rent properties.
Since 2008 Canada is going down the toilet and done nothing to Fix it
This isn’t true at all…
@@tc6106 To you it is not
Also since 2020 the beginning of the land lord took a beating. 1000s of people didn't pay rent and the landlord couldn't do anything about it. Some people didn't pay for 2 yrs. Meanwhile the landlords had to pay mortgages taxes maintenance and in lots of cases utilities. Thus went on for two yrs. Now they are recouping their losses. I feel sorry for the honest people who struggled and paid their rent because now they are suffering because of others and it's unfortunate. But the government with their lock downs and not allowing landlords to evict no matter what caused this
@@missf4681 now that is not true about no rent for two years and you making that up
When you bring more people into an area than there are dwellings to accommodate them, there is only one way for prices to go.
Government needs to get back what it did in the 60s and 70s and invest into purpose-built rental housing address the supply issue.
Unfortunately, there is no quick fix. Those calling on landlords to sell secondary properties... that doesn't put an additional rental into the pool, it actually diminishes the stock.
Supply is the clear problem & it needs to be fixed.
The big problem is real estate investment trusts - whose whole business plan centres around buying up residential property, evicting current tenants and then maximizing ROI by hiking rents into the stratosphere.
@@jasondrummond9451
No. The real problem is the government bureaucracy that restricts supply which ensures that only the richest of the rich are allowed to buy property and/or build anything.
@9:00 is this person really just a friend? Lol Danielle is lucky to have such a friend
Friend with benefits! I mean, look at her...
Prices in Halifax is just out of control. Everyone moved here thinking it's cheaper, and while it is cheaper than maybe Toronto, it's just getting insane to rent anywhere here.
400,000+ new immigrants per year adds to this. 400,000 new units aren't built per year
This is why I offer coownership in Durham Region. Its not a perfect solution but it's an affordable option.
Houses in my area in Ontario are no longer affordable. I wouldn't be able to pay for the new price if I moved to a new rental unit.
An hour outside of Toronto, there are a great many empty apartments, a great many houses for sale. People are living in tents because a great many commercial buildings have changed hands at prices that are no longer realistic. Rents are a reflection of desperate landlords. And the banks are on the hook for it. So they are worried. Among 10 homes in my block 3 of them are for sale. Two are actually empty. One has been for sale for over 1 1/2year. Real estate prices are falling, have fallen by several hundreds of thousands of $$$$ in the past year.
Also people have moved home with their parents, they have buddied up several to an apartment. And that will have an effect on sales of everything. Four people in an apartment only need one fridge, one stove, one dishwasher etc. See how this works? People adapt.
Someone who earns $15.00 per hour, won't be able to pay this amount.
6.8% inflation? That's cute.
The 1980's definition puts it at 15 percent.
I just live 200 km from Toronto and I still pay $1500 and the crazy part is I paid 4m rent as advance 😝 just to block the place 😂
That's a good monthly salary amount in India
Off topic, but how did you guys do the white board animation?
I make about $23/hour. A little over $6 on minwage in my area.
That's roughly just over 2500 a month after taxes. I cannot afford to rent somewhere on my own with one job and live.
I am a single parents (mom passed away) so I work two jobs so the kids have their own rooms, have enough food, dental etc so CAS doesn't take my children. I am 35 and my body is running on little sleep and I feel nothing put pain. I can't wait to see what my body feels like when I'm a senior.
I honestly don't know how people are making it now, or if people are in relationships that they don't want to be in to survive lol
There are several serious challenges Canadians face when they have to get temporary accommodations because they cannot afford rent. But you guys at CBC chose to focus on how Canadians do not invest long-term in communities. This report is underwhelming to say the least.
My co-workers and Bosses have left their over-priced places, they moved off to a another good way of living.
and that’s living in their Cars and work places, they still work, but they will no longer pay super high rent in Canada.
how sad that it had to come to this.
Cost, aside, the rental shortage is caused by too much protection, which prevents a landlord removing a Tennant who trashes the property or does not pay the rent. It is a simple transaction: pay the rent in full, on time & respect the property or get out immediately...
There is little to no REAL oversight as it relates to rental pricings and some of the places are beggars belief.
I was in the market a month ago. Saw an add on a site. First red flag, there was no picture. I reached out the contact provided and asked for a showing which he agreed to. Went as agreed and met the gentelman, he was (based on our short interaction) a nice man. He said the place needed a little "cleaning up" whuch he was gonna have done as a tenant was currently occupying the space. I understand so I wasn't concerned much about that, plus if need be, I could clean the place myself. Then he showed me the space.
For $1400+, the place in totality was a little more than storage space. It was less than half the size of the space that I had been occupying at that point. The fixtures were VERY DATED. The place just need to be gutted. I could have temporarily overlooked the ridiculous size if the place was even nicely done.
Then we can go into the shared living where the amount of persons sharing in order to reduce on the cost of rent vs the amount of bathroom facilities is cause for concern. MANY people in places like Toronto and Mississauga are living in slum like conditions just to have a place to rest their head.
There needs to be a proper system with oversight in place. One which protects the landlords and renters who are going about things the right way.
Bank of Canada “policy interest rate” increases and additional Taxes at all levels of government are responsible for leaving people with less money to live on. Perhaps if we all stop eating, driving, and heating our homes for a month - prices will start to come down. It is extremely frustrating to be squeezed so tightly by Canadian institutions, just to watch the same groups announce expansive projects with extreme costs using our money.
I need higher interest rates as my total income is the interest on my money.
Housing cooperatives? Zoning changes? Could community living be made easier to do?
Just curious (not an economist, only took basic econ 100 & 101).
How would a property value go down but its rent simultaneously go up?
Seeing this now throughout my city (Edmonton, AB) and am curious to know if its correlated or not?
Thanks in advance.
Rent prices are tied to supply and demand for rental units. You can have a huge increase in demand for rentals but a drop in home sales because people can’t afford to buy, thus putting a big influx of people into the rental market, thus rent prices increase.
MEANWHILE…demand for new houses drop and home sales drop thus lowering the price and value of your home…thus dropping the city assessed value of your house thus dropping your property taxes you pay(as they are based on the value the city assessed your house at)
People will ALWAYS want to get top dollar for their rental unit. It’s human nature to get as much as you can to improve your own finances and qualify of life
the market value doesnt cause the mortgage to decrease in fact they have all increased now due to higher interest rates
I owned dozens of homes and townhouses in Edmonton. Home prices fall every year, year after year. Rents are static and never increase. Resale townhouses and resale apartments today still sell for half of what they sold for way back in 2007 when they were new or sold new. Edmonton is an enigma where resale homes cost 3 times what a resale townhouse costs all throughout the past decades. In the rest of Canada the prices of the two are almost the same.
Low supply and high demand. Plus ridiculous zoning laws and other bs by the govt.
This is going to be very cruel joke to our new immigrants that are coming to help with our labour shortage.
Maybe not. Most immigrants live with generations. They pool the money and live cheaper that way, can afford houses.
@@cjmkdolphin8443 The rich are no longer coming to Canada. Most arrive in Canada penniless today.
Our rent just went up 46 percent here in Calgary we got our 3 months notice the other day, it feels dehumanizing, no rental caps here, and Alberta can do what they want it's so sad and depressing, I have no idea how we will be able to afford this and feed our kids at the same time, I'm shocked and have not been able to stop crying since getting the paper the other day. I have called everyone I could to find out more resources that we could turn to, even the food banks can't assist enough that's all we qualify for and it's truly sad as a disabled person on a fixed income, we have lived here 13 years and the house sold and now we can't find anything no vacancies it's totally dehumanizing and stressful, I'm already underweight how can I prepare to completely starve, because our children need that food more than we do, we can't even afford to eat or have Netflix, Netflix is now a luxury we cannot afford and I know we are not the only ones, that we can no longer afford anything, nor save anything, it's all greed to feed the owner, not care about the people who have been here for 13 years and have never had Reno's done and won't be done just here's a paper to increase our rent 46 percent, still in shock and this is a basement suite, when people can't even afford rent where do we go, the shelters are full and are told maybe the food bank can help, have anyone seen what they hand out and it's all charity held, I never thought I my life as a parent would we be this worried about keeping a roof over our heads and enough food for our children but we struggling now and at 46 percent increase we may have to start cutting back on everything even more, goodbye to eating for us adults. Our kids don't now why they get to eat first and there isn't much left for us, I never felt like such a failure in life because of greed in the housing market, this province has no caps on rents and it truly hit harder than ever. We need help our country need help. Rental caps for Alberta needs to be a thing and not a power/money hungry market. We are all human and we don't feel like we are treated as such we are treated by what you make, this city has always been hard but life here is almost impossible for people.
a senior does not even get 2000.00 a month
Thank you for this informative video. I am really enjoying this series of videos from Andrew Chang that speaks to the middle income groups of us everyday Janes.
That’s why so
Many people leaving Canada to live abroad
living in Lévis Québec and rent here is about 1/3 of what i was paying in Halifax 3 yrs ago. Halifax, iften times they require 1 and last months rent plus damage deposit in the same amount a 1 months rent. some places you need 2500+ just to move in. and the apts look decrepit with absolute base materials in kitchen and bath. dreary apts. Québec city on the other hand is really exquisite apts at a very reasonable price but they tend to be smaller in size. rhe 2 cites are not even comparable.
I own a house in NB. I would NOT consider it to rent out because lots of people are horrible tenants, for this exact reason they ask that damage deposit + first/last month rent in advance.
You know, the rents are high but what makes it worse in Canada is relatively low salaries compared to the US, even dollar for dollar without accounting for the strength of the US dollar.
A whole segment and not once did they mention how the dollar has been become devalued. Hilarious
They also didn’t mention that a 35 year old who can’t afford rent is not married.
We relocated from BC to the prairies last year and bought a gorgeous old two story house for less than $100K. Lots of sweat equality but tree lined streets, squirrels, back lane and potatoes in the backyard and bills all paid.
We lived a BC. We loved it there, had friends but we decided we wanted a home. It is impossible there so we moved to Quebec. Best choice ever. If people's dream is to buy a house then sacrifices will have to be made. People should not rely on the government only.
@@julsh9776 Agreed. Great decision. I love Quebec!
@@julsh9776where in quebec
Landlord increasing 8% in Ontario in building built before 1950. They got approval from LTB to do that. It seems they know how to get around rent control in Ontario
I moved to Mount Pleasant neighborhood in Vancouver) in 2009 when I first came back from the US and was able to find a top floor, 950 sq ft, 1 bedroom for 700 a month. I cant imagine what that wonderful little landing pad for me would cost now...
Well at least Daniella is a pretty blond who got a hopeful guy "friend" to pay for her.
Any suggestions for those of us who weren't born a pretty gal? Or if you're, say, a guy? 🤷🏻♂️
Population growth in Canada is completely driven by immigration. If we don’t address the root cause behind the demand i.e. high/out of control immigration then you have to accept that things will continue to get extremely worth. Specifically with the plan to increase immigration intake by almost 20%.
Here in Calgary in 2020 we got a 5 bedroom house for $1750, this year the landlord is raising it $200 to keep up with what they go for plus we don't have rental control here and even pet deposits here go as high as the first months rent, even just for a small dog...it's unreal how landlords can gouge you for anything
IN Edmonton if they had rent control is would be to protect the landlords from falling rents. I owned dozens of properties there.
@@nickyfurlano8531 if it's anything like BC rent control there is a limit on how much a landlord can charge rent based on how many bedrooms the house has and the landlord tenant act steps in if the landlord goes over the said limit, this also protects the tenant from being ripped off and the landlord is aware of how much to charge for rent, even with an increase.
Well explained. I moved from onterrible to Nova Scotia 2021
It takes 3 years now to evict a bad tenant in Ontario. .......... Rents will go up and up.
😳
You just sell the place when the renter is at work and the buyer thinks there's no renter.
@@nickyfurlano8531 Ha Ha
Investors who bought property in the last 10-15 years are paying an arm and a leg due to the rate hikes right now. Therefore rent goes up. People who own homes are not in a better situation right now either. 75% of mortgage payments go into interest (the banks) and the rest in principal. So that $2000 you are paying may or may not cover what the landlord is paying
AND higher insurance AND higher property tax (because the city wants a piece of the pie too) AND higher hydro (energy) costs.
They can just pay-off the mortgages when they come due.
Buying a property as an investment means you take on the risk, don’t try to say it’s any other way. Investors are cutting supply of homes and leaving those who actually want to buy to live in a primary home with little choices. Shame on property investors. If you want to make money go to the stock market. Housing is a human right.
Guess who gets to keep the house after? Not the renters who are supposedly covering the mortgage.
@@Kelseyveg
No it isn't just like living in a trendy neighborhood you can't afford isn't.
I'm stuck in govt housing for the rest of my life.... no wonder it's a 12 year wait. I can't afford to ever leave, I'm a full time working single mom
@Marc Marbella You should ask the kids' father why he decided to procreate if he doesn't mind .
@Marc Marbella Is that any of your business, Marc? Not at all.
Slavery perfected with corporate governance pulling the strings. You will own nothing and be grateful. Same as USA. Sadly
@@elena2125 because statistics show thats its 90% from the female side.. 🤡
@Marc Marbella lots of people are financially fit for procreation (as you so coldly put it), but things happen in life that are unexpected. Don’t waste your time judging others. Believe me, I’ve seen the universe turn that judgement and lesson right back onto the person casting the judgement towards others.
THe thing is you can be in an apartment that isn't too pricey right now and pay for apartment insurance but the minute you have a fire...yes you will have your apartment insurance cover you for the fire but then you need to find a new place that cost $300 more a month for the same amount of space you used to have. I know if I have to move, I have to go to a bachelor at 250 square feet and no longer can afford a one bedroom apartment to live by myself. I work full-time at about $5 over minimum wage and this is my reality. 20 years of experience in the admin field and accounting clerk with a college diploma...and if I can't even find a bachelor apartment...I'd be living with a roommate at 47 years old or a room for rent in a family's basement or a tent in the winter....pathetic and we pay 24% of our pay cheque for this and 15% on things I buy except for some groceries. 40% of taxes for a government that can't even make sure that people who work full-time can have a place to live and be able to eat and pay for heat and lights plus a bus pass to get to and from work.
Wow thats crazy.
They are saying inflation is 6.8 percent well milk went from 4.69 last summer to 5.69 now that's more than 6 percent that's more like 30 per cent. Cantaloupe went from 2.99 to 3.98 that's more an 6 percent. Tinned cat food went from 22.99 for a case of catfood in Oct to 28.47 now. Things at tge dollar store went from 1.25 to 1.75 up to 2.50 for the same thing. At dollar tree things went from 1.25 to 150 that's almost 25 percent. Frozen fruit went from 11.99 to 14.99 so how is that 6.8 percent
Canada always been the Land of crooks thats the sad reality
Tins of chili at the dollar stores in 6 months went from $1.75 to $2.50.
i think they think we r dumb