Pulse-check on Toronto rental housing demand
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- Опубликовано: 1 июл 2024
- Adrian Rocca, CEO of Fitzrovia, joins BNN Bloomberg to discuss the rental and housing markets in Toronto.
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Inventory skyrocketing. Weird. Sales volume down. I wonder what's going to happen?
Well .. dont mention that to the talking heads. They are repeating and driving their points no matter what: demanding more incentives, all while pretending that they are doing us all a favor, working towards a common good.
As if those rents are going to be affordable.
Ummm that’s for single units, not sales of purpose built rental apartment buildings. Kind of similar, not the same.
Why? Because PBR gives tenants long term rental tenancy. If someone wants to sell but can’t sell, they aren’t likely to rent it out (they need it sold). If they really can’t afford to keep it vacant and press snooze by renting it out for a year, that may cause some competition to PBR rental rates, but the percentage of people in this in the market will not cause much of an impact to rental supply.
“Affordable housing” = 350 sqft for 899k
I know you’re upset about house prices, but this is completely not what this guest was talking about. They’re a builder, owner, and manager of rental apartment buildings.
Very interesting to hear from a RENTAL apartment builder!
1 unpopular solution to solve housing crisis: move to land tax and get rid of development taxes
Land transfer tax is a complete money grab. All it does is put resistance on sellers and they try and re-coop that tax by increasing their asking price. Overall the biggest problem is red tape and the added costs of bureaucracy.
@Michael-pg7rv there is a difference between land tax and land transfer tax
This would mean existing residents would pay the costs of new residence. More pain caused by immigration.
Political suicide
Regardless of how everyone is scared and calling the crash, there is already an excess of demand waiting to absorb it, which is another reason it is less likely to materialize that way. As I will explain below, this forecast was not made in 2008, at least not by the general public. According to the other reply, the ownership rate peaked in 2004. We peaked in the second quarter of 2020 and are now at the median level. It dipped by 3% between 2008 and 2012, and it is expected to fall from 68 to 65 in the second quarter of 2024.
Most people find it difficult to deal with a fall since they are accustomed to bull markets, but if you know where to search and what to do, you can earn a lot of money. Yes, depending on how you enter and exit.
Given our lack of experience with such turbulent markets, the fact that the US stock market has been on its longest bull run in history helps to explain the widespread dread and excitement. There are opportunities if you know where to look, as you noted when I earned almost $780k in the previous ten months. I hired a portfolio advisor because I knew I'd need a sound strategy to get through these trying times.
It was run by Sharon Ann Meny, whom I found about and contacted through a CNBC interview. It has since acted as a point of entry and departure for the games we have highlighted. If tracking is required, an internet search can be performed.
I simply typed Sharon's whole name into my browser, and her website appeared immediately. You've spared me several hours of tedious research, so thank you.
There's zero first time buyers and 99 percent of all the immigrants coming to Canada could never afford a house in their lifetime. All the rich Chinese are already here they stopped coming to Canada in 2016.
Said so casually ..
We need government incentives so he can make profit 😂😂
So he can make ANY profit. If he can't there won't be new housing and your rent will just get more expensive. Wake up.
No shit. As long as government are handing them out why not take it? Unfortunately our Federal and Provincial governments are hell bent on importing as many people as they can and they all need a place to live which is usually a rental at first. After decades of not building them, it’s good to start seeing new purpose built rentals again. The existing stock is so old and out dated we need the new buildings.
@@maxothegreatwheela Soon more people will be leaving Canada than people coming to Canada. Rents will fall.
@@parkerbohnn agreed
Without him , there will be no supply
Im curious to see how long these overpriced rentals will be allowed to sit vacant before they lower the price.
Usually at less than 66 percent occupancy rate they cut rents.
Doesn't mention that Ontario has the worst (biased) Landlord & Tenant Legislation the country which is a huge disincentive to own rental property.
2:02 "we've been lobbying all three levels of the government" wait wha
Cant afford the mortgage? Sell it... Cant clear your mortgage by selling it? Eat your loss.
Can't afford the rent? Move out or get a roommate.
@@shauncameron8390 who said anything about affording rent?
Not hard to move when I don't own the place.
A 2.5% increase on a $600 000 mortgage is a whooooole lot more than 2.5% increase on $1800 rent.
Not hard to find a new place to rent when international students are getting deported and these apartments are sitting empty. I've been seeing basements in Toronto for 1500 lately.
My original comment still stands... Can't afford the mortgage? Sell it and eat the loss.
"Adrian Rocca" is an anagram for "Acid Can Roar". o/
What does he mean by vertically integrated? Talks about it several times.
Lower the prices. The government CANNOT subsidize their profits
There should be no captial gains tax for builders who are creating brand new supply.
Fed need to fix first landlord and tame tenants board
How about dropping diesel price to an all-time low This will force the companies that make the materials to lower their prices to be competitive. Next, they need to focus on the labourers and workers it’s not even worth doing this job anymore when a labour makes $25 and tradesmen makes $30-$35. It’s not worth for the tradesmen to even be there.
Promote small landlords. Triplex and fourplex. Reduce or remove red tape
Toronto rental housing demand IS GOING TO SLOW DOWN AND THE PRICES ARE GOING TO GO LOWER A LITTLE BIT. I CAN SEE THAT EVERYDAY WITH MY CLIENTS AND INVESTORS. GOOD NEWS FOR TENANTS.
Why u screaming. Agree though
Not true unless wage gains come down from the 5.2 percent level.
@@parkerbohnn In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX.
@@SmilingBakedBaguette In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX.
@@CristianEnacheRealtor don't agree anymore though. Not everything revolves around supply and demand. We still lack supply and still have too much demand. Just not demand for the ridiculous prices we currently have, thus prices are going down or are stagnant. Mortgage rates affect deeply the market, and mortgage rates depend on the bond market, the US bond market specially. Even the bank of Canada isn't able to overcome that.
this is getting out of control. The taxpayer has to keep paying for housing. So the harder I work, the more the Govt takes to give to others. Of course the developers say we need more, the govt wants to bring more people,. This is a major contributor to housing inflation for hard working middle class.!!!!!
Would help who? REIT investments generating massive rents and returns?
Why not make rental housing businesses an extension of the civil service? We did this with ship building. Lol
The fact is that people do not want to rent. We have a shortage of family homes and this is what we need to have built. Forget rental units. Government needs to start expropriating suitable land, including from developers who are sitting on land. We have the timber and mineral resources to inject into building homes in Canada and these are public resources that are controlled by our government. Our government can guarantee the loans to build homes which is not a great risk given that housing is in demand. We can nationalize or implement legislation to control our builders to ensure the human resources to build homes in this crisis are focused on the task.
Democracies have the power in times of crisis to get the job done fast.
Hedge funds building our rentals.... housing is for us. Its not some kinda of corporate investment fund for billionaires
The hedge funds are buying American housing not Canadian housing.
Good points. New builds have become uneconomical. Gov’t can say whatever they want about needing more supply but bank of Canada policy has brought this situation on.
This guy doesn’t give a crap about renters, he wants OUR tax dollars to make more money period
Fast talking snake oil salesman.
Oh no! Better keep importing millions of new Canadians per year to help the landlords and developers
Without new workers, we wont be able to support our seniors.
@@re-replied seniors need to pull themselves up by their bootstraps and get a god damned job. Stop being so entitled to think they deserve retirement. Younger generations will not be able to retire inn less they are billionaires.
@@BowtieJDP:
Seniors don't deserve retirement? and you want them to go back to work?
@@re-replied New workers need places to live
@@BowtieJDP
No. Seniors should have saved or invested during their working years realizing that a government pension just was not going to suffice.