If you want to implement rent control, you must also establish controls for bank mortgages, property taxes, property insurance, maintenance costs, etc.
It's not even just Toronto. Toronto is worse, for sure. But in Ottawa, I moved out of a studio apartment in 2020, and that studio apartment is now being rented for $1500 + hydro, and the reason I had to move was bedbugs the building wasn't properly treating for several months. I moved into a 1 bedroom apartment that was $1300 + hydro, and there is sign in front of my building that there are 1 bedroom apartments to rent now for $2000 + hydro. I don't know many people who's salaries have gone up $500-700 a month to compensate for this over the last 3 year. And that's not even including inflation. I was saving up a down payment to buy a home, and leave the rental market. But I can't even do that now, because while I have a down payment, there is no way I can afford the mortgage cost here in Ottawa with the current interest rates and housing prices. So if I want to even move to another apartment I'm looking at paying at least 1/3rd more for the same thing I already have, so moving isn't really viable, and ownership isn't viable, so now I'm kind of stuck where I am, and while I have friends looking for apartments, even finding a roommate situation, the cost of just a room is as much as I'm paying for rent right now for my own 1 bedroom apartment. I know there are a lot of people in a lot worse situations than I am in, and I know Toronto definitely has it worse than Ottawa, but so much of the country is facing the same issues, and the resolutions we need just don't seem to be coming.
Vanlife or fulltime RV living is a good option, even in winter as long as you have a decent heating unit. People do it all the time. Why pay someone else's mortgage and bills when you can keep the money you earn.
@shauncameron8390 I guess, if a person doesn't shower often. I don't have an issue as I have a proper motorhome with all the comforts of an apartment. All year long, including winters.
Missing middle housing is the type of housing the middle class , seniors, young and working class people use to be able to have. Nimbys and single detach wealthy suburbanites are responsible for the establishment of apartment bans in 90% of the land in Canada, ridiculous zoning laws and restrictions of affordable housing. Every level of government needs to join forces and lift apartment bans and remove outdated zoning laws.
It seems like the zoning laws are now changing in major cities but the taxes associated with building new inventory are problematic, apparently in Toronto and Vancouver $200k-$300k of the price of an new residential unit is tax. It wasn't that long ago when condos could be had $200k in those cities
Using the term NIMBY to devalue people, to attempt to marginalize them is similar to racism... People who live in nice area will naturally want to protect the quality of their lives. Densification of housing gives less life quality, or risks it. If I need to explain that it means you have not thought this through!
Vanlife or fulltime RV living is a good option, even in winter as long as you have a decent heating unit. People do it all the time. Why pay someone else's mortgage and bills when you can keep the money you earn.
What single house owners need to think about is; currently, municipalities in single housing suburbs are mostly, if not all, in long lasting deficit of tax incomes. This cause many other problems such as lack of education facilities, lack of public services. If some areas can have multi-housing units with better servicing public transit, this will not only improves tax problem, but also brings better life opportunities by forming a small urban cores where we can enjoy job opportunities and community life better. This kind of changes have been already happening to many of small US municipalities. It’s a win-win game cause municipalities can have better urban structures with various sources of revenue. And single house owners won’t have anymore to worry about raising property tax and diminishing public services. In reality, NIMBY is not a real thing but lack of information or miss-information by ill-intentioned investors and politicians is real thing.
Working class and disabled and poor people need personal property rights like the right to guaranteed adequate housing at minimum in this country. Rent and landlords should not exist. Price gouging shouldn’t exist.
Repercussions of hiking rents: less money into the overall economy, fewer people staying in the bigger cities, service industries are being choked off because of the need for employees, profits aren't returned to the economy, private owners may be skipping the taxes owed, hiding that income. The more costs for rent the less employment, the slower the economy becomes, the people leave to find truly affordable housing, and those who can't afford to leave become homeless. Greed. It's killing people and the economy. Multinational corporations have bought up thousands of houses, raised rents for stockholders, and driven out families. These effects begin at City Hall, Provincial and Territorial Governments, and Federal Government policies of " BUILDING" more housing to have corporations buy them up, drive prices up, drive people further down the economic ladder. Try NOT doing the same thing over and over, stop insanity.
Mass buyers are known as REIT, Real Estate Investment Trusts. Multinational corporations, investment companies, use these properties as "investment bundles" which are TRADED on stock markets as "investment products". Single family homes are bought OVER asking price, multiple homes so housing prices rise.
The government should give incentives to businesses to relocate to other cities. People would possibly follow the jobs to whatever city and possibly have an easier time.
5:32 in Ontario a landlord cannot just kick out a tenant to sell. If that happens to to, file a complaint to the landlord tenant board and you could get up to one year's rent as compensation.
Really? A homeowner in Ontario isn’t allowed to sell his property if he has a renter? What a political wasteland Ontario has become. No wonder investors have no interest in building rental properties. Why would they?
@cvanunen owners are certainly allowed to sell, but the PEOPLE who paid rent must be a consideration as well. These AREN'T feudal times where the upper class can be abusive for profits.
They can sell. But if the buyer plans to move in then the renter is SOL. I’m 4 hours outside of Toronto and one beds go for $2k and 2beds are $3k and over. It’s unaffordable.
Rent control only works with government support... narrator already said, if rents stayed low, developers won't build rental housing, not without govt subsidies... that's how/why things worked in the 1960-80s...
Also, Municipal gov. could lower land prices and permit and property taxes for purpuse built multy unit rental buildings, to compensate for rent control. Also take ownership of supportive housing units, instead of privitizing it all. And not use the value of our houses, as a guaranty of return on investment.
Have you thought of the implications of that? If you cap one aspect of a free market how does that work when everything else can increase based on supply and demand? What if everything else doubles in price, such as maintenance cost, insurance, or even home prices, and the home owner doesn’t have the ability to raise tenant prices to keep up? How does this incentivize rental investors to build more properties, when they know they have no rights to charge market prices? It seems to me anyone who sides with rent control, thinks anyone who’s a landlord is just a faceless entity that has no overhead. Rent control fuels housing shortages.
@@juliecho1739 That’s because only a fool would invest in rental properties in Vancouver, therefore Vancouver has a very low supply of rental properties. Rent control advocates can’t wrap their head around this. Legalized squatting, and rent control. Landlords are villainized in BC, but if someone has a recreational property that sits empty sometimes, they’ll force you to be a landlord and rent it out. BC will crumble under the socialist NDP regime.
Rent control does the opposite of its intent; most people will not qualify ( do you know of anyone ? ); you literally have to be destitute to qualify and the working class are the ones paying ( through increase in rent ) for subsidized housing. NIMBY has some merit; an increase in more people within a footprint ( parcel of land ) means an increase in traffic and use of sewer lines; thus widening of roads and more construction and installation of sewer lines to handle the increase in volume of people and this is normally paid for by a corresponding increase in property tax. Real estate investment firms increase rent based on what the market will handle; thereby, leading to a leveling off of yearly increases; the working class have to make adjustments to their living standards and live within their incomes because if your outgo is more than your income then you'll incur deficit spending ( credit cards, etc.). This, what we're seeing, is the new normal and government will NOT be helping; you have to help yourself and complaining about the problem changes nothing.
What politicians don't tell public: 1- AVAILABILITY: There won't be available housing in big cities like Toronto, Vancouver or Montreal. They might build houses in suburbs (1 hour driving maybe?) where space still available to build, but people still wants to live in big cities. 2- AFFORDABILITY: Even if they build 3.5M houses in next 10 years (doubt it!) what makes housing not affordable is cost of leaving in general. An one million house in Toronto will never be affordable or have the price reduced to 500K. A reporter asked Trudeau what is affordable, no answer was given. 3- IMMIGRATION: This is the elephant in the room. Adding +1M people per year, good luck with housing demand and enough education and health services. And where they go ? Big cities only.
I love how the tenant advocates talk about "stability" when it come to rent control. Fine in an ideal world where that translates to control on other costs related to ownership. But until then, how would you have stability when the cost associated with maintaining a home is UNSTABLE. Good luck finding any rental, let alone one that is decently maintained and is not a slum in a rent controlled area.
Wow, how are service workers even living in toronto? how can a waitress, hotel clerk, cashier even survive in a market like that? where are they living? commuting an hour away? this is just insane....
The affordability got so bad pre-covid, that I left Toronto for Prague where things are manageable. It's not perfect here, yet I am able to decent life. Toronto and Ontario needs to fix it's housing before the city becomes like Detroit or LA.
@@vickisnemeth7474 Just the ability to find a decent place to live here was 10x easier than in Toronto, plus there are so many protections for renters, that it's all a breathe of fresh air.
Affordability comes with availability . Shelter is essential like food, human cannot survive without shelter. It is government business to ensure enough supply Imagine you go to store finding line of people competing to on only one banana on the shelf ! That situation led to unfair conditions. Data says 10 % of renters affected by eviction without tenants fault . The state has many tools without being a contractor. The state should own specific percentages of land. the government should invest in developing methods of building
Terrible journalism. There isn't a single economist who advocates for price controls. GET RID OF SINGLE FAMILY ZONING. BUILD MORE HOUSING. It's such an easy solution!!!!!!!!!
Rent control fuels housing shortages. This is a fact. Housing is supply and demand, and therefore if you want more affordable housing, you need more supply. The best way to stifle supply is the vilify landlords and make investment in rental properties a losing proposition. The only thing the government should control is foreign investment and taxes. Stop making it impossible for investors to build. The government should be offering incentives and tax breaks for rental investors. Also stop giving all the rights to tenants. A tenant’s right should go no farther than a lease agreement. If they aren’t paying rent, why should a landlord bare the financial burden of paying for shelter for a tenant? This is nonsense and makes for a harsh unwelcoming landscape for someone considering investing in a rental property. Everyone pushing for rent control and more tenant protection has this completely backwards.
The government should be building housing, and running social housing. Put the landlords out of business entirely. We need more supply, and we don't need to pay a rent-seeker to get more supply. We can drive the economies of scale socially, and unlike landlords, the government is already responsible for externalities Landlords are paying anything to house a renter. Unless they're cooking and cleaning or upgrading the place, they aren't doing any work deserving of a monthly salary
@@lomiification Wow. What a complete load of nonsense. So you’re just a socialist that thinks government money comes from pixies in the sky. You’re at that phase in life where you think the world owes you something. It doesn’t.
Finally, someone who understands basic economics. This series panders to reductive populist tropes and provides so little objectivity or education of basic economic concepts. Utter nonsense.
The problem with rent control is providing housing is getting more and more expensive. If you have rent control that is so low that a landlord can't cover the mortgage, property taxes, home owner's insurance, and they don't have the ability to get non paying tenants out they will stop investing in housing and start moving their money to other things so fewer units become available. The free market will lower the price of housing because more people provide a good when more money can be made. The way that government could make housing more affordable is stop charging property taxes on houses used a primary residence or full time rental and start charging 3% a year on vacant homes not being renovated. They should have less single family homes and more places where multiple families can be housed liked condos, larger buildings that can house a hundred families at a time. Plus there should be more mixed use housing so people can live closer to work and grocery stores. The only business housing should be kept away from are power plants, sewage plants, landfills, and airports.
It is insane theses days, no one can trust anyone, it's not that the tenants have rights, its that some of them are theifs, same with some landlords. It's hard to know who the good ones are going to be. And remember, if it sounds to good to be true, it probably isn't.
@@ninemoonplanet I don’t know why landlords are considered upper class. Many rely on rent to pay the mortgage for the property. Some live month to month like everyone else. I can’t believe how microminded people are these days.
I ahev a few friends of mine who have had very bad experiences with tenants not paying for months, even threatening the landlord and their (who lives upstairs). It is insane how hard it is to evict some of the freeloading trash we see. It is sad as it makes it harder for honest folks to get a rental suite. For me, renting is not worth the risk, otherwise I would be happy to make a few more bucks and provide a suite to someone who needs it.
Once again CBC lies by omission. The LTB of Ontario allows non paying tenants to live rent free for 1 year+ throughout the eviction process, accumulating $30,000+ each in arrears that are never paid back. CBC knows this, has tiptoed around it, but never says it outright. That shortfall will always land on the paying tenants in the form of higher rents and incomplete repairs. That will ALWAYS be the case because that is the only way the rental market will function. Rent control is a stop cap if the deficit is unaddressed. Eventually rent control buildings will be sold after they’ve suffered too many financial losses, putting the rental market back at square one. The only explanation is that as to why CBC omits this is that CBC is in the pocket of the LTB.
@@heartborne123 - In My State the Taxes are based on 'ASSESSED' value NOT what you paid... Plus everytime you vote YES For a Bond that increases taxes...
If one assumes that immigration will increase by 500,00 new arrivals per year (as predicted by some globalists) low rental housing is mathematically impossible. The need for new technology and financing concepts is essential. The conventional brick and mortar approach is becomming unaffordable. The over supply of office space in most cities would be a good starting point as governments could create incentives to acquire such properties and transform into compact residential units. It would facilitate the adaptation to new urban concepts as well. The rezoning of greenbelts with the creation of new suburbs is a thinking from a past era. 😢
Building _upwards_ while halting expansion _outwards_ causes home prices and rents to skyrocket, shunting the lifetime earnings of residents squarely into the pockets of the chosen few. Those most affected cheer each time another tract of land is "protected" tightening the snare on their own demise. A quarter million homeless in Canada with 1000 deaths each month. A major issue in this country is the vast expanse between cities, but no land may be spared for housing. Organized protest in an effort to save a grove of trees meets each attempted use of land, yet 895,000,000 acres of forest extend all the way from the West Coast to the East Coast.
This artificially created land shortage serves the purpose of financial institutions, but costs consumers from five to above twenty times the normal price of a home. For each $100,000 of market price, if land is $20,000 and the building is $80,000 lenders will not advance funds beyond the value of the indestructible portion, which is the land, itself. A deliberately restricted supply caused prices to skyrocket with the cost of the building and the cost of land exchanging places in the equation. Now, for each $100,000 spent on a home the building accounts for $20,000 of the purchase price and land makes up the remainder, which is $80,000. Banks lend an amount that matches the indestructible portion of the acquisition, which is land. In an ironical twist this arrangement enables buyers to finance their purchase by paying several times the normal cost of a home.
Canada produces cereal crops and livestock that are its staples, which are grown some distance from cities. We have highways and railways to haul in these products. This country also produces some fruit and vegetables during a relatively short growing season. The reality is that 95% of the food that we consume arrives from or through the USA. Major retailers are not going to snub reliable suppliers in order to acquire local produce for a few weeks each year. That has not kept land from being declared "agricultural" in an effort to prevent its use for housing and that has inspired movements to place a halt on the use of _all_ land. In order to save land for agriculture, forest land should be made available on which to construct homes. Legislation and regulations have severely restricted the home building and home improvement industries, the two industries for which we are admirably suited with our abundance of land, lumber, stone, minerals and other material. We have skyrocketing property prices preventing people from becoming established and a growing gulf between property owners and the remainder that cannot be bridged with any amount of effort.
Housing has been turned into an unregulated financial paper market, with public officials that personally benefit at the expense of citizens, setting conditions to constrain supply that results in monopoly prices, with rent at maximum levels and home ownership beyond reach.
*Footnotes:*
¹ A result of this cunning _sleight of hand_ is that purchasers make a down payment of $200,000 and finance the remaining $800,000 for a home that should only cost $200,000 to begin with if it were not for a deliberately restricted supply that caused prices to escalate to absurd levels.
² Building upwards while halting expansion outwards does not save farmland, as it escalates in price to the million dollar per acre level. Farmhouses are replaced with 40,000 square feet mansions, it is not feasible to grow anything and the land is left fallow.
³ Average price of a home in Vancouver in 1969 was $23,939. In Winnipeg $13,588. That equals $23,939/$7284 = 3.3 years salary in Vancouver of a new degree holder or $13,588/$7284 = 1.9 years salary in Winnipeg.
¹³ Civic governments reap a bonanza from inflated property assessments.
Let’s vilify the Landlords, actually let’s put them all in jail and let Trudeau seize their properties and let it out for free to tenants. Yay! abolish rents altogether and give free housing to everyone, while we are at it let’s stop working altogether and let the government pay us salaries for sitting at home.
I hope people here realize that rent controls and especially vacancy controls will really discourage people from becoming landlords, which will result in even less supply, thereby increasing the price of new rental units… but maybe not. Most of you people here just want to see the world burn. Until they become homeowners, that is.
This has much less depth than donoteat01's series on housing "power and politics" Where the fundamental debate is actually between "Fit everyone in" and "keep everyone in their home" And the difficulty between those two ideals is without doubt the essence of problems with housing
lol ... when you expect private individuals to bring money from home to carry the property so you can preach about rent control ... you end up with less and less rental units .... funny how you never advocate for mortgage interest control, insurance cost control, maintenance and upkeep control ... you just keep going on and on about how tenants are entitled to be guaranteed low rents for life that don't even keep up with inflation at the expense of private individual landlord and then you sit there like mo**ns and wonder why you have so few rental units ....How about you go after the ltb and get them to show a little protection for landlord who end up having to carry a non paying tenant for years and pay for their effin utilities too while they leach off of an evil landlord ...
How about the builders actually build a DECENT apartment building. Here they are throwing up sardine boxes which allow noise to travel through multiple floors and if you are stuck next to a partier or someone who wants banging rap music on all the time, your home becomes a living hell!!! BUILD PROPERLY SOUNDPROOFED APARTMENTS AND STOP SKIMPING ON THE QUALITY OF WHAT YOU ARE THROWING UP LIKE SANDDUNES!!!
A good soundproofing costs around $25-30 USD per Sq foot of a surface... so for a 10x10x10 room , you have 6 surfaces of 100 Sq Ft each , so 600 x $25 =$15,000 Good luck.....!~!!
Its not far that hard working people cant offered rent. New owner should not be allowed to kick people out. Why is no one doing anything about no solutions n chat news but no results. The always try to push the low income families😢 Agreedy people who take advantage 😔😔😔😪😪
The landlords are the ones with deeper pockets then your government makes in 1 year so they have more power then your tenant ever will , you will not be able cap any rent on new building that will never work , because bottom line dont for get your government is making way too much money from them also yOU WANT cheaper rent , goto the Philippines , because and usa and uk is over priced !
Especially Toronto... I am so sick and tired of constantly talking about Toronto. Toronto isn't the center of Canada. It is always the priority of the Federal Government. The FEDERAL GOVERNMENT IS for ALL of CANADIANS, not just Ontario and certainly not just Toronto! We might as well rename the Federal Government of Canada to The Federal Government of Ontario and Quebec. The rest of the country doesn’t count..
It figures when Ontario alone has more people than all of Western Canada combined including British Columbia. Plus, Ontario and Quebec account for 56% of Canada's population.
@shauncameron8390 HI, I am somewhat confused by your comment: BC is the most most certainly West of Ontario it literally is on Canada's west coast, so I am unclear why you had to emphasize it by name as part of Western Canada. Then you make the statement:
Not all landlords are parasites. I rent out my unit for considerably less money than the growing rate to help my tenant. That said, I work very hard and still struggle to pay household expenses… yet don’t increase rent. So keep your blinkered mindset to yourself.
![Twenty One Pilots - “The Line” (from Arcane Season 2) [Official Music Video]](http://i.ytimg.com/vi/E2Rj2gQAyPA/mqdefault.jpg)
If you want to implement rent control, you must also establish controls for bank mortgages, property taxes, property insurance, maintenance costs, etc.
It's not even just Toronto. Toronto is worse, for sure. But in Ottawa, I moved out of a studio apartment in 2020, and that studio apartment is now being rented for $1500 + hydro, and the reason I had to move was bedbugs the building wasn't properly treating for several months. I moved into a 1 bedroom apartment that was $1300 + hydro, and there is sign in front of my building that there are 1 bedroom apartments to rent now for $2000 + hydro. I don't know many people who's salaries have gone up $500-700 a month to compensate for this over the last 3 year. And that's not even including inflation.
I was saving up a down payment to buy a home, and leave the rental market. But I can't even do that now, because while I have a down payment, there is no way I can afford the mortgage cost here in Ottawa with the current interest rates and housing prices.
So if I want to even move to another apartment I'm looking at paying at least 1/3rd more for the same thing I already have, so moving isn't really viable, and ownership isn't viable, so now I'm kind of stuck where I am, and while I have friends looking for apartments, even finding a roommate situation, the cost of just a room is as much as I'm paying for rent right now for my own 1 bedroom apartment.
I know there are a lot of people in a lot worse situations than I am in, and I know Toronto definitely has it worse than Ottawa, but so much of the country is facing the same issues, and the resolutions we need just don't seem to be coming.
Vanlife or fulltime RV living is a good option, even in winter as long as you have a decent heating unit. People do it all the time. Why pay someone else's mortgage and bills when you can keep the money you earn.
@@RealLifeandAveragePeople
That's if you're willing to forego taking a shower for days at a time.
@shauncameron8390 I guess, if a person doesn't shower often. I don't have an issue as I have a proper motorhome with all the comforts of an apartment. All year long, including winters.
Vancouver 🤑🤑🤑🤷♂️🤷♂️🤷♂️
Bed bugs🤮🤮🤮
Unfortunately the whole system broke down once housing became a commodity and a way to grow wealth through speculation.
Yes, that is main point!
100% on point.
that isnt the reason. the main reason is the government needs housing to go up so they can collect more taxes.
I totally agree, REITs are the primary problem.
well then tell that to the pension funds that own those reits. start with the teachers pension fund.@@veloaa-montreal6924
Missing middle housing is the type of housing the middle class , seniors, young and working class people use to be able to have. Nimbys and single detach wealthy suburbanites are responsible for the establishment of apartment bans in 90% of the land in Canada, ridiculous zoning laws and restrictions of affordable housing. Every level of government needs to join forces and lift apartment bans and remove outdated zoning laws.
It seems like the zoning laws are now changing in major cities but the taxes associated with building new inventory are problematic, apparently in Toronto and Vancouver $200k-$300k of the price of an new residential unit is tax. It wasn't that long ago when condos could be had $200k in those cities
Using the term NIMBY to devalue people, to attempt to marginalize them is similar to racism...
People who live in nice area will naturally want to protect the quality of their lives.
Densification of housing gives less life quality, or risks it.
If I need to explain that it means you have not thought this through!
High density living is lower quality of life.
Vanlife or fulltime RV living is a good option, even in winter as long as you have a decent heating unit. People do it all the time. Why pay someone else's mortgage and bills when you can keep the money you earn.
@@RealLifeandAveragePeople That sounds like it would suck in the winter
What single house owners need to think about is; currently, municipalities in single housing suburbs are mostly, if not all, in long lasting deficit of tax incomes. This cause many other problems such as lack of education facilities, lack of public services. If some areas can have multi-housing units with better servicing public transit, this will not only improves tax problem, but also brings better life opportunities by forming a small urban cores where we can enjoy job opportunities and community life better. This kind of changes have been already happening to many of small US municipalities. It’s a win-win game cause municipalities can have better urban structures with various sources of revenue. And single house owners won’t have anymore to worry about raising property tax and diminishing public services. In reality, NIMBY is not a real thing but lack of information or miss-information by ill-intentioned investors and politicians is real thing.
The old, rent-controlled buildings are usually dirty and infested with roaches. You get what you pay for.
Exactly.
Working class and disabled and poor people need personal property rights like the right to guaranteed adequate housing at minimum in this country. Rent and landlords should not exist. Price gouging shouldn’t exist.
10% rent increases literally make people homeless. It astonishes me that people are okay with that.
Neither should income tax. After all, it was supposed to be a temporary measure when WW2 happened.
Repercussions of hiking rents: less money into the overall economy, fewer people staying in the bigger cities, service industries are being choked off because of the need for employees, profits aren't returned to the economy, private owners may be skipping the taxes owed, hiding that income.
The more costs for rent the less employment, the slower the economy becomes, the people leave to find truly affordable housing, and those who can't afford to leave become homeless.
Greed. It's killing people and the economy.
Multinational corporations have bought up thousands of houses, raised rents for stockholders, and driven out families.
These effects begin at City Hall, Provincial and Territorial Governments, and Federal Government policies of " BUILDING" more housing to have corporations buy them up, drive prices up, drive people further down the economic ladder.
Try NOT doing the same thing over and over, stop insanity.
Mass buyers are known as REIT, Real Estate Investment Trusts.
Multinational corporations, investment companies, use these properties as "investment bundles" which are TRADED on stock markets as "investment products".
Single family homes are bought OVER asking price, multiple homes so housing prices rise.
I agree with you all it is very difficult living in Toronto.
Uncertain life
The government should give incentives to businesses to relocate to other cities. People would possibly follow the jobs to whatever city and possibly have an easier time.
Only rent-controlling old buildings was a bad idea. How are they supposed to do repairs?
5:32 in Ontario a landlord cannot just kick out a tenant to sell. If that happens to to, file a complaint to the landlord tenant board and you could get up to one year's rent as compensation.
Really? A homeowner in Ontario isn’t allowed to sell his property if he has a renter? What a political wasteland Ontario has become. No wonder investors have no interest in building rental properties. Why would they?
This is a lie, the tenant board is also backed up almost to a year
@cvanunen owners are certainly allowed to sell, but the PEOPLE who paid rent must be a consideration as well. These AREN'T feudal times where the upper class can be abusive for profits.
They can sell. But if the buyer plans to move in then the renter is SOL. I’m 4 hours outside of Toronto and one beds go for $2k and 2beds are $3k and over. It’s unaffordable.
Yes they can. There's a form especially for that. Google form N12. It happened to me two years ago.
You realise that rent is how the owner pays for the building, right?
Very nice comprehensive coverage that touches on most ascepts of the issue. Good reporting!
Rent control only works with government support... narrator already said, if rents stayed low, developers won't build rental housing, not without govt subsidies... that's how/why things worked in the 1960-80s...
Also, Municipal gov. could lower land prices and permit and property taxes for purpuse built multy unit rental buildings, to compensate for rent control. Also take ownership of supportive housing units, instead of privitizing it all. And not use the value of our houses, as a guaranty of return on investment.
You can move to South Korea ...there are no landlords......well may just one ...!!!
They need to put rent cap on these landlords and plug all the loopholes that are they are currently using.
Have you thought of the implications of that? If you cap one aspect of a free market how does that work when everything else can increase based on supply and demand? What if everything else doubles in price, such as maintenance cost, insurance, or even home prices, and the home owner doesn’t have the ability to raise tenant prices to keep up? How does this incentivize rental investors to build more properties, when they know they have no rights to charge market prices?
It seems to me anyone who sides with rent control, thinks anyone who’s a landlord is just a faceless entity that has no overhead. Rent control fuels housing shortages.
Ford got rid of that and it’s only going to get worse
rent control in Vancouver... 1 bedroom close to $3000/month
@@juliecho1739 That’s because only a fool would invest in rental properties in Vancouver, therefore Vancouver has a very low supply of rental properties. Rent control advocates can’t wrap their head around this. Legalized squatting, and rent control. Landlords are villainized in BC, but if someone has a recreational property that sits empty sometimes, they’ll force you to be a landlord and rent it out. BC will crumble under the socialist NDP regime.
@@demisavage77
But so far it hasn't. BC has rent control yet its housing crisis is even worse than Ontario's.
Rent control does the opposite of its intent; most people will not qualify ( do you know of anyone ? ); you literally have to be destitute to qualify and the working class are the ones paying ( through increase in rent ) for subsidized housing.
NIMBY has some merit; an increase in more people within a footprint ( parcel of land ) means an increase in traffic and use of sewer lines; thus widening of roads and more construction and installation of sewer lines to handle the increase in volume of people and this is normally paid for by a corresponding increase in property tax.
Real estate investment firms increase rent based on what the market will handle; thereby, leading to a leveling off of yearly increases; the working class have to make adjustments to their living standards and live within their incomes because if your outgo is more than your income then you'll incur deficit spending ( credit cards, etc.).
This, what we're seeing, is the new normal and government will NOT be helping; you have to help yourself and complaining about the problem changes nothing.
What politicians don't tell public:
1- AVAILABILITY: There won't be available housing in big cities like Toronto, Vancouver or Montreal. They might build houses in suburbs (1 hour driving maybe?) where space still available to build, but people still wants to live in big cities.
2- AFFORDABILITY: Even if they build 3.5M houses in next 10 years (doubt it!) what makes housing not affordable is cost of leaving in general. An one million house in Toronto will never be affordable or have the price reduced to 500K. A reporter asked Trudeau what is affordable, no answer was given.
3- IMMIGRATION: This is the elephant in the room. Adding +1M people per year, good luck with housing demand and enough education and health services. And where they go ? Big cities only.
What about the costs of building and maintaining housing along with an influx of peopel willing to pay higher prices?
I love how the tenant advocates talk about "stability" when it come to rent control. Fine in an ideal world where that translates to control on other costs related to ownership. But until then, how would you have stability when the cost associated with maintaining a home is UNSTABLE. Good luck finding any rental, let alone one that is decently maintained and is not a slum in a rent controlled area.
i think a big part of the problem is that salaries are stagnant and taxes keep piling thus making everything expensive.
Wow, how are service workers even living in toronto? how can a waitress, hotel clerk, cashier even survive in a market like that? where are they living? commuting an hour away? this is just insane....
roomates
The affordability got so bad pre-covid, that I left Toronto for Prague where things are manageable. It's not perfect here, yet I am able to decent life. Toronto and Ontario needs to fix it's housing before the city becomes like Detroit or LA.
"I left Toronto to move to emerging Europe," is a mood
@@vickisnemeth7474 Just the ability to find a decent place to live here was 10x easier than in Toronto, plus there are so many protections for renters, that it's all a breathe of fresh air.
Affordability comes with availability . Shelter is essential like food, human cannot survive without shelter. It is government business to ensure enough supply Imagine you go to store finding line of people competing to on only one banana on the shelf ! That situation led to unfair conditions. Data says 10 % of renters affected by eviction without tenants fault . The state has many tools without being a contractor. The state should own specific percentages of land. the government should invest in developing methods of building
But it's the government that has done plenty to restrict supply and artificially inflate demand.
I think the government just needs to keep building more housing instead of expecting investors to build the housing at an affordable rate.
Terrible journalism. There isn't a single economist who advocates for price controls. GET RID OF SINGLE FAMILY ZONING. BUILD MORE HOUSING. It's such an easy solution!!!!!!!!!
The most debated issue in Canada is the basic laws of economics. Canada’s housing and economic issues are based in simple math.
Rent control fuels housing shortages. This is a fact. Housing is supply and demand, and therefore if you want more affordable housing, you need more supply. The best way to stifle supply is the vilify landlords and make investment in rental properties a losing proposition. The only thing the government should control is foreign investment and taxes. Stop making it impossible for investors to build. The government should be offering incentives and tax breaks for rental investors. Also stop giving all the rights to tenants. A tenant’s right should go no farther than a lease agreement. If they aren’t paying rent, why should a landlord bare the financial burden of paying for shelter for a tenant? This is nonsense and makes for a harsh unwelcoming landscape for someone considering investing in a rental property.
Everyone pushing for rent control and more tenant protection has this completely backwards.
The government should be building housing, and running social housing. Put the landlords out of business entirely. We need more supply, and we don't need to pay a rent-seeker to get more supply.
We can drive the economies of scale socially, and unlike landlords, the government is already responsible for externalities
Landlords are paying anything to house a renter. Unless they're cooking and cleaning or upgrading the place, they aren't doing any work deserving of a monthly salary
@@lomiification Wow. What a complete load of nonsense. So you’re just a socialist that thinks government money comes from pixies in the sky. You’re at that phase in life where you think the world owes you something. It doesn’t.
Finally, someone who understands basic economics. This series panders to reductive populist tropes and provides so little objectivity or education of basic economic concepts. Utter nonsense.
@@cvanunen
Apparently.
Increasing mortgage rate and expecting that rents will go down? Is this how financial system works?
The problem with rent control is providing housing is getting more and more expensive. If you have rent control that is so low that a landlord can't cover the mortgage, property taxes, home owner's insurance, and they don't have the ability to get non paying tenants out they will stop investing in housing and start moving their money to other things so fewer units become available. The free market will lower the price of housing because more people provide a good when more money can be made. The way that government could make housing more affordable is stop charging property taxes on houses used a primary residence or full time rental and start charging 3% a year on vacant homes not being renovated. They should have less single family homes and more places where multiple families can be housed liked condos, larger buildings that can house a hundred families at a time. Plus there should be more mixed use housing so people can live closer to work and grocery stores. The only business housing should be kept away from are power plants, sewage plants, landfills, and airports.
Control the rent raise that can happen during the turn over of tenants.
I would happily use my basement as a rental suite but renters have too many rights, it is insane.
Yup, you’ll find people in this very comment section that don’t believe homeowners should be allowed to sell or move into their own homes.
It is insane theses days, no one can trust anyone, it's not that the tenants have rights, its that some of them are theifs, same with some landlords. It's hard to know who the good ones are going to be. And remember, if it sounds to good to be true, it probably isn't.
Tenants are people who deserve to have rights, the opposite is a form of feudalism, where the upper class can push people around.
@@ninemoonplanet I don’t know why landlords are considered upper class. Many rely on rent to pay the mortgage for the property. Some live month to month like everyone else. I can’t believe how microminded people are these days.
I ahev a few friends of mine who have had very bad experiences with tenants not paying for months, even threatening the landlord and their (who lives upstairs). It is insane how hard it is to evict some of the freeloading trash we see. It is sad as it makes it harder for honest folks to get a rental suite. For me, renting is not worth the risk, otherwise I would be happy to make a few more bucks and provide a suite to someone who needs it.
Once again CBC lies by omission. The LTB of Ontario allows non paying tenants to live rent free for 1 year+ throughout the eviction process, accumulating $30,000+ each in arrears that are never paid back. CBC knows this, has tiptoed around it, but never says it outright. That shortfall will always land on the paying tenants in the form of higher rents and incomplete repairs. That will ALWAYS be the case because that is the only way the rental market will function. Rent control is a stop cap if the deficit is unaddressed. Eventually rent control buildings will be sold after they’ve suffered too many financial losses, putting the rental market back at square one. The only explanation is that as to why CBC omits this is that CBC is in the pocket of the LTB.
8:16 those who already own a house don't care much about the rest
I bought my house in 2000, prices in my area have gone up 4x in my area... and yet i only care because it makes my property taxes go up...
@@williamhaynes7089 why would taxes increase?
@@heartborne123 - In My State the Taxes are based on 'ASSESSED' value NOT what you paid... Plus everytime you vote YES For a Bond that increases taxes...
That would be 66% of Canadians.
If one assumes that immigration will increase by 500,00 new arrivals per year (as predicted by some globalists) low rental housing is mathematically impossible. The need for new technology and financing concepts is essential. The conventional brick and mortar approach is becomming unaffordable. The over supply of office space in most cities would be a good starting point as governments could create incentives to acquire such properties and transform into compact residential units. It would facilitate the adaptation to new urban concepts as well. The rezoning of greenbelts with the creation of new suburbs is a thinking from a past era.
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lol pay people more also we dont want to pay fair market value for rents. make up your mind.
Building _upwards_ while halting expansion _outwards_ causes home prices and rents to skyrocket, shunting the lifetime earnings of residents squarely into the pockets of the chosen few. Those most affected cheer each time another tract of land is "protected" tightening the snare on their own demise. A quarter million homeless in Canada with 1000 deaths each month. A major issue in this country is the vast expanse between cities, but no land may be spared for housing. Organized protest in an effort to save a grove of trees meets each attempted use of land, yet 895,000,000 acres of forest extend all the way from the West Coast to the East Coast.
This artificially created land shortage serves the purpose of financial institutions, but costs consumers from five to above twenty times the normal price of a home. For each $100,000 of market price, if land is $20,000 and the building is $80,000 lenders will not advance funds beyond the value of the indestructible portion, which is the land, itself. A deliberately restricted supply caused prices to skyrocket with the cost of the building and the cost of land exchanging places in the equation. Now, for each $100,000 spent on a home the building accounts for $20,000 of the purchase price and land makes up the remainder, which is $80,000. Banks lend an amount that matches the indestructible portion of the acquisition, which is land. In an ironical twist this arrangement enables buyers to finance their purchase by paying several times the normal cost of a home.
Canada produces cereal crops and livestock that are its staples, which are grown some distance from cities. We have highways and railways to haul in these products. This country also produces some fruit and vegetables during a relatively short growing season. The reality is that 95% of the food that we consume arrives from or through the USA. Major retailers are not going to snub reliable suppliers in order to acquire local produce for a few weeks each year. That has not kept land from being declared "agricultural" in an effort to prevent its use for housing and that has inspired movements to place a halt on the use of _all_ land. In order to save land for agriculture, forest land should be made available on which to construct homes. Legislation and regulations have severely restricted the home building and home improvement industries, the two industries for which we are admirably suited with our abundance of land, lumber, stone, minerals and other material. We have skyrocketing property prices preventing people from becoming established and a growing gulf between property owners and the remainder that cannot be bridged with any amount of effort.
Housing has been turned into an unregulated financial paper market, with public officials that personally benefit at the expense of citizens, setting conditions to constrain supply that results in monopoly prices, with rent at maximum levels and home ownership beyond reach.
*Footnotes:*
¹ A result of this cunning _sleight of hand_ is that purchasers make a down payment of $200,000 and finance the remaining $800,000 for a home that should only cost $200,000 to begin with if it were not for a deliberately restricted supply that caused prices to escalate to absurd levels.
² Building upwards while halting expansion outwards does not save farmland, as it escalates in price to the million dollar per acre level. Farmhouses are replaced with 40,000 square feet mansions, it is not feasible to grow anything and the land is left fallow.
³ Average price of a home in Vancouver in 1969 was $23,939. In Winnipeg $13,588. That equals $23,939/$7284 = 3.3 years salary in Vancouver of a new degree holder or $13,588/$7284 = 1.9 years salary in Winnipeg.
¹³ Civic governments reap a bonanza from inflated property assessments.
We have rent control in BC I don't know why the rest of Canada can't do the same. Maximum rent increase of 2% a year
Yet you have the highest rents and eviction rate in the country.
looked it up and damn your right@@shauncameron8390
Let’s vilify the Landlords, actually let’s put them all in jail and let Trudeau seize their properties and let it out for free to tenants. Yay! abolish rents altogether and give free housing to everyone, while we are at it let’s stop working altogether and let the government pay us salaries for sitting at home.
Great idea 😊
@@justadude117X
Until you go bankrupt begging the IMF for a bailout loan.
@@shauncameron8390 our country cant go bankrupt. They control the banks who print money.
Nice new I am happy
Also much improve Landlord laws
Control mortgage rate first so investors can invest more
Step one: ban REITs
More like affordable tents and cardboard
The question is…what if you need a 3 bed. We keep talking about 1 beds
I hope people here realize that rent controls and especially vacancy controls will really discourage people from becoming landlords, which will result in even less supply, thereby increasing the price of new rental units… but maybe not. Most of you people here just want to see the world burn. Until they become homeowners, that is.
This has much less depth than donoteat01's series on housing "power and politics"
Where the fundamental debate is actually between
"Fit everyone in" and "keep everyone in their home"
And the difficulty between those two ideals is without doubt the essence of problems with housing
lol ... when you expect private individuals to bring money from home to carry the property so you can preach about rent control ... you end up with less and less rental units .... funny how you never advocate for mortgage interest control, insurance cost control, maintenance and upkeep control ... you just keep going on and on about how tenants are entitled to be guaranteed low rents for life that don't even keep up with inflation at the expense of private individual landlord and then you sit there like mo**ns and wonder why you have so few rental units ....How about you go after the ltb and get them to show a little protection for landlord who end up having to carry a non paying tenant for years and pay for their effin utilities too while they leach off of an evil landlord ...
Finally a sensible comment.
And the provincial government that owns it?
How about the builders actually build a DECENT apartment building. Here they are throwing up sardine boxes which allow noise to travel through multiple floors and if you are stuck next to a partier or someone who wants banging rap music on all the time, your home becomes a living hell!!! BUILD PROPERLY SOUNDPROOFED APARTMENTS AND STOP SKIMPING ON THE QUALITY OF WHAT YOU ARE THROWING UP LIKE SANDDUNES!!!
A good soundproofing costs around $25-30 USD per Sq foot of a surface... so for a 10x10x10 room , you have 6 surfaces of 100 Sq Ft each , so 600 x $25 =$15,000 Good luck.....!~!!
quality public housing; rescind the temporary foreign worker legislation to enable a fair labour -- can't find workers then pay more!
Those 2 words do not belong in the same sentence.
India❤❤❤❤❤❤❤❤❤❤❤
Stop Truedumb's immigration addiction! Canada is full!
Its not far that hard working people cant offered rent. New owner should not be allowed to kick people out. Why is no one doing anything about no solutions n chat news but no results.
The always try to push the low income families😢
Agreedy people who take advantage
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The landlords are the ones with deeper pockets then your government makes in 1 year so they have more power then your tenant ever will , you will not be able cap any rent on new building that will never work , because bottom line dont for get your government is making way too much money from them also
yOU WANT cheaper rent , goto the Philippines , because and usa and uk is over priced !
The US is far from overpriced. The South and Midwest exist.
Pet deposit per animal on top of damage deposit. How much damage could they do? 😂
High rents = modern day slavery
Lol. The two can’t even be compared metaphorically. 😆
Not at all. And high rents is just a small price to pay for the convenience of living in the big city. Now, pay up or move out!
Axe the carbon tax and everything goes down isntantly
You pay my rent with your CBC salaries
Especially Toronto...
I am so sick and tired of constantly talking about Toronto.
Toronto isn't the center of Canada.
It is always the priority of the Federal Government.
The FEDERAL GOVERNMENT IS for ALL of CANADIANS, not just Ontario and certainly not just Toronto!
We might as well rename the Federal Government of Canada to
The Federal Government of Ontario and Quebec.
The rest of the country doesn’t count..
It figures when Ontario alone has more people than all of Western Canada combined including British Columbia. Plus, Ontario and Quebec account for 56% of Canada's population.
@shauncameron8390 HI, I am somewhat confused by your comment:
BC is the most most certainly West of Ontario it literally is on Canada's west coast, so I am unclear why you had to emphasize it by name as part of Western Canada.
Then you make the statement:
Polygam can solve this problem.
So basically capitalism is in opposition of life. Got it.
Not at all. If anything this is socialism in opposition to life. There's barely anything free-market about Canada anymore.
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Landlords are parasites who refuse to work for their money.
Not all landlords are parasites. I rent out my unit for considerably less money than the growing rate to help my tenant. That said, I work very hard and still struggle to pay household expenses… yet don’t increase rent. So keep your blinkered mindset to yourself.
Just like tenants are irresponsible children who think it's someone else's job to hold their hand.
The price is the price employes ,land ,material need to be pay if someone don t understand this he is simple mind or brainless