Rent Rage: You need to earn how much to live in Toronto?
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- Опубликовано: 23 янв 2023
- For the first time ever, the average rent in Canada has soared past $2,000/month - and it's even higher for people living in Toronto. CBC’s Ellen Mauro breaks down how it got so bad and what it will take to fix the problem.
#Toronto #Rent #cbcnews
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Higher rent, crazy food prices,high taxes,low income,shortage of medicines,shortage of medical.staff,shortage of beds in hospitals. All this happening in 2nd largest country in the world with the population less than 40 million. Canada comes in the rich countries list. What is going on? This country is not liveable anymore. It's a shame
Don't forget insane taxes and extreme tax on petrol .
If gasoline is expensive, everything gets expensive and out of reach.
It is really getting hard to get ends meet for soon many people
Greed my friend..
It’s called the Liberal party
Exact same taking place in London.
Instead of giving billions of dollars to Ukraine, they should invest it in the Canadian economy first.
When people who make high incomes are living a lower standard of living than I did as an impoverished student in Toronto in the 1980's something is seriously wrong.
thank a boomer!
But Trudeau found the solution though. Just bring in more people so we can squeeze in 100 million people in the cities. It's not as if we're already full and it's not as if more and more people are homeless. More migrants please! Thanks Trudeau.
No thank Trudeau
@@fbsfgrboomers made lots of sacrifices to be where they’re at today. Don’t blame them.
@@mj24672 yeah they sacrificed Canada's economic future.
📍To my own research In Canada, individuals living in cars and vans due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
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Can we take a moment to consider that we have basically went full circle back to feudalism, except we don't get to enjoy the outdoors and nature in general.
We're working long hours only to see all of that money be spent on:
-Rent to landlords, who more often than not do not work or produce anything of value and have inherited property/wealth;
-Food to mega companies who see any crisis - real or manufactured - and think "greed is good";
-Taxes to corrupt/incompetent officials who spent fifty years mismanaging now-broken services;
-Fixing up our cars or paying ever more just to be able to transport ourselves so we can work longer hours so we can resume this cycle.
We've never had such high levels of mental illnesses. People are more and more detached, living in "work bubbles" with less and less social interactions. We see more and more children - ever younger - being put to work or told they "can" work and we're being told by mass media - owned by the same clique - that this dystopia is progress.
To people who say it's Trudeau this or that; wake up. This isn't the byproduct of a politician or its party, this is the system working as intended. Be it Cons, Libs or the NDP, none of them are addressing the systemic issues. None of them want to break the mold. They're asking us to pick a different colour for the meat grinder as they all push us into it. That's all.
And people will say "dur dur communism bad. durdur capitalism good"
Well its not feudalism and certainly not capitalism (which implies a free market). Its the zoning regulations. you have but lobbying to blame. the very homeowners that vote on all these policies want their home values high. resulting in more zoning regulations and restrictions which puts a choke on the supply. Get rid of the regulations and let people build. There's your answer.
Wrong in so many ways
a reasonable assessment, i should think.
You need your own YT channel. I'd love to hear more about us circling back to feudalism. I'm subcribing already :)
The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.
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bot alert and scam.
I rented a 1 bedroom on January 1, 2021 for $1,350.00/month. I've moved out and the exact same unit in the same building is now $2,599.00/month on January 1 2023. The problem with Toronto and Canada is completely unchecked corporate greed. Phone bills - most expensive in the world. Groceries - up 30% in a year. Rent - up 100% in 2 years.
Gov't? Nowhere to be found.
yes, the same thing in my building don mills and Lawrence area has gotten out of hand.
Gov't is taking over $80k vacation like Justin.
How does Trudeau carbon tax play into those price increases?
@@michaelwise6264how does Trudeaus massive immigration level play into this. More demand higher prices.
Property owner gauging I’m saying is the reason. First off I am neutral towards political parties as they all have the same fight to fight , so with saying this first …how does PM Trudeau become the reason the rent has ridiculously risen? I believe it’s the greed of rental property owners all getting on the band wagon when real estate price wars began during Covid scare that caused tens of thousands to sell their homes and thousands more ( from other countries even) to buy up the properties and turn single family homes into multiple apartments to rent for astronomical prices which then set the precedent of rental and space size and rental costs so elevated as to be the only options available now. It’s not always whomever is the chosen PM at the time to blame. Property owners need to take their greed down a notch. There is no reason a home purchased 20 years ago or more ,divided into 2-4 or more living spaces need to charge a couple grand for each space especially bc the property probably doesn’t even have a mortgage on it anymore not to mention the mortgage would have most likely been a quarter or less of the value the home has in todays market. Property owners would also have a mortgage in place therefore a rate as well and unless the mortgage is variable or due to be renewed then there shouldn’t be such a ridiculous increase in rent from pre pandemic rent. Property Owner gauging !
The 4th issue you don’t touch on is the airb&b debacle. There are thousands of these units that are contributing to the low long term rental supply
Well said!!
True say. They should only allow AirB+B for up to 4 units or less than that. When 200 unit condos are half that its a nightmare for the other people who own condos and less housing on the market for the rest of us.
But you don't go after regular hotels, for some reason. Or, you know, people having holidays. Curious.
During pandemic lots of workers left big cities and start working from cheaper real estate in smaller centres. Why can't they do it now? If you want to live in the big city and have fun, then people should stop whining and pay the premium rent.
@@slwide7507 You're delusional.
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Honestly I am 30 years old and I am looking outside of Canada. There is no work life balance anymore and medical system is collapsing so if I am going be homeless it’s going be on sandy beach somewhere warm.😂 not negative -35 with snow.
Unfortunately, those places are also expensive AF. But good luck with your search.
Come to Florida...
Great point
Toronto = STRICTLY for TOP GUNNERS today... DEFINITELY NOT for the faint of heart. CANT HACK IT ? GET OUTTA THE KITCHEN!
Same...Thailand or Costa Rica..
Let's convert those useless empty offices to housing. No one wants to work in the office anyway.
the banks have already brought everyone back in, and other firms will follow soon. Partners at my company just got told they need to start coming in 3 times a week again.
that's a great idea. another one is to vote differently federally. seventy percent of canadas inflation is due to terrible economic policies federally quantitative easing for example. the liberal party is a shell of what it used to be with paul martin or jean chretien.
Even if offices were really all empty it’s not that easy. Offices don’t have that many bathrooms, the plumbing simply isn’t there. That’s also an issue with kitchens. I’m sure there are other issues too like the HVAC system. Retrofitting offices into housing is VERY expensive and I’ve heard it’s hard to break even. At best it would be very very expensive luxury housing to make this work.
@@annach109 Good to know. At least doing so still create more housing supply ($$ or not) and also don't need to tap into the Greenbelt.
@@nickyalousakis3851 shaaaadaaaap, ya goof!
As a Canadian born in Canada in 1969, its getting to a point that not only is Toronto no longer affordable, but the entire country. Time to leave.
Yeah. Now it is not my dream country
Thing is, if you move to somewhere more affordable, you are then driving up the cost and making it shittier for people who live in those affordable areas.
It’s expensive everywhere
Attention Prof. Karen Chaple, the University of Toronto
I live in Australia, but I have been to Toronto on three occasions between 2004-8. The residential area where the program’s host first appears in, is a place I’m familiar with. In fact, I wandered through it when plenty of the apartment blocks were still under construction.
At the 1-minute point of the RUclips the host begins to list three aspects that culminate to be the crux of Toronto’s rental crisis. And they are:
1 /Rising interest rates:
More renters
+ More competition = more demand.
2 /Incomes vs cost of living.
3 /Shortage of affordable housing.
At the 4th minute you answer the question of how to solve the issues, and your response is:
“I think we need the renovation revolution. I think we need to make it super easy to convert single family houses - we have a lot of them. We need to be able to convert those quickly into, triplexs, fourplexes and make rental units out of them.”
As it occurs, there are movers, and shakers within the Property Council of Australia, mooting similar perspectives. Or, at the very least, they want people who’ve lived in these houses for 40 years, or for whatever period, where they raised their families, to sell-up, and move out to live in a one-bedroom abode in a 30-storey apartment block.
But with regards to your proposal of converting houses into three, and four-bedroom abodes is, in fact, morphing these properties into becoming quasi-dormitories. Alas, what was so conveniently neglected to be mentioned in the discourse, with respect to the, ‘More Competition = More Demand’ aspect of this sordid conundrum, which is afflicting all of the 5 major cities in Canada (as, it duly is here in Australia’s major cities, too) is because of LARGE-SCALE immigration programs.
Here in Australia, as it is in Canada, a major component of this dire problem relates to the international students that have swarmed in. At present, there are 1.1 million of these interlopers in the country. With roughly 380,000 residing in Sydney and Melbourne. But in spite of there being hundreds of thousands of ISs in either city, the Property Council of Australia spews buckets of crap that they aren’t the reason for either availability or excessive rental problems.
In closing, the irrefutable nub of the problem as to why there is a rental crisis in the major cities of both Canada, and Australia, is due to LARGE-SCALE immigration programs. Both of the governments of each country have sold out their societies, with LARGE-SCALE immigration schemes in order to import consumers to propel their economies.
Well, if the only solution to the problem in Toronto is to force single-house occupants out of their homes and transform them into quasi-dormitories in order to accommodate international students from India, and China, then things are friggin dire.
Great content, I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways
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Mexico, Yukatan ;)
So about 490,000 new immigrants in the last year alone... Vast Majority of them coming to Toronto and Toronto's plan is to build 280,000 new homes over the next 10 years... Brilliant simply brilliant... My head hurts thinking about how much this city's politicians and urban planning has failed us
The feds squeeze Toronto, {economic engine of Canada} , for every dollar but deeply neglect it.
yup, there also bringing in people/cultures who don't mind living with 3 or 4 families in the same place. Seems like that is what they expect us to do now.
*500,000
As an Italian, we like to live with the family together.
You gotta a problem with that ?
@@Nbeg_Backthorn Ey you got that gababoul?
I don't even earn $2481 a month so I guess I would be homeless living in Toronto while working full-time.
You could always rent a room. And then job hop every couple years to get serious pay increases. I went from 53k in my first job to close to 100k in just 5 years.
@@asadb1990 No way, if everybody starts job hopping for salary increases, think of the long term impact on the job market and inflation.
@Adam G oh the horror people's wages will be competitive to the market.
I earn $5000 a year no city in canada is for me.
Get roommates or move outside of the city and commute...
A person grossing 100k a year could NOT afford 2500 rent. A middle class Canadian cannot afford a one bedroom apartment.
Exactly. That $100k gross is only $70k net. The $2500/month rent is taking more than 40% of after tax income. Factor in retirement savings and other expenses and you are going to be out of cash at the end of every pay period.
@@rich7447 Well it kind of depends, I'm single and make nearly $100k and I pay $2500 a month for my condo. I still have plenty left over its really not that bad. All I need to pay are electricity bills and beanfield internet, and I love beanfield because its fibre optic based and super fast.
But for my long term prosperity really working a job is not what I'm after. I'm into investing with options. Others can try real estate. You need to use your money to make money
@@radscorpion8I'm a 28yo American here. Earn a converted $151k CAD. For this purpose I'll use USD. I earn $115k, rent is $2.2k/month. I definitely have savings after but not as much since I put 13% of my income into retirement. Are you contributing to your retirement pretax?
@@radscorpion8hey man I'm new to toronto. May I know what is your occupation that gets you over 100k?
@@djm2189what's your occupation that gets you over 100k? I'm new here and would appreciate some insights
This is happening all over Canada in every major city. I can remember when I lived in Toronto 2004 one-bedroom was $625 plus utilities$40 a month that was around Coxwell and O'Connor area 5 minutes from downtown Toronto. I couldn't imagine living there now.
It's happening everywhere in the world
It’s happening n tiny rural towns, too. I live in a small town in NS and I will be spending $1900 on a 2 bedroom rental in the fall. That will be going up to $2350 by the end of the year. It’s SICKENING.
Winnipeg isn't bad. You guys will have to start living in cheap trailers. Terrible.
@@ammkr2757not!
@@siriusjones956 But don't look now: there's a new super push on to close down people living in trailers. Now you have to have a trailer less than 10 years old even to use seasonal trailer parks. Trailers on the streets are being towed. Some people have resorted to "floating homes" - so the Ontario government has just passed a law that will de facto shut down that option. Your government and the rich DO NOT WANT YOU. In the 1980's, Canada, the US and UK and others started putting citizenship up for sale - literally. The trend ever since has been in effect "one dollar, one vote", wherever that dollar comes from. (And regardless of whether its ultimate source is criminal enterprise or authoritarian government).
I feel for young people, living at home when your 40 years old .
Not if you save all that money when you live at home.
delusional. To buy you'll be saving for decades at this point (student debt, wages low, etc).
@user-ve2rs4qm2s if you're making 300k/year then you don't need to live with your parents.
@@christianjarvis167 why not. No rent. Easier to manage finance.
I'm 53 and I rent a studio... It's all furnished, in a 400 years old building and inside the best part of town, BUT, it's a frigging studio. I used to own a house.. WTH????
Pov you make more than your parents combined but can’t afford to leave their house cuz rents are too high. Love that for us gen Zs and Millennials :)
But they have smart phones and designer bags
@eduardo viajero not a designer bag for me but since my rent is cheap enough my phone bill i got a new iphone 13 and its not tooo bad monthly soo if i have a bit of extra $ . Problem? No
@@Wangootango Got an iPhone 12 for 5 dollars a month during xmas. Paid 120 down.
Gen X loves you guys. What a sh!t deal this has all been.
It's amazing how many people can actually pay these rents.
the parents are helping alot of these kids..
Can't blame the landlords when there are people willing to pay those rents.
Many young Canadians with skills are fleeing to 🇺🇸.. Canadian government is more focused else where besides its own next generation.
People who live in the financial district / entertainment district often work in business or tech where they can afford it. I am just curious about why people are living in fidi or entertainment district if they do not work in business or tech.
They can't. People are flooded in debts. It's a façade and the government needs to do something about housing now or the economy will keep crumbling into a downward spiral.
We are expected to cram into small spaces and share several people to a one bedroom apartment. It's like we are rats in a cage and we can see outside the cage at the wealthy who are making even more money off our misery. Increasing population density will mean the infrastructure designed for single family homes needs to also change.
It's sad
Go off
dont live in Toronto then
True
It’s not just Toronto , its same situation in other cities in southern Ontario like Kitchener, Guelph , London … everywhere!
@WH No it's not.
Ontario as a whole is very expensive. So is the rest of Canada West of it and places like Halifax and PEI! BUT, Quebec (Even Montreal, only the downtown core is still overpriced) NB and NF, plus parts of NS are dirt cheap compared to everything else.
I lived in 7 provinces and Quebec right now. It's REALLY inexpensive. And the wages as a chef are higher and jobs easier to find than where I was before (Ontario and BC). Plus, the women are something else.. (Just saying)..
It all depends where the bulk of new immigrants move to. Toronto gets 80% of them, so it feels the pressure and rarity of places to live in more. Vancouver has an expansion problem. NOWHERE BUT UP to build.. Halifax is WAY overpriced for what it is, and Prairies towns are pretty isolated, so it's kind of normal to pay a premium to get the big city vibe.. But rural areas are cheap.
Toronto is just a place of its own. Over 50% of its population wasn't born in this country and it is like a special melting pot. I don't think that it represents the rest of Canada at all,. NOT in a bad way, but objectively.. I like differences, so PLEASE no hate.. I'm just a realist.
what about moving back to Europe?
@@beerdo Costs in Europe are going through the roof and will only get worse.
Go to Montreal, rent for 800 in a cozy studio apartment near downtown
2400$ that's what I make in a month. They just expect us to give our one month's earnings just for rent. How are we supposed to eat and live our social life? That's why I moved out.
Agreed. Really hard to make it these days, tremendously unfortunate. And I bet you work extremely hard for those 2400$ a month too.
Change the job!
you are an imported slave, no offense. Canada wants a slave class both imported and domestic. Big business wants you for cheap.
Canada seems to be self destructing
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Here in Vancouver the three main reasons that feed in the rent insanity are: 3) low or stagnant wages, 2) a city that has been running behind affordable housing for decades, 1) money laundering that is tied to real estate speculation.
Partly due to high taxes. You forgot to mention a mediocre job market.
The Canadian dream is fading. I feel sorry for the younger generation.
agreed 100 percent
It's gone.. not fading.
The only option I think is to work for a US company now and save up.
Its really hard to get started in Canada.
Mass immigration has ruined everything unfortunately.
@@koshka02 Mass immigration has helped older Canadians rake millions and keep this economy surviving, it has also ruined things for younger Canadians and other immigrants. Not everything is black and white.
@@uzomanwoko5766 Older Canadians who already owned a home you mean.
Its actually been a disaster for a lot of older Canadians who've been out of the game for a decade. Now its impossible for them to get back in or catch up.
Everything is inheritance now.
Its supply and demand... 1)stop importing persons to rent,
2) stop letting cooperations scoop up housing
3) stop blaming inflation. And build some damn houses that people want
I agree 👍
I would say build some housing that aren't necessarily state of the art, with brand new up to date appliances and 100k+ renovations. People just want a basic space to live, not necessarily all of these luxurious bells and whistles. That's part of the reason these prices are so damn high.
And get rid of rent control. As long as the government is subsidizing rent, the price will stay high.
@@frankvonfrauner you're absolutely right. When any of my properties become vacant I jack the rents to the market limit. Because while the tenants are in all I can do is 2%.
Our birth rate is a meager 1.4 children per woman, way below the 2.1 children per woman necessary for natural replacement.
You want to stop immigration and our population will go down by 10 million in 15 years time.
Canadian women no longer want to stay home to be a stay at home moms and have 4 or 5 kids like their grandmothers.
Most of them don't even know how to cook anymore.
The government has encouraged them to pursue higher education and get into the workforce since the 1970s.
Many of them are not even married to the father of their kids.
You cannot have and raise 4 or 5 kids to naturally increase your population and still go up the corporate ladder and run your own businesses and pursue graduate studies.
Developed countries only have two choices.
Either encourage women to go back home, embrace traditional gender roles and have many babies or adopt immigration.
The latter was the only socially acceptable choice.
That is what governments in developed countries have done.
The Country needs a rent revolution for every rental and mortgage to be cut in half for everyone. The price to live and have a roof over their heads has become impossible or at best a very uncomfortable way of living.
Why would anyone ever build another rental unit?
Toronto is not alone, the whole country is like this and it's making life unaffordable
Continent*
I talked to one company in Mississauga about a job. When I considered the price of rent in Canada’s third most expensive city the wage I demanded was too much for them.
Their recruiter contacted me a year later. I told them house prices are up 30%. That wage 😮you didn’t want to pay last year would be 30% higher.
It would be better for them to move their office to another city. If they don’t then eventually somebody else will undercut them with a better business model.
Exactly what needs to happen more. Much respect for you. 👍
Location of business (costs of living in the area) should be a factor considered by the company when offering wages to its workers if they don't they're just going to lose out on talent to companies that do offer wages commensurate to the living costs of the area.
This is where gov't who gives so much of our tax $$s to businesses in various ways can have greatest impact. They do it with where they build prisons etc.
Toronto is a waste of time, too much baked in smug arrogance right from the get go.
@@PtolemyCeasar 😂 Please do tell us more. 😂
Even crazier to think that leaving Toronto to move further out isn't a solution to this either. The average rents all around Toronto and hours away in smaller and smaller cities are as high.
It's true. I live in Markham. And the rent is exactly same as downtown just slightly bigger and usually come with a parking.
Then move to winnipeg or Saskatchewan and complain less
@@timber543 it's wasteland therr
@@timber543 ewww, no.
Same pries in Collingwood
Not to mention the current influx of immigrants to Canada has also led to a severe shortage of available rental properties. As a result, it is imperative to explore solutions that either limit the number of immigrants for some time or increase the construction of new buildings to accommodate the growing demand for housing. Taking action in this regard could help to ensure greater accessibility to affordable rental options for both newcomers and existing residents alike.
Don't cmplain too much about immigrants since we will need new workers to fund the CPP for people who are retiring from the workforce.
It would help if you let immigrants come but shut off any pr, citizenship option. It should be like us where people from poor countries can come on work or study visa and they can't work more than the job on visa and they are systematically paid way lower than market so they can work but never settle in canada. While providing tons of benefits to the citizens.
how do poor immagrants make it????
@@slwide7507we definitely need some. Not 1 mil per year though
@@user-sb6df3ev7g a lot of immigrants especially Indian and Chinese will live in multi generational families or even live with other families
30% of your pre tax income to RENT is insane
That's just what is considered "affordable". Doesn't necessarily mean you'll be rolling high or anything but it's a good enough spot to be in to not feel like you're being squeezed on other living essentials.
I just gave up Canada and stop chasing the wind.Moved to where I came from and found life worth living again.
Notice the lack of detail. Did you actually move or was it a dream?
sure. once youre here you dont go back
I left Ontario because of this. Move to Nova Scotia. Just bought a 5 bedroom house. The house mortgage is $900\month. I split that with 3 roommates.
Ricky was right after all, it IS worst-case-Ontario.
This is not a realistic option for people to consider. The down-payment to save plus securing employment out East are major factors. Also, for renters, most Nova Scotia landlords would charge $700.00 per room, so not a good rental deal for them!
Is there a lot of construction in nova Scotia? I'm in the trades and thinking about making a move
Meanwhile … how’s the job situation going in Nova Scotia? I know tons of people are doing zoom/remote work … but many of us are not remote worker types … we do physical activity to get our jobs done.
I pay a little more than that (in USD) for a 2 bedroom apartment in Pittsburgh.
You can get a brand new fully furnished 2 bedroom apartment in Grand Paris within 6km from the Louvre for 1400€ per month - about 2000$. The rents are cheaper now in Paris then they were 15 years ago. Canada has a self inflicted problem: Inviting 400,000 wealthy and educated new Canadians each year, and building homes for only 1/4 of them with « aristocratic » zoning laws will push Canada into a dystopian nightmare.
oh sweetheart i wish that those 400K+ immigrants be wealthy and educated but they aren't. Most of them have the education of a 6grader, a few have lycee level and the ones that do have university degree cannot work here because our country think that there knowledge is worth nothing for our standards ( which is completely insane and false as European Universities having higher education standards ). So those ones ended up becoming "certified" taxi drivers instead of working in the field that they studied for (doctors/engineers/scientists ). As for the low educated ones, they are hard workers and eager to learn but also not put in the field that they were doing before get displaced here (farmers, manufactures employees, construction worker ). They also arrived here with no place to live in; the government tell them where they will be shipped ( and I assure you not necessarily in a town that have any of their cultural background , where they need to learn the language , find work and lodging all within 3mths of arrival)
You can thank foreign investors for buying up properties and real estate
finally someone who know's what's going on..
If Canada doesn't do anything about the rising cost of living there is going to be a huge out flow of young Canadians to other countries, in particular to the the United States.
I am talking about high skilled Canadians in their 20s and 30s.
This will be very very bad for Canada.
The current situation cannot continue much longer.
All politicians and decision makers are property owners and have a personal interest in seeing the equity of their 4th or 5th property go up in value.
If nothing is done people are going to start voting with their feet.
1000% correct.
They will leave to other countries and will be replaced by new immigrants.
Who cares what skills a person has. Its a moral imperative in a democracy. Housing is a pretty basic service.
Time to get a new PM that care more about the economy than the zero carbon emissions.
im in my early 40s, skilled trades. Started my own business. I have almost zero competition in the GTA. Im not going anywhere. young people need to smarten up and learn a skill in stead of wasting time at uni chalking up debt.
Governments NEED to massively change regulations to allow increased housing construction. Stop dragging their feet, afraid to anger old homeowners. New apartments should be allowed everywhere
Millions of immigrants a year means no matter how many houses you build it won't be enough. They need to stop all immigration
Government does not care about Canadians. Their only care about immigration coming in and destroying canada
Attention Prof. Karen Chaple, the University of Toronto
I live in Australia, but I have been to Toronto on three occasions between 2004-8. The residential area where the program’s host first appears in, is a place I’m familiar with. In fact, I wandered through it when plenty of the apartment blocks were still under construction.
At the 1-minute point of the RUclips the host begins to list three aspects that culminate to be the crux of Toronto’s rental crisis. And they are:
1 /Rising interest rates:
More renters
+ More competition = more demand.
2 /Incomes vs cost of living.
3 /Shortage of affordable housing.
At the 4th minute you answer the question of how to solve the issues, and your response is:
“I think we need the renovation revolution. I think we need to make it super easy to convert single family houses - we have a lot of them. We need to be able to convert those quickly into, triplexs, fourplexes and make rental units out of them.”
As it occurs, there are movers, and shakers within the Property Council of Australia, mooting similar perspectives. Or, at the very least, they want people who’ve lived in these houses for 40 years, or for whatever period, where they raised their families, to sell-up, and move out to live in a one-bedroom abode in a 30-storey apartment block.
But with regards to your proposal of converting houses into three, and four-bedroom abodes is, in fact, morphing these properties into becoming quasi-dormitories. Alas, what was so conveniently neglected to be mentioned in the discourse, with respect to the, ‘More Competition = More Demand’ aspect of this sordid conundrum, which is afflicting all of the 5 major cities in Canada (as, it duly is here in Australia’s major cities, too) is because of LARGE-SCALE immigration programs.
Here in Australia, as it is in Canada, a major component of this dire problem relates to the international students that have swarmed in. At present, there are 1.1 million of these interlopers in the country. With roughly 380,000 residing in Sydney and Melbourne. But in spite of there being hundreds of thousands of ISs in either city, the Property Council of Australia spews buckets of crap that they aren’t the reason for either availability or excessive rental problems.
In closing, the irrefutable nub of the problem as to why there is a rental crisis in the major cities of both Canada, and Australia, is due to LARGE-SCALE immigration programs. Both of the governments of each country have sold out their societies, with LARGE-SCALE immigration schemes in order to import consumers to propel their economies.
Well, if the only solution to the problem in Toronto is to force single-house occupants out of their homes and transform them into quasi-dormitories in order to accommodate international students from India, and China, then things are friggin dire.
Seriously as a guy who grew up in Syracuse, NY and has lived in California since college, have been considering living in Toronto even knowing about the housing costs. I sadly got too used to CA prices and if there are actually new one-bedrooms in Toronto suburbs for under $2k per month, plus no earthquakes, droughts, less crime, then it seems like a better quality of life in my opinion. But I feel for all of you paying closer to $2,500 now for tiny new units, really should be worth $1500 bucks for the small sizes!
crime in toronto has gone up 30% its not a nice city nutbars walking on all streets at all hours.
I live in Malta and we have the same problem here.
In 2021 I could find a Two bedroom apartment for €750 a month, two years later, you'd be lucky if you can find a one bedroom apartment for €1000.
Meanwhile, wages haven't risen.
I pay 950$ for my one bedroom apartment steps from the lake in Toronto, it’s an old building and I have been living here for a long time hence the low rent. My land lord is trying everything (bedbugs ongoing issue, rats running around happily, water leaks) land lord is trying to find a way around rent control. Good luck to the landlord, I’m not leaving even if he gases me out.
👍
Lol hang in there.
Watch out for renovictions, that's something that landlords have been doing to get rid of tenants. Hang in there.
😂😅 stay strong. Don’t budge.
Lol, rats running around is just readily available protein. What’s he thinking 😂
I used to live in Toronto. I now live in Saitama, Japan. I rent a 3 bedroom home on a 1/4 acre lot 50 minutes from the centre of Tokyo for $800. You can rent single room apartments in Tokyo for $300 per month. WTF happened to Canada!
Can you live in Japan as a Canadian citizen?
@@notmyname90 Yes, depending on your visa. Work visas are from 3~5 years and are renewable depending on your contract with your employer. After 10 years you are eligible for permanent residence status. I've lived in Japan since 1988 and have permanent residence status, meaning I am entitled to everything a Japanese citizen has in terms of rights, except I can't hold public office and I can't vote in elections. I can buy property, run my own business, get a loan etc. Moving to Japan from Canada was the best decision I've ever made. I miss "my home and native land" from time to time, but I much prefer living in Japan.
Lack of supply, steady demand = price increase. Simple economics.
@@wnose Hong Kong money in the 80s, buy and flip racket drove prices out of reach for the working class
What happened to Canada? Simple, foreign investors, specially from China. Everyone is trying to make money by renting.
I've lived in Montreal most of my life, once upon a time the rent was low, not no more. I'm renting a studio for $1,150.00 a month. I was ok for the first year, and then lost my job, and had to go on welfare which doesn't even cover it! I am stressed to the max, I'm almost 60 and I am gonna be out in the street, or in a shelter. This is crazy!
I’m so sorry to hear this. A suggestion - start a gofundme
It's not just Toronto and it's not just Canada. When I graduated from engineering 25 years ago, I expected someday to be able to afford a modest 3-bedroom house, normal sized garden, and a single garage on a quiet street. Not exactly lifestyles of the rich and famous. The 30%-rule or alternatively house price equal to 3 to 4 years gross salary is dead and gone. Today, in the part of Germany where I live or in Calgary where I am from, that house is worth about 6 to 8 times my annual salary.
what bundesland or metroarea u live?
Germany was the test for what's happening in other countries. Germany was the first to give in to the NWO and help those push those policies. The worst being uncontrolled immigration from poor countries.
That’s insane. There is only one option: unless you have a Toronto job which affords you this rent, you must leave there. At least that’s what I did when I lived in expensive cities. I had a fascinating mix of impressions when I visited Toronto, by the way: in bars and pubs, I found people super friendly and extremely inviting, yet in other settings during the day, people seemed extremely closed off. Never experienced those extremes before. In one public setting, strangers talk to each other and even buy drinks for each other - in other public settings, people won’t even look at each other at all.)
Because in the bars they’re playing a character. The situation is a live action roleplay of social adjustment
Because in public setting there is crazy weirdos everywhere and you're trying to get to work while in a bar you're open to interaction and meeting people.
your correct. its more of a canadian thing that people are more reserved compared to the USA. When I was in the USA talking to new people was much more easier compared to Toronto it was actually insane.
At least you seem to be sane. Most commenters here think when a city gets too expensive to afford and they don’t have the job that allows them to keep up, the solution is to make the government “fix” the problem and make things worse instead of moving somewhere more affordable.
that is so true. Whats it like in other places?
They are pushing for more immigrants but can’t provide affordable housing. As a young immigrant myself who is making really good money, buying a house in this economy is truly disheartening.
Thankfully I can always run back home to my beautiful island Saint Lucia if need be, but not all are this lucky.
Do better government of Canada.
We added 500k people a year, with no housing strategy for them. This effects the demand side and the CBC choose not include this in their story. These people are also being exploited and hurt by this market.
Last year I was living in Osaka. A nice little one bedroom clean modern apartment. I really loved it. Only 500 dollars per month.
As a 52 year old Who bought a 4 bedroom 2500 sq foot home with a double car garage in 1999 for $122,000... I am blown away at these rent prices. Be kind to your parents. They are your life line now more than ever
Congratulations for contributing to the problem and making housing less accessible by collecting properties you do not actually need.
@@lexc2710 Where did they say they had multiple properties?
Where ?
@Alexandre Cournoyer user said they bought one house, you just sound really upset. You jealous or something?
Or smother them with a pillow in their sleep and get the house sooner. 😉
Here's an idea, we stop treating housing as a commodity
And more as a necessity
Property has ALWAYS been a commodity throughout history. Grow up.
@@bobjames6622 It's funny how people like you would welcome being homeless as long as someone profits.
@@bobjames6622 but that’s why we need to change and evolve the idea that house is a commodity and not a human basic necessity
@@RideAcrossTheRiver That’s not what he is saying. Everything has a price and people have to work to pay that price. The problem now is everyone wants something for nothing. The people in power right now are implementing what you want they just have to bankrupt everyone first.
I just realized the big difference between CAD and USD. Those numbers shocked me a bit. Im 28 earning $115kUSD or $151kCAD. Had to rewatch and convert the numbers.
Out of reach houses and very expensive rent due to govt policies.
People are just struggling for basic things like housing and healthcare.
Here are the real reasons it's so expensive:
1. To support population growth in Canada, we accept migrants who want to move to urban areas (like Toronto), but we don't build quickly enough to accommodate them;
2. We build too many single-unit dwellings and we have oppressive zoning by-laws that restrict areas for high-density building;
3. We wanted to turn Toronto into a world-class city, and we succeeded - thereby attracting rich people and inflating the cost of everything.
It's not easy to find rentals in New York, London, etc. Don't be surprised if Toronto becomes impossible to afford when you try to turn Toronto to one of those places.
The real reason is that homes were built for banks not for people . They dont care to hide it anymore
Don't forget year after year after year government 10+% increases every year in the property taxes. Mortgage rates are at least 30% higher than last year. How can landlords afford to not raise the rent when theyr cost of owning a home skyrockets?
Only people in Toronto think Toronto is even remotely on par with London and New York 😂
Toronto is far from world-class anything.
Also to add the current federal government accepts 800,000 foreign students per year (2022). This up from the 250K soft cap of 2014 before Trudeau became prime minister. That is nearly 1 in 40 people in Canada being a foreign student that needs to be housed instead of Canadian citizens.
Wow! The rent on a one bedroom apartment is more than my mortgage and condo fees and property taxes and insurance on a three bedroom townhouse in Calgary.
That girl I used to date who had two condos must be really balling though!
Toronto and Vancouver will become so “exclusive” that you’ll have no small businesses, no retail workers, no health care workers, no transit, no cleaners, no teachers, no nobody.
i live in vangoofer, in an s.r.o. in th ghetto, my rent is 612$ it was raised from 600$ to 612$----it's full of drug addicts, violence, social issues. shared bathroom, shared kitchen.... in chinatown.... i work part time & the rest is disability income... if i lose this place. i am in a tent... cause rent is life ruining.... the gentrification is brutal... yuppies & yupsters who have parents that gift them $250,000 to buy their first house walk their little yuppie doggies like nothing is wrong....
Oh man what a gong show though
The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
Employers push office workers to work hybrid. So people are pushed to look for apartments within the city. Remote jobs would solve this problem as people can move further from the center.
And employers push for hybrid not because they need it, but because they have rented spaces with 5, 10 years contracts that they don’t want to be empty for the money they paid for them. The pandemic surely showed us that majority of office work can be done remotely
Absolutely!! My place of work allows us to work remotely for all but ONE DAY a month. So I have to live (and pay through my nose!!) in the GTA for twelve in-office days a year 🤯🤯 Sometimes they cancel the in-office day because it’s a high vacation period and most of the team won’t be in. So actually for less than twelve days a year I have to live in this god forsaken city enduring an outrageous cost of living.
Saying that Toronto has experts for this issue and the issue still has not been resolved, there is something at play here.
Shes a U of T Prof. probably tenure making $250k a year. she knows nothing, just look at her hair.
That's why I left Ontario in September 2022 (after 25 years), and moved to Calgary, Alberta. I managed to BUY a five year old 1 bedroom apartment in a new area of Calgary for $179K. My mortgage + condo fees + Hydro + Internet is about $1,505 a month. Income taxes and sales taxes are much lower than in ON. Scenic BC mountains are 1 hour away. Beautiful US national parks are close by as well -- Yellowstone, Glacier etc. Soon the only 2 people living in ON will be Doug Ford and Trudeau. Leave a comment, and I'll post the name of my realtor ;)
Are there job opportunities for the tech industry there?
Yeah but there are no jobs in Calgary. That's why I moved to GTA
I was in Calgary, I really liked it .
I was visiting Toronto and alberta bought out all the advertising on the whole street car. I thought why are we even wasting our money on that?
Are you near Hinton, AB? Im planning on moving end of the year and buying a 30k trailer.
Not just Toronto, this is a nationwide problem. Someone from a government agency told me that the cost of living in the Okanagan, B.C. was $40,000.00 per year over a year ago. Now, cost of living is $100,000.00 for a single person. This is insane inflation, housing, food, utilities and amenities etc. The Government needs to step up and step in and regulate this stuff before it gets worse. This is not a matter of a 3% cost of living increase, more like 60%.
This is a global western problem not exclusive to Toronto or Canada as a whole..it’s happening in the UK,USA,NZ,AUS
Government needs to incentivize jobs north of Barrie. People will move where the jobs are. Stop building over farmland. Move more industry and jobs up to Gravenhurst and Bracebridge area (or similar areas). There housing will not be taking away prime farmland. Make sure the housing is well insulated and build communities that are not as impacted by cold weather.
Apart from your "prime farmland" that's a fine idea in general. In regards to "prime farmland" though, have you explored much of Southern Ontario to see that a good amount of that land is not used for any farming at all?
Yes, people go where the jobs are and long commutes aren't feasible for a lot of people. We need more jobs outside of Toronto.
@@maym7809 tons of people commute over 2 hours a day to the GTA.
People don’t always move where the jobs are. Some want to stay close to family. Or have kids in school who don’t want to move. Others want to further their education and need to be close to universities that have the programs they want to study. You don’t have access to major museums, concerts and other cultural events outside of big cities. You need to own a car. Your social life is limited because it’s not as easy to find others with the same interests. I’ve lived in places like you’re describing and would never recommend someone move there just because they can find work.
@@maym7809 I've been saying this to people for years. Why does everything have to be crammed in a few major centers? We can take a few here in Buffalo. Many old neighborhoods that can be steam rolled and built new.
As 23 years old man who still lives with his family I can’t wrap my mind around what I have to do to pay my rent … this is ridiculous… about 80$ a Day ??? For what a very small room?? This is INSANEEE .
Why not buy a car (or truck ) with canopy. You need heat? Portable kerosene heater just make sure its safe and vent , food? Go to the grocery store everyday and eat veg salads go to meat isle get some rottisiere chickn boom whole meal for the day you dont even need a fridge. If you buy daily
@@Wangootango why would he do that when he has his family's home ? He's still very young
Simple. Work at least 80 hours a week
@@aaz1992 hehe thats what its gonna be like to rent in toronto
@@Wangootango people shouldn't have to live in a vehicle to not be broke
I grew up in Ontario and left in 2006 because competition for jobs was stiff and the wages being paid were too low to justify living there! So I upped and moved to Alberta and made a much better life for myself in Edmonton! But now things are getting expensive here too but at least we do not have the PST that other provinces have!
Same thing happening in BC
Toronto has always been an expensive place to live. In 2007, my friend bought a 2 bedroom condo for the exact amount I paid for a new 4 bedroom house with a 3 car garage. He was in Toronto and I was in the outskirts of the KW region.
It's insane right? I consider myself VERY fortunate to be paying only $1500/mo for a LARGE 2-bedroom basement apartment with massive windows....that went up from 1200/mo only 3 months ago. I moved here 5 years ago after my mom died and I am a retail worker making less than 60k/year so I fall right in the 30% rule range (I live by myself and always will - that increases my challenge). But I don't want to be here forever living under someone's noisy home....the problem is I can't actually find any vacancies appropriate to me. If I move out, even if I find something cheaper, I won't only be giving up a lot of my precious things, but rent will be going up every year, utilities and internet will be extra, and I'll have to invest in a storage unit for all the things I can't / won't get rid of. It's this basement or nothing. The Government of Canada needs to invest immense amounts of money to build rental buildings that aren't being gouged by private investors and that ARE RENT CONTROLLED!
You're calling for more government to solve the cost of living crisis in Toronto, that's like calling for more cocaine to calm your racing heart.
The cocaine caused the problem in the first place.
@@SJ-co6nk they're the only ones who can. Private developers are not gonna make cheap housing... They're just as much to blame. ALL rental housing needs to be regulated and only gov can enact it
@@Aleksandar6ix they won't do it because they've been using the elevated housing market to hide a blue collar depression that's been going on for decades.
An average Canadian single family home hit something absurd like $800,000. They'll get that number to $10M if they can because it makes the numbers go up. And Canadians will keep stupidly taking out larger and larger debts to pay for it, and rents will continue to rise.
Well first things first. This world is not built for single people. Next the govt is not god. You are asking other taxpayers to pay for your mortgage while you live happily ever after. There is no reason for other taxpayers to be paying for your living situation above the age of 18.
Taking example of cities with rental control, San Francisco, Montreal, etc, the only trend I see is rapidly increasing rent. Meanwhile, converting single family house to multiple units in town, I’d say good luck with that, I am all for it, but many owners consider doing this will depreciate their property/community. Although many of them voted for liberal and support affordable housing. But when it comes to their own expense…we’ll see. Let’s put it simple, we are all very supportive to noble causes, just please move away your fingers from my pie😂
I think it's worth putting in context the incredible building restrictions that are imposed on Toronto that make high density illegal. The population density of Paris (where you are hard pressed to find buildings over six stories) is about 20,600 per square kilometer. The City of Toronto (not the GTA so not Mississauga etc) is 630 square kilometers. If the City of Toronto had the same density of Paris, it would fit just shy of 13 million people. The current population? 2.9 million
By that measure, Toronto is only about 22% full, and that before considering building above six stories.
The political decision has been to keep housing low density (aka scarce) even into the urban core, and to build very tall condos near transportation corridors, which are more expensive to build and simply don't make up the difference. Our province and city have routinely decided against increasing supply by restrictive zoning. I don't think it's hard to predict what increasing housing supply by five times would do for prices. Instead, we get 285,000 over ten years, which would only be 25% more dwellings over ten years (if it even happens). At the same time, the federal government is aiming for 500,000 immigrants per year. If a third end up in Toronto, add 1.7 million people to the end of that ten year time frame (or a population increase of 60%).
We don't need 285,000 houses over ten years, we need 285,000 *per year* for ten years.
We're missing a critical opportunity to be creating jobs in construction and to use international demand for our real estate to build our country's housing infrastructure for us. Pricing out young people and families is not going to make Toronto an attractive place for people to live or business to invest, it's just going to build a rapidly aging and depopulating society of housing speculators. Young people and new Canadians will be increasingly pushed out to GO commuter towns or will give up on Canada, and take their talents and skills out of the country.
Working as intended for property and business owners. Canada is a ponzi scheme where immigrants only hear about the good things and don't realize they are being brought in to pay rent for investors and suppress wages for themselves and everyone else.
@@agodelianshock9422 How fast are you driving to make it from PEC to Toronto in anywhere close to an hour? I grew up in the Trenton/Belleville area and Trenton to Scarborough was at least 1.5 hours without traffic (in the early 90s).
That's ridiculous, if you have to make that drive regularly. That would just add stress and fuel costs
Great post, Toronto and so many North American cities are built around car centric suburban sprawls, and our zoning is atrocious.
@@rich7447 I took Go train every day -- took about 1 hour daily on-point. If I have to drive during odd days, it took me double that time plus the stress facing crazy impatient rude drivers. The only problem with GO train -- some region have restricted time. If they have wider flexibility for time, I think more people will the train and help reduce the car congestion too.
Why are housing here in the nation given to people who just arrived? Why are we pretending not to know the issue?
Maybe because the buy it?
My daughter goes to U of T. Residency not including food was $17,000 for 8 months 5 weeks of which were spent at home for breaks. In order for her to have a space next year, we are renting an apartment over the summer while she is here at home working because the price was too good to be true. She almost didn’t get into residency last year and we can’t afford $2400 a month for her while she’s in school so are forced to rent now while there is still some options. Come September, it’ll be more expensive and harder to secure
That 30% rule never worked when I was renting. My first apartment, one bedroom in Vancouver in a low income neighbourhood in 1973, took 50% of my take home pay. It was my first step up from a few years of sharing a house with friends.
Vancouver changed the zoning so most basement apartments that already existed became legal back in the 1980s. It didn’t help because existing housing still didn’t meet the demand even back then when a 4% vacancy rate was considered too low. You can’t entirely blame interest rates either because rents go up even when interest rates go down.
All cities could benefit from more triplexes and duplexes. Entire suburban neighbourhoods with mostly one or two people living in a place with three bedrooms should be giving us some clues. People do demand more space these days especially those working from home, so rooming houses are a really bad idea.
We should be looking at how rental housing is done in places like Germany. We should be building more housing co-ops. Making it easier for people to buy definitely impacts the rental market so why do successive governments continue to support this? Why have so many mayors been housing developers before going into politics? I’m glad to see renters finally become the focus of attention even if I’m not renting anymore.
> We should be looking at how rental housing is done in places like Germany
What do you mean? As a renter in Munich -- it's the same shite show here as well. Actually, I did some comparison of rents in Munich and Vancouver. And very similar apartments cost approximately the same, despite higher salaries in Vancouver and much lower taxes.
Whatever we build..we will just give it away to the Chinese who keep them empty and go back to Hong Kong
So you had a rental situation where you were paying a fair rent, then you decided to treat yourself with your own place, now you want to blame someone else for your decision?
The absolute entitlement.
@@frankvonfrauner I’m not blaming anyone just describing what happened in my case. I rented for thirty years before deciding that rising rents in Vancouver meant I might soon not be able to afford to live there. I also wanted a pet, something that’s very hard in Vancouver as a renter. I ended up buying a one bedroom in a low income neighbourhood. My realtor thought I was crazy to move there. It meant a longer commute and an increase of almost 50% in my total housing expenses. When I renewed my mortgage I increased my monthly payments. I could afford it because I’d got a raise at work.
You could buy a modest condo back then on a single income if you shopped secondhand and didn’t own a car. These days you most likely have to leave Vancouver or Toronto, although I’m not sure. Maybe you can do it as a longtime renter. I didn’t think it was possible until I called a mortgage broker who helped me through the process. I also bought when prices were low and interest rates were around 6%. I couldn’t have afforded to when I was younger and interest rates were between 15 and 25%. I was also lucky to time it when I did. I never expected prices to go up as fast as they did. I thought it was madness to have my property value increase to be equal to a half a years salary.
I will always be an avocate for affordable rental housing. I know what it’s like to rent and deplore the way renters are treated in North America where housing is considered an investment and not a place to live.
@@GrigoriyMikhalkin I know Munich is expensive and places in Europe are usually smaller than here but don’t renters have better protection there? Today I read an article giving average rents across Canada but they included what renters who have been in their place a long time we’re paying so anyone looking to rent a place right now will have to pay a lot more. It’s insane.
After sixty-seven years, just when I had managed to save up $1.8 million (CDN) towards a 20% down payment on a lean-to broom closet in downtown Toronto, the mortgage rates went up...oh, well...at least I can still get a five year lease on a two bedroom apartment- I can now cover first and last month rent!
if you live five more years
@@hasnaaOumNora - Well, no one can know what the future holds, but I’m reasonably optimistic: I just moved in temporarily with my grandparents, and they’re still in pretty good shape. Anyway, where I come from people don’t usually move out on their own before the age of about ninety.
So your from Canada then .
I was born in Vancouver and over the last 40 years it’s definitely gone downhill. In the 1950s and up to about the late 1970s this attitude was not the case with Vancouverites. Strangers would end up having conversations on the street. I remember in the late 1970s people used to have open house parties in all classes of neighborhoods including rich people. Sometimes there were 40 people at these parties and rarely did anything get stolen. Today it wouldn’t happen. My mother and I used to go shopping on Hastings Street in the 1960s and 70s. So what changed? Vancouver is now the most highly unequal city and all of Canada in terms of wealth, and on top of that, for most of these 40 years we had right wing political economic policies in B.C. Vancouver is now not only highly unequal, but wages have been stagnant for the past 40 years while inflation, rent, real estate, and everything else has gone up, unionization is next to nothing now. You could buy a house in kits in 1970 for $10-$20,000. We sold her house on system barrard for $10,000. My fathers wages unionized was around $10,000 per year is equal to around $75,000-$80,000 in today’s money. Many people were making $20,000 per year. You should RUclips a book, called The Spirit Level and what is neoliberalism? He explains how inequality destroys social trust. My friend went to Sweden, and he was shocked how friendly everybody was and trust worthy, crime was next to nothing. I don’t like Vancouver very much anymore.
moved to Vancouver in the early 2000s, nobody needed to lock their front door, now ppl get stabbed in Starbucks🤔
@@jimchen3229 Unfortunately, it looks like Canada is becoming more like America. I know some people who are on disability and they want conservative, understanding that the conservatives wanna get rid of social programs like this.
And we should vote against censoring the news in Canada very soon.
Attention Prof. Karen Chaple, the University of Toronto
I live in Australia, but I have been to Toronto on three occasions between 2004-8. The residential area where the program’s host first appears in, is a place I’m familiar with. In fact, I wandered through it when plenty of the apartment blocks were still under construction.
At the 1-minute point of the RUclips the host begins to list three aspects that culminate to be the crux of Toronto’s rental crisis. And they are:
1 /Rising interest rates:
More renters
+ More competition = more demand.
2 /Incomes vs cost of living.
3 /Shortage of affordable housing.
At the 4th minute you answer the question of how to solve the issues, and your response is:
“I think we need the renovation revolution. I think we need to make it super easy to convert single family houses - we have a lot of them. We need to be able to convert those quickly into, triplexs, fourplexes and make rental units out of them.”
As it occurs, there are movers, and shakers within the Property Council of Australia, mooting similar perspectives. Or, at the very least, they want people who’ve lived in these houses for 40 years, or for whatever period, where they raised their families, to sell-up, and move out to live in a one-bedroom abode in a 30-storey apartment block.
But with regards to your proposal of converting houses into three, and four-bedroom abodes is, in fact, morphing these properties into becoming quasi-dormitories. Alas, what was so conveniently neglected to be mentioned in the discourse, with respect to the, ‘More Competition = More Demand’ aspect of this sordid conundrum, which is afflicting all of the 5 major cities in Canada (as, it duly is here in Australia’s major cities, too) is because of LARGE-SCALE immigration programs.
Here in Australia, as it is in Canada, a major component of this dire problem relates to the international students that have swarmed in. At present, there are 1.1 million of these interlopers in the country. With roughly 380,000 residing in Sydney and Melbourne. But in spite of there being hundreds of thousands of ISs in either city, the Property Council of Australia spews buckets of crap that they aren’t the reason for either availability or excessive rental problems.
In closing, the irrefutable nub of the problem as to why there is a rental crisis in the major cities of both Canada, and Australia, is due to LARGE-SCALE immigration programs. Both of the governments of each country have sold out their societies, with LARGE-SCALE immigration schemes in order to import consumers to propel their economies.
Well, if the only solution to the problem in Toronto is to force single-house occupants out of their homes and transform them into quasi-dormitories in order to accommodate international students from India, and China, then things are friggin dire.
Don't live in downtown or central Toronto.
Older building are also cheaper.
Most people want live near the core, or right outside the core or south Toronto.
You can get 1 bedroom in nice neighbourhood in North York, Scarborough for 1800.
If you look at Vienna or Singapore... solutions typically come from the government and city planning. High immigration does not help the situation. Flexible work from home rules and high speed go trains probably do.
Vienna rents have been rapidly rising the past two years. Energy prices are insane because the US forced Europe to cut off cheap gas from Russia. Inflation is crazy. And it's only going to get worse.
@@minoozolala always blaming the US. EU themselves made the decision.
@@minoozolala The US didn't do that. That was decided by EU MPs. You can't blame the US for everything. Blame yourselves for not diversifying and becoming so reliant on Russian energy and not seeing the consequences of that.
@@Alexandra-zp3gr You don't seem to understand that the EU is always directed by the US. As for the energy - the US didn't want Germany and Russia becoming strong together. The US has always been against Germany and Russia becoming allies, The US was for years against Germany using Russian gas, and pressured Germany not to build Nordstream 2. But Germany wanted to grow its economy with cheap Russian gas. So the US blew up the pipelines last year. Read the articles by the great US economist Michael Hudson on this.
You just said that the US dictates EU policy then gave an example of the exact opposite of that. If the EU countries like Germany, Austria etc. actually listened to the US or even Eastern Europe for that matter in the last two decades then they wouldn't be in the situation they are now. You can't blame the US for seeing the writing on the wall and trying to warn you about Russia's intentions.
Frankly, I blame Germany for propping up Russia and giving it leverage over Europe to the point that Putin thought he could just invade and annex entire countries with minimal resistance. Merkel even blocked Ukraine and Georgia's NATO application in 2008, and Schroeder is a Russian energy lobbyist now. This situation you are in is entirely of your guys own governments making, take some accountability. It's nothing new either, just a historical trend. The Germans and Russians always make compromises that jeopardize the peace and stability of Eastern Europe.
I love how superficial this is. No reporter has the courage to look at some of these main causes: developers who only want to build high rent luxury apartments, or these investment companies that own apartment buildings and want to get a higher return for their investors so they jack up the rent sky high, or short term rental companies that get more money charging for short term stays, or how property taxes are calculated (it is based on the average selling price in a neighbourhood, and thanks to investors who own real estate, not to live in but to own as an asset - property prices have been driven up world wide). And no attempt to place this within the global context - this is happening across cities WORDLWIDE! God, what terrible reporting.
How does any of that change the fact that rents are high?
Those of us who live off their $1600 a month pensions depend on stock prices making that a possibility. The only upside is that seniors have had a lifetime to work really hard & live very frugally & pay off homes or if they rented, they could put into investments all that $ that they did not spend on property tax, insurance, repairs, new roofs etc. & maybe even utilities. So they socked away a lot for later unless they lived above their means. (Many do, holding themselves in such high regard that they live on credit for luxury lifestyle). I'm grateful as a senior 2B paid that much to sit at home. Not have to keep a vehicle or leave home often. My side hustle continues, growing hundreds of plants for landscaping the next property...my daughters'. Also making quilts, upcycling furniture, windows & doors from roadside. Young people had it hard in my time too. Always worked while also going to school. If still at home after 18, that brought shame on yourself & family. Never earned over $30 grand in all the years except when I did a build in Nunavut in -35 weather day after day in the snow & ice. that was in my early 60's. Had a tight deadline for a woman's shelter that had to be built by all women, my grd.12 students & I.
are you saying that rent is reasonable now?
Developers will build what gives them the most return. You want them to build purpose built rental with rent control capped at 2% and inflation well over that? Thats' a recipe for losing money quickly.
I can tell you whats wrong and how to fix it, ding bats are in charge, Trudeau bringing in record number of people when the current infrastructure can't handle it so rent goes up based on supply and demand. The mayor of Toronto needs to zone land for cheap apartments, that leads to what we need, cheap apartments over luxury condos. The problem is a lot of this takes a lot of work, you have to be very specific in creating laws that steer builders to build cheaper apartments rather then again luxury condos.
I agree with the prof. Here in Winnipeg 80% of the city is single family only and its near impossible to get zoning change, it's madness.
my stepdaughter, her daughter and husband and their 2 small children all live with us in our small home because they can't afford rent. I see no light at the end of this tunnel.
You are mess ! You should not be having Kids cant afford ! Your Step Daughters take the pill!
@@ivanronin8209 I was smart don't have any kids. LOL They are from my husbands first marriage.
@michellelyster5931 There's nothing smart about not having kids. Your legacy dies (L for you) and you just contribute to our society having less population, enhancing the need for more immigrants, while not having enough housing for said immigrants, which causes unnatural capitalist growth of the population (in a healthy society, housing growth would slowly adjust overtime as kids take years to become adults that need housing) and a crisis in your own country.
@@michellelyster5931 nothing smart there, it is a basic human right and need to have children, the fact that people can't afford that says a lot about our govenrnments, countries and situation in general.
The owner of the house should have to live at the resident for 5 years after purchase before they can legally rent it. There...saved the housing market from foreign buyers and people flipping houses into multiple unit cash scams.
10 years
Lady, you forgot to mention the essential workers... cleaners mainly who get the minimum 15.50 age per hour. How the buildings are going to find people to clean their areas? Try to live in a city without cleaners, it is impossible!!
Toronto's economy is shameful. Pitiful salaries, scanty opportunities and price gouging everywhere.
The immigrants are suppressing the wage. New immigrants are willing to work for min wage even for office jobs.
HR is not your friend. Companies be like we need a supervisor role that can do two or three other professional roles additionally. We'd like a manager with janitorial, graphic design, security and accounting experience. Also, you'll need a second job b/c our compensation is in line with three decades ago.
Facts.I am so sick of these jobs wanting us to do so much for so little and it cant even cover our living expenses.Feels like slavery
Perhaps the problem is the dollar itself. Why does it keep losing value/purchasing power against everything. It's not just housing.
Rents are skyrocketing because the cost of home ownership is skyrocketing. Home ownership is skyrocketing because of 20 years of falling interest rates, rising immigration and foreign buyers who see Toronto as a bargain due to our falling dollar. Citizens can no longer keep up. If you can't name the problem, you will never solve the problem.
This is why the house market is destroyed. If we can't own a house then these landlord can steal our money. This is beyond greed... its insane.
How do you get off accusing people of theft because you can't afford to pay?
@@the.jess.effect Yes I'm paying my rent like everybody else and i can't afford a house. Another question?
@@qcbelzebuth7083 some people just won’t own houses in their life. You just happen to be one of those people. Cry
@@qcbelzebuth7083 yes the first question I had, how do you get off accusing landlords of theft? You say you can't own a house because you can't afford to pay for one. So how is your landlord a thief?
@@the.jess.effect Cause there is no benefit for renter... only benefit to landlord. The fact that house are impossible to buy for an average worker it mean that rich people will buy appartement and take all the money from the renter. Yes it's stealing.
And they say you should only spend 30% of your wage towards rent. Right! 🙄
That math hasn't worked since the 80s. They just like repeating things
If only I could.
I spend even less, 10%, be smarter
Low wages, high rent, high cost of living, high taxes = unaffordable. Also, even if it were affordable, it's just Toronto. Not like you get your bang for your buck like living in NYC or London.
I lived a few years in Toronto in the 1960s. It was the same then. Just as you started to make economic progress up went the rents into the stratosphere.
A one bedroom apartment that I have in Hamilton, Ontario was priced at $1,300 in 2022March01 when I first rented it out after getting hired at Amazon. In 2023, the rent has of course increased by 2.5%, which is the minimum allowed by the Landlord & Tenant Rental Board. I can expect to now pay $1,332.50 for my rent in 2023.
Moved to Toronto because London Ontario doesn't have a tech sector. Now I have a job, but 75 percent of the income after tax goes to rent of a bachelor derelict apartment. If you can find a job elsewhere, go there and never look back.
Look for an employer that is flexible, especially after the COVID-19 madness. They might enable you to work anywhere in Canada that has a reliable internet connection.
Then Move to Mississauga and Commute . Wake up early and save you money !
It seems they want to have people moving out?? I wonder why? Same problem in Vancouver. It’s sickening mostly because there is no quick fix so it’s going to get worse before it gets better. People can’t wait for 10 years to get a place to rent. Scary!!!
Part of the reason for this low supply: high demand is all the Airbnbs. All those landlords who would normally be renting to month-to-month tenants are now operating airbnb's and raking in the cash. Another reason is because rich people overseas have learned that Canada is a good and safe place to invest money building a bunch of unnecessary Condominiums so there are all these empty condos pull up in place of all these buildings have been torn down where people used to rent for a reasonable price. Plus, the ceiling was removed on how much rent landlords can charge. And now urban sprawl and the problems of Toronto are now moving outwards where there are no places nearby that are affordable and the price of rent is going up and up and up in places like Hamilton Kitchener and Beyond. The trend of landlords jacking up the rent to exorbitant prices is spread all over Canada now; even in dinky little towns in the Ottawa Valley. The government ALLOWED this. They have to FIX it.
Basically need to make 100k to afford 500sq/ft. The Canada we all envisioned and dreamed of.
It's the Canadian nightmare now.
Great so we now know that ODSP and OW needs to be raised to $100,000 a year, see that wasn't so hard
hahaha. average Canadian income is $60000. As a parent to a disabled child all I can say is good luck.
This is the same in London, Sydney, and I would guess New York. Someone should come out with a container tech to undo this global problem.
I was making $37,500 gross in the early 90s in Toronto and would never have considered paying $930/month (30% of gross) for rent. I never paid more than $600 and eventually ended up splitting rent for a 2 bedroom in a 4 story walk up at Woodbine and Queen. Total rent for the 2 bedroom was $850. The building still exists at 225 Woodbine and I would be interested to see how much rent would be now.
It's around $3k/month
@@EJuny93 Wow!
Homelessness is a problem. Housing is a human right.
your not entitled to anything
No it isn't.
@@MikeyPaper
Including living in a city you can't afford.
Young, educated, well paid individuals who want to move to Toronto or Vancouver can't. It's simply not affordable. Even Calgary is a stretch financially . . . I feel for our Canadian youth.
Yes they can. Have you seen the banking, law, and tech jobs and their salaries? I am in university and I did 2 internships between 1st year and 2nd year in dt Toronto in business and my coworkers seem to be doing fine.
I left Toronto 13 years ago because I knew I would never get ahead there. Cost of living is outrageous.
Attention Prof. Karen Chaple, the University of Toronto
I live in Australia, but I have been to Toronto on three occasions between 2004-8. The residential area where the program’s host first appears in, is a place I’m familiar with. In fact, I wandered through it when plenty of the apartment blocks were still under construction.
At the 1-minute point of the RUclips the host begins to list three aspects that culminate to be the crux of Toronto’s rental crisis. And they are:
1 /Rising interest rates:
More renters
+ More competition = more demand.
2 /Incomes vs cost of living.
3 /Shortage of affordable housing.
At the 4th minute you answer the question of how to solve the issues, and your response is:
“I think we need the renovation revolution. I think we need to make it super easy to convert single family houses - we have a lot of them. We need to be able to convert those quickly into, triplexs, fourplexes and make rental units out of them.”
As it occurs, there are movers, and shakers within the Property Council of Australia, mooting similar perspectives. Or, at the very least, they want people who’ve lived in these houses for 40 years, or for whatever period, where they raised their families, to sell-up, and move out to live in a one-bedroom abode in a 30-storey apartment block.
But with regards to your proposal of converting houses into three, and four-bedroom abodes is, in fact, morphing these properties into becoming quasi-dormitories. Alas, what was so conveniently neglected to be mentioned in the discourse, with respect to the, ‘More Competition = More Demand’ aspect of this sordid conundrum, which is afflicting all of the 5 major cities in Canada (as, it duly is here in Australia’s major cities, too) is because of LARGE-SCALE immigration programs.
Here in Australia, as it is in Canada, a major component of this dire problem relates to the international students that have swarmed in. At present, there are 1.1 million of these interlopers in the country. With roughly 380,000 residing in Sydney and Melbourne. But in spite of there being hundreds of thousands of ISs in either city, the Property Council of Australia spews buckets of crap that they aren’t the reason for either availability or excessive rental problems.
In closing, the irrefutable nub of the problem as to why there is a rental crisis in the major cities of both Canada, and Australia, is due to LARGE-SCALE immigration programs. Both of the governments of each country have sold out their societies, with LARGE-SCALE immigration schemes in order to import consumers to propel their economies.
Well, if the only solution to the problem in Toronto is to force single-house occupants out of their homes and transform them into quasi-dormitories in order to accommodate international students from India, and China, then things are friggin dire.
3 "reasons" given. Not a word about population growth through immigration......
Institutional investors are hording houses, government need to step in. Brookfield had outstanding returns over the past couple of years due to property appreciation.
This! 💯
A Real Estate Investment Trust (REIT) is not an institution. The government is an institution. So what you really want is an institution to interfere with a legal investment trust.
It’s a compelling villain, but institutional investors don’t impact rents. The entity owning the unit (be it a bank or a small-time land-lord) doesn’t change the dynamic defining how much can be charged for a unit
@@leopoldleoleo Institutional investors do affect rent indirectly as they affect the supply of housing leading to inflated prices to buy a home. Thereby, creating a surplus of renters rather than homebuyers which incentives renters to hike up rent prices.
@@spitfirez89 that’s only true if they leave the homes empty, but that isn’t typically the case - they remove housing from the purchasing market and add it to the rental market. Whether that is bad (more competition when it comes to purchasing homes) or good (in many places there is a dearth of rental options), may depend on the specific situation