The average rent in Canada, accounting for all kinds of housing, has skyrocketed to over $2,000 per month. A Toronto-area woman tells About That what kind of problems she faced after her landlord tried to steeply increase her rent.
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Immense greed and lack of concern for average renters is why rent costs are soaring. Robbers.
As a landlord, let me make it very clear:
– The fact that once you get a tenant, that rent is basically 'frozen'. The annual 'cost of inflation increase' might ad $20-30 on top of the rent, but the fact remains: Utilities goes up, insurances, etc…but your rent stays FROZEN. So imagine having a good tenant for 5-10 years, you'd want to keep them longer, but the fact they are paying $600 when the cost of everything has driven prices to a place where the rents are simply covering nothing.
A restaurant can raise prices immediately, same for hotels, or any other service/company. Except landlording.
As a landlord, I can’t tell all the companies I owe money to “I’m getting less rent, so I’m going to pay you less.”
So yes, once a tenant leaves…if you're crazy enough to rent again, you need to 'future proof' your rents by seriously spiking it. You can't adjust to market pressures, you need to price it so that 5-10 years from now you are losing so much money you are forced to sell your property…just so a new landlord can come in and evict everyone.
Also: It takes up to 18 months to evict a bad unpaying tenant. A tenant who will hold
your property hostage, destroy it…and then leave. Also, good luck trying to recover lost
rent/damages. The most you can do is get an expensive collection agency after them…
if the tenant never answers their phone to collectors: Nothing else can really be done.
If you want to have affordable homes explode in availability, do the following:
Streamline/speed up evictions. Empower landlords to get a sheriff and boot out
a bad tenant in a matter of weeks not months. If you are in a restaurant and
start threatening the staff/customers, they can throw you out on the spot.
– Landlords can change the rents once every 6 months.
This will eliminate abuse, but should be enough for landlords to adjust rents to market realities.
– A national registry on bad tenants (bad landlords too, I don't care). The vetting process on bad
tenants are virtually non-existent. There are attempts with Naborly/etc, but these companies DO NOT SHARE their data.
Bad tenants, skyrocketing costs and the inability to evict/adjust rates
is why people would rather leave their spare room/basements empty
…than get involved in the freakshow of renting.
Same old bullshit, everything goes up way to fast and your pay is the same!
Our PM hates us
Halt immigration, make government smaller and lower taxes.
This will allow us to catch up on housing for existing Canadians and leave more money in the hands of Canadian citizen to pay bills, buys homes and stimulate economy.
Canada is best country yes in your dream
I heard a lot of landlords saying rent prices will never go down, which is the same rhetoric of people at the top of any bubble. This is going to burst soon.
If foreign investors have enough fate and willing to put their trust and money into Canadian market, I'm all for it. I don't even care if they live in it or not, as long as they pay.
The problem is where did that money go? Why isn't that money stay within our market therefore increase our income or build more housing as the market was so hot?
Hey howbout them billions to Ukraine?
Talk about the 130 000 imma grants ever year and 60 000 international students take back door in In 5 years that’s 1 million homes. Get the picture
Until its broke and not bent, like it currently is, it will not change and or only get worse.
Rent is getting worse, i swear i have to work overtime and i still struggle paying basic bills
I think u missed the point. The rent hike isn't from inflation alone, it's main caused by the near 50% increase on interest rates.
No political will, complete indifference and economic greed, housing for people who can't afford and don't need a house, most people need affordable appartements before they end up on the street, Oh Canada, you don't stand on guard for the.
"He's letting her live there for free." LOL. Wonder how that's gonna work out
"Getting out" to rural areas isn't an option anymore, either.
Immigration levels are too high. The current situation is disgusting.