Toronto rents expected to jump by another 15% over the next six months, experts say
A ‘perfect storm’ of factors is making it harder for renters to buy, leading to a surge in rental demand and limited supply.
Landlords need to cover the mortgage of the extra houses they couldn't actually afford.
expecting my salary to jump by 15% in 6 months, anytime now...
Securing a rent-controlled place during the very short rent downturn in early 2021 was probably the best decision I made in the last few years. It's not exactly cheap but a good 10-15% cheaper than a lot of comparable units now.
Toronto rents expected to force people into homelessness or dangerous living situations just to survive in this godforesaken city.
Actual working people are going broke while the investor class jacks up prices and sit on their asses raking in cash.
We need a general strike. This shit is intolerable.
When asked what it would take for rental prices to balance out, Papailias said “We need a huge surge of supply in Ontario, and in the GTA specifically, a huge surge of actual homes to come to market,” adding that supply needs to double.
We can increase supply without creating new stock if we stymie real estate hoarding. Here's a notion, limit real property ownership to two properties per person, including the beneficial owners of corporations. Violators will be hit with a progressive tax based on the number of properties they own (e.g. 5% property tax on their third property, 10% on the fourth, 15% on the fifth). Implement it so it takes effect in 2025 giving people enough time to sell their income properties.
Normally, I'm not crazy about interfering with the market but this has gotten out of hand. We need to stop the crazy accumulation of real property by those who just happened to have capital in the early 2010s.
I’ve been living with my parents trying to fucking save up and at every moment I get priced out. This is fucking demoralizing.
Using the term "Asking" in the fucking rental market!!!
Rental pricing is not an "asking price", it's just the fucking price!
Anyone who is using this tactic is a disgusting human and should be fucking ashamed of themselves. If your expenses are going up, post the fucking listing at the price you need it to be. Don't fucking pass the burden of your shit business planning onto already extremely stretched renters.
This seriously fucks with statistics for socially supported solutions to the housing crisis. The "average price for a one bedroom" is often used to illustrate how high pricing is. That's based on the listing price (not a fucking "asking")
Maybe they should build more housing... People can argue all they want about housing bubbles and the RE market. But high rental prices are directly caused by lack of supply, there's no other way around it.
Is this before or after the rental market gets flooded with listings from over-leveraged investors who can't offload their 375 square foot "Extra large studio" units for $1,500 per sqf?
"haha poors, enjoy your homelessness"
guess we're not moving out of my in-laws basement any time soon...
I dont live in Toronto, these just keep coming up as recommended. can someone explain why housing is so overwhelmingly fucked there?
When are we going to stop sitting back and taking this? What is it going to take to put a curb on this unbridled greed?
So we need supply, yet last week an article was posted that builders are telling us no one's buying so they're not going to build as much. Seems before we work on supply we need our city to focus on purpose built rentals and rezoning first. Someone please correct me if I'm looking at this wrong.
I'm actually crying. Currently living with a roommate in a non rent controlled unit. I think we're likely going to go our separate ways when our lease it up in about 8 months. And the idea of affording a one bedroom or studio in Toronto with these crazy increases... I don't know how I'm going to do it.
I think we need to stop with same call about building more. It seems like the only way to reduce rent is by building over and over, meanwhile the apartments are getting owned by the same people or corporations. New buildings are converted in AirB&B hotels.
When talking about Health care and privatization a lot of people (mostly centre/right) are mentioning that we should adopt the German model ... well forget about health care how about we create a legislations similar to the German model for the rent market. It works pretty well there and people can afford places without building like crazy as we do here in Toronto.
Supply needs to increase or demand needs to decrease and yet newcomers to Canada and Canadians continue to flock to the GTA.
Yes for sure. Increase supply by making it easier and profitable to create new housing with some or all of the following:
Remove most if not all zoning restrictions on infill replacement of single family homes with small 4-6 unit purpose built rentals. Same with basement suites and laneway suites. Defang the NIMBYs.
Incentivise construction of purpose built large rental buildings rather than condos. The way things are now it makes a lot more sense to build a condo and get your investment back immediately.
Get rid of the greenbelt policies that were deliberately put in place to force densification of city housing. Greenbelt policies were an attempt to force middle class families out of detached homes and into multiunit housing.
Severely disincentivise unoccupied investment housing. If this is even REALLY a thing any more. I know it was in some rapidly appreciating neighborhoods a few years ago but not sure it is now with a flatter market.
I wish this sub would stop posting articles from the star. No one can read them without subscription first. What is the point? You can get the news for free now a days
"Landlord deaths expected to rise by as much as 30% over the next 3 months."
It’s funny how in Canada rents exceed mortgages. I haven’t really seen this phenomenon in other countries I have stayed in.
This is caused not by greed or by terrible landlords, but by lack of supply.
Because mortgage rates are going up, many people who would have otherwise bought housing are renting. This causes a drop in the nominal price of houses, but it increases rental demand. Increased demand with the same supply means increased price.
The solution is to just build more. If you hate greedy landlords, then great, you should support building more. Increased supply and competition will force landlords to lower prices.
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