Canadian Renters Bill of Rights, WTF?
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- เผยแพร่เมื่อ 29 มี.ค. 2024
- Population growth exceeded one million over the past nine months according to Stats Canada. We are growing at a fast rate in 66 years. Immigration cuts are coming, but it's too late. The solution appears to be a Canadian renters bill of rights which will create a national lease agreement and a database for past rental prices. Is this going to solve a problem, or make the rental market any better? Let's discuss.
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Trudeau would bankrupt a lemonade stand.
On the hottest day of the year.
you misspelled DJT (and any conservative.... where the deficits grow the fastest)
@@GreenBeanGreenBean you misspelled brown nose.
@@chrisT16161 yes we know you love unicorns and other make believe things.
@@user-vi8ci2bi6b😂
I don’t know how but you’ve managed to package an unbiased analysis that is more entertaining than the sensationalized segment of economic and financial news. Thank you for your efforts to be the signal and not the noise. I understand that the economy is currently in a downturn and that we must wait for things to get better
As hard as it may sound you can plan for the recession. If you are working, find extra work and get an Invest--advisor. Protect your deposits by having enough cash in short term fixed income. Then cut your expenses. Minimal insurance, cut utilities.
I think the current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner
It's often true that people underestimate the importance of financial advisors until they feel the negative effects of emotional decision-making. I remember a few summers ago, after a tough divorce, when I needed a boost for my struggling business. I researched and found a licensed advisor who diligently helped grow my reserves despite inflation. Consequently, my reserves increased from $275k to around $750k.
Even if you have a humongous income you still need to draw up futuristic plans because anything can happen. One could lose one's job or whatever. Investment cannot be overemphasized. About your advisor, how does one reach pls
Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with Melissa Terri Swayne for the last five years or so, and her returns have been pretty much amazing.
Trudeau is the absolute worst PM this world has ever seen. The world is laughing at him. 80% of Canadians are either laughing at him or angry with him. Under normal circumstances this guy wouldn’t even be eligible to have a walk of shame.
A twice baked potato would do a better job than him. Absolutely incredible.
Might have to pump another $1B into the MSM to keep the sheeple from focusing on the real problems caused by the government.
you misspelled Harper.... Alberta still hasn't recovered from him a decade later.
@@GreenBeanGreenBean does Trudeau trigger you as well? At least we have that in common.
@@GreenBeanGreenBean you are a 🤡🤡
@@jeffotoole4509 absolutely not, Canada has outperformed every other G7 country during Trudeaus tenure.
You sure love making stuff up, you loooove unicorns/space lasers.
But don't worry, if PP ever does get in we will be in a depression in no time.
Please don't show Justin Trudeau's face on your videos again. It makes me vomit
110% agree 👍
Me too!!!!! 👍🏻
Facts
That's your Prime Minister have some respect, everything he does he does it for the people.
I'm sure you didn't give back your cerb, as you breath the fresh air and enjoy the outdoors you can thank him and the carbon rebate for that.
@@Iliinois18 😂😂😂😂😂😂
The only reason I can see for implementing this bill is to crack down on landlords not paying taxes. It does absolutely nothing for renters.
Yes I think so
pretty much al basement owners - LL do not claim the rent on taxes. how would it change the situation?
I have noticed this in prior tax filings they want you to declare if you’re renting which i can only assume they’ll use to cross check whether the landlord declares rental income. Next phase it would seem is to match up the amount paid by the tenant vs what the ll declares it to be.
Agreed!
@@NataliaCiampelletti Because it's all about control..... Nothing with renting... Just controling who gets to have a house.
This mafia in Ottawa gets their policies from inside cracker jacks boxes...
Only 55000 cases to deal with in Ontario Landlord Tenant Board....tenants squatting and owe tens of thousands in rent.....and THEY need a bill of rights? 🤡show in Canada.
A very good point sir . Do not forget how many tenants who are now sliding along very slowly on 'emergency injunctions" against eviction orders issued by the LTB. SLIDING ALONG VERY SLOWLY INDEED IN Ontario's Inferior Court of Justice. It takes 3.5 years and lawyer fees now to get rid of an unwilling delinquent tenant in Ontario. welcome to a sh1tty business plan. Kiss your tools parts and property goodbye, in good old ONTARIO.
Once we can report rents perhaps a tenant will pay. If they don’t - they can’t rent anywhere!! What a tangled web we weave!! Then there’s another housing crisis- homelessness
Should we build credit when we buy groceries? LOL
Paying RENT is NOT CREDIT. It is paying a bill directly.
Loans are when you borrow and then pay back. Rent is not that.
How about doing something about the HOUSING CRISIS?
In the last year, the population has exploded.
My neighbours house has been purchased by a slum landlord.
Increased the price and kicked out the tenants.
Every citizen who looked at it said the price was way too much.
Guess who is in it now? 10 new comers who are willing to split the cost.
The standard of living for me is too low, so now I'm looking to sell and move.
I don't even want to live beside this. I would hate to live in that house.
This is giving me nightmares.
I decided never to vote liberal ever. They have destroyed Canada.
Thank God you seen the true light on the liberal party
Paying 2000 rent on time for years is proof you can pay a 2 k a month mortgage
Rent is not a loan. You pay it or leave. It is not a loan, this is not borrowed money.
Your credit score should be excellent if you just pay your normal credit cards each month on time for years, no need to add this too.
@@maggiemacaskill1037if you pay your rent chances are you pay your other bills as well
@seanprice7645 Most of this is much ado about nothing. Tax dollars going to program to fix a problem that does not exist. People get great credit scores and mortgages without this nonsense. Yes, it is a line, however, mixing blurring lines may have unattended consequences.
Young Canadians rent homes because homes are too expensive to buy. Trudeau is a clown. Rent is too expensive now as well. Trudeau is a liar…what happened to the home buyers bill of rights Trudeau promised 😂
When politicians talk it’s all clown world anyways. Even Pierre is a clown. Really I get it it’s the best we got right now, but he’s just like any other politician. Full of empty promises, pre recorded interviews , dodging real questions and answering them with typical garbage answers . He’ll get asked something and then he’ll resort back to his “we’re common sense conservatives” like stfu man we need a real human to run for office. That’s why everyone liked trump cause at least with trump you’re getting TRUMP. You’re not getting a pre recorded set of shit to repeat over and over. It’s one big clown world we all live in
Didn't he admit more ppl were able to buy home a decade ago? He is in power since then
Just a coincidence, absolutely nothing to do with his policies 😂
It’s a war against individual landlords. Totally WEF
Seems to help them though.
If you can't afford to be a landlord you shouldn't be a landlord.
I thought Trudeau's "Renters Bill" was an April Fool's by the Beaverton.
He’s clearly lost his mind.
Reeks of political desperation. Nailed it again Steve!
Talk about a government that has zero vision... zero capacity to anticipate the obvious and always in reaction mode.
The government did that back in the late 70's. It was to get an exact number of suits and then the tax department knew and the landlord would have to declare the income. Then the bottom fell out of er.
A lease is not recognized in Ontario. it takes 3.5 years now to evict a bad tenant in Ontario.
Omg, Canada is such a joke.
It looks like a bill to encourage landlords to report their rent and force tenants to pay. This won't do anything to address affordability. It will however make tenants think twice about not paying or damaging the landlords property if they are saving up for a house. Being able to torpedo a tenants credit score will give big rental corporations a lot of power over people.
Absolutely!! 💯 and I’ll be happy to report these tenants who don’t pay. They are good and paying the first couple months and then never pay on time afterwards. There goes their chance of home ownership. The whole thing is stupid but yup you guys think the government is here to rescue you. Think again!!
The person who thinks past rental prices will help negotiate must not know that we can also see the previous prices a house sold for! 😂😂 "Hello sir, I see you're asking 1.4 mil for this house but in 2018 you bought it for 900k, I would like to offer 950k, thank you"
How does that work for you?
@@darrylmcphee8265 huh?
The answer is a big FU... pay the price or GTFO.
lolz
Exactly. lol not going to happen.
@@darrylmcphee8265he was being sarcastic
Trudy is so good at taking care of us that now when he says anything, I immediately don’t believe him… If he’s for a renters agreement , then I think it’s a bad idea!
I actually really like the idea of rent payments being included in credit history as a standard across Canada. Abusive renters need to be held to account as well
notice Trudy only mentions credit score increasing when rents are paid on time , never mentioning anything about if rents aren't paid on time does it affect credit scores??
@@craighenman1274 That's because that would make it harder for people with poor financial decision to get credit cards, loans, mortgages. And JT's overlords are bankers. Bankers want their lending business going well.
The overhead is going to cost more than the arrivescam app..
Getting government out of the way... is the way.
Reduce government by 90%.
If you pay your bills on time, your credit score should be good... doesn't really matter if you also pay rent on time.
@@MrTrevorDidier matters to a landlord. Credit scores have nothing to do with govt. Equifax is a publicly-traded company. Landlords should be able to report late rental payments to credit bureaus so other landlords can assess the renter.
BofR is another nanny project. My accommodation is my concern. Please keep the federal government focused on their responsibilities and stop creating these problems.
Illogical, irrational policy can't be understood because it's illogical and irrational. This is the worst, abject failure of a government in Canada's history.
agreed, first time in my 38 years that i've had thoughts of moving out of Canada if this madness continues.
Thanks for your excellent assessment of the financial ineptitude of the Trudeau Administration. This Renters Bill of Rights is another waste of federal tax dollars that will do NOTHING to address Canada's lack of SUPPLY of badly needed rental housing units.
A reason that ownership is attractive is that the alternative, renting, means that the money saved from not buying, when invested in an interest bearing asset is fully taxed, whereas the home owner pays no taxes when realizing the gain on his home. The tax deductibility of rent should be available to all renters and not just low income renters, since the advantage of the capital gains exception to home owners, is applicalbe to all including the wealthiest households.
"Which remember, is a pretty significant amount of money". Yes we renters, especially in Toronto and Vancouver, keep forgetting about how much we pay! Holy shit these clowns are so out of touch and now flailing even more uselessly. We need an election right now before even more damage is done.
They say rights, I hear government controlled. This is almost never the right solution.
Brilliant video!!!!! Thank you Steve. Every Canadian should watch it.
Landlords would have to report to the credit bureau so renters can build credit- makes zero sense
We need a new PM who lives in reality and cares about the lives of common Canadians.
They already make it hard to get rid of a bad tenant. They make it easy for the bad renters. Some bad renters are really good at moving around. Where is the fairness for the landlord?
This is the Quebec model. Landlords have to show the cost of the property and can only raise the rent by a percentage of the costs. That was the way of Quebec rentals in the 90s. Wait for it ! Hes going to go down this road
That is the concern, Liberals and NDP have been touting for the cap on rent increase between tenants. They will have to supply most of the rental housing if they do so.
Exactly. And even in between tenants we cannot raise then rent how we want. After signing the lease and agreeing to the rental price then tenant can then go to the rental board to contest the rental price. Imagine signing a rental agreement at a specific price then it's decided by a rental board what the rent should be. It's a bit much. I agree to tenant protection laws but quebec takes it way too far
Agree with everything here. Credit score means nothing once you are above 700. Income is the biggest limiting factor to mortgages, it’s why people with parents that can help with down payments are getting houses. Getting a house now is a multi generation effort with having to borrow from parents and grandparents.
Ya, lets waste more money on a database that we just won't need and won't use. what's it going to cost Canadian's? 1.5 billion dollars and award the contract to a two person company that will turn around and sub out the work. We need to do something....
I have a friend who makes 270K a year in Vancouver. He was recently denied after applying for a home loan when looking for a house. Part of the explanation from the advisor was that his current rental payment was high enough that it was a red flag for them. Apparently the considered his 5000+ a month rental at current income levels did not make sense. He asked them what the issue was. It was the cheapest place he could afford. They told him it was too much from a percentage of income and his behavior showed he was credit risk. I honestly am not sure if he just misunderstood what they said or what? He has 250K saved for a home. He was looking way out in valley for a small starter home.
So his rent was to high based on income and it was an amount the bank frowned upon. What is he supposed to do? He has an 850+ credit rating and is above the income level and his income is about the same as his wife's. They have no debt and pay off their credit cards every month. Sure they have a car payment but it will be paid off in less than 2 years. He has been turned down by two banks and the third bank would not take his application saying they did not want him as a customer.
Does the government think Canadians are that gullible? For some obvious reasons, they are not interested in providing any solutions that would actually bring the cost of home ownership & ultimately the rents down.
Unfortunately, many people are that gullible and keep voting him back in along with his tody Jagmeet.
Thats exactly what they want - no ownership (actually its gone like fkn 30 years+ back anyways) ,and work just to afford breathing ,that way you work harder and keep em happy.
Question, why would any municipality ever want to lower house prices?
That's his point, to create jobs for the govt workers thats been hired. Canada's job creation refers to govt jobs, not private sector jobs
I think it is a good idea to not rent to bad tenants and reinforce good tenants, is it not right?
Is there a platform to list names of bad tenants in Canada so other landlords can have a heads up of other landlords previous experience with the bad tenant
Nope
yea there is, do a google search for Open Room
Openroom
When Bob Rae was premier of Ontario (NDP) he enacted the concept of legal rent. In otherwords, his government sent the rent that landlords were permitted to charge. It was a major disaster for the rental market and it worries me that we are heading in that direction (again).
Backdoors to CBDCs.
Ohhh 😮
...and credit score
The BEST way to HELP renters is to STOP SPENDING!
This is the most useless program ever. Waste of tax payer dollars.
Spending is contributing to inflation. So STOP spending on this nonsense!
Justin Trudeau "I want to talk about Voters, uh uh I mean Renters"
You da man Stevie! Appreciate you! Also absolutely love the looney hour!
The part of the Renters Bill of Rights where it says renters can build their credit score is the worst. Think about it. That means people's landlords would gain the power to change tenants credit score. !!! "Why, what could possibly go wrong?"
Do what landlord says, or watch your credit score get destroyed.
The RCMP report was a wake up call. I’m glad I applied for my green card last year. The writing is on the wall about Canada
Great video, analysis and commentary. Subbed and Shared!
You hit the nail on the head.....supply and demand. It sets the price for everything!!
My uncle said to me many times.... Remember, bullshit baffles brains. If you're baffled it's likely bullshit. Word games with ambiguity create opportunity for manipulation.
The first thing I thought after this announcement was how it is more useful for landlords than tenants.
How about the govt get the f out of our economy thereby sucking more unionized salaries OUT of govt hands and letting normal, natural economics work ?
Smoke and mirrors. The PM's office is getting desperate. Let's hope they don't take the whole ship down before they bail.
How is a landlord supposed to report to the credit bureau?! Do they have to have the renter’s SIN ?! Craziness
This renters bill of rights just proves how desperate and dumb the Liberals are.
ah not really, it's just funny he gets blamed for provincial issues so the guy is advertising a 'plan' to make it a federal issue...... when the actual problems are the provincial governments dropping the ball.
@GreenBeanGreenBean that's why Justin is so desperate that he's looking into provinces tool box to pretend to do something because he has nothing else.
@@jimwoodruff7515 actually he's doing it because he's getting blamed for it, even as it is 100000% provincial and municipal.
So if people want to make it a federal issue that is what he is doing.
@GreenBeanGreenBean I agree with you also but can Justin actually take over Provincial jurisdiction? I don't think so.
@@jimwoodruff7515 oh he won't be, it's a plan to put pressure on the province to actually step up and do more.
Just like during the 'trucker'' convoy protests when it was the provincial police forces sitting on their a$$ that was the problem and people needed to be fired.
Most of these 'problems' are because provinces are sandbagging.
Keep government out of everything
more regulations set by councils is what makes us Canadians excited and wanting to elect politicians
It cuts both ways. Good payment history should be rewarded with a boost in a renter's credit score. Poor payment history should also be recorded at credit rating agencies and impact a renter's credit score. This doesn't happen right now. When a landlord pulls a credit history for a prospective tenant, they can only indirectly determine a tenant's likely payment behaviour for rent. This new rule should allow landlords to directly assess a tenant's rent payment history.
These are solutions looking for problems. Fabulous comment Steve.
a friend has been waiting 2 years to remove a bad tenant people just dont want to rent out places in Ont anymore its too hard to evict somoene...a neighbor rented a farm house at the beginning of covid he got first and last months rent and nothing for 2 years he ended up paying the tenant $10000 to move out so he could sell the property before he lost it
Property tax, Repair cost, Insurance, Mortgage. every part of house related has been increased then why do we think only increased rent cost. All commercial activities are as per inflation and everyone taking about only Rent. is it because of small scale landlords are more this country.
Steve, you are right, the guys a tool.
God help us all, yes, even the ones that can't see past his and his party's garbage policies. Not sure if the next party will be able to clean up the mess in a hurry.
Steve doesn't really know anything...... in fact the guy is actively lighting his money on fire by building housing in Alberta at inflated prices.
Hi Steve, I was just wondering - does this proposed Canadian Renters Bill of Rights some how help all the MP's who currently own rental investment houses? It seems to me they will have first access to this data collected from every Canadian province.
Not that I’m aware of
How much is the puppet prince paying those spectators?
You are spot on.
Steve can you share your current thinking of being a landlord in Canada. You mentioned you own properties in Alberta/etc so does this change your thesis on real estate investing in Canada?
Thank you for calling out JT's bs,
You are right about banks/lenders the least they care about credit your credit score ;
#1 downpayment
#2 two years of employment record .
#3 credit rating.
Really great take on this one
I have never heard anything sensible from Trudeau’s mouth. It’s like gibberish, different question with unrelated answers.
Landlords' tears is my favorite drink ever 😋
At some point I could hear the noise of your heart breaking apart, and you simply made my day! 😂👏🏼👏🏼👏🏼
I love how speechless these policy announcements left you...that's saying a lot
Well.
David Eby the premier of bc changed zoning laws for the entire province, which is municipal govt territory?
Landlords will love renters bill of rights, Thanks Trudo.
Good news for me. We are paying 3500 rent 2 bedrooms 2 bathrooms. The bank is not giving us any options because I can't give down the payment of $150 000. So why not. I pay for the landlord . I want , and I can pay for myself. I don't want to pay somebody else. I have been doing this for 15 years. So every Real Estate just talks to home. I had kids I want to give them a house when I die. Like my Landlord.
the problem i have with the rental markets and housing in general is that its not based on square footage like a 2 bedroom condo is the same price as a old farm house even though the farmhouse has room to grow while you have to cram more and more into a small apartment/ condo unit hoping you have good neighbours and upkeep not letting theft or destruction of property run rampant let alone the growth of property management company's like its just exploded from skyline living and York property management. stop letting landlords control the rates and have regulations in place like fair land use and fair taxation one person renting should be paying the same for the same apartment
How to verify the price history provided by the landlord ?
Can renter ask the landlord to provide bank statements for the last 5 years?
Anyone who ask that kind of question good luck to find any place to rent.
And how does making rent payments equate to making mortgage payments? If I run into problems renting, I can easily end my tenancy. Try that when you have a mortgage with a bank or other financial institution. Not quite the same.
The idea behind it to tax higher rates or fix rates per rental unit not per contract
We actually need an iron clad taxpayer bill of rights especially when it comes to deficits and debt.
Its social credit score ... Just early version
What's the tech platform that allows you to report a non-paying tenant to impact their credit score you speak of?
Following
Homeowners are going to hate it, renters are going to love it. Its an unbalanced market for renters, paying double or triple what the mortgage price is while building no equity and no savings.
By JT's says this is good for renters since it will help good renters credit scores.
Hm, what about those who do not rent?
People living with family/parents/friends and pay them directly?
This won't help their credit score.
Again, help some, hurt others type policies have to stop.
Now, if you want to track landlords paying tax. I understand. But be honest.
If you want to hit credit scores on bad tenants who stop paying. Or trash the place. I understand.
How much is this going to cost the taxpayer?
At this point the possibility of me getting back into investing in rentals in Ontario is slim to none. Investing in high yielding dividend stocks is a no brainer in comparison.
The point of a standardized lease and a historical price reference is to bring a discussion on not only the price of the lease being negotiated now but for the coming one or two years but at renewal timing and what can a tenant expect as as a potential increase. I would pay more per month for an apartment that states upfront, that any increase a time of renewal is due to certain predefined costs increases that a landlord might incur. Maybe property taxes go up, maintenance fees go up, maybe utilities go up, maybe mortgage cost goes up. But if the landlord doesn’t want to commit to only increasing rent at lease renewal due to those factors, then it means they are trying to profit from a potential general increase in market rents due to perhaps tight vacancy rates. In such a scenario, a prospective tenant might demand a lower monthly rent at lease outset in exchange for the risk of having to pay a larger increase in rent at renewal timing.
As for making it possible for rent payments counting toward a credit score. This could help the tenant to apply for other loans later while also giving a bit more leverage and confidence to landlords that the tenant takes seriously their obligation to pay the rent in full and on time.
Keep up the fight. The commentary is appreciated. I totally agree.
“These are solutions looking for problems.” Indeed… What a bunch of nonsense!
Silver spoon Trudeau would of course think renters could ever possibly negotiate a rent.
The basis of the national rental laws are just another way to get government control of everything
I am almost going to throw up after I listened to Trudeau’s speak in Vancouver. He sees himself as a Hero now with solutions to solve the rental and housing problems his government created during last decade.
Should paying rent be accounted to mortgage? To a small extend, yes. Only to show that you are able to make certain amounts of payments. Apart from that... what else can it do? Nothing. Doing something like this would be akin to the 2008 financial crisis when too mamy people who were not qualified to fet a mortgage got them.
I lost over $80k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Kathleen Chandler.
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
You trade with Kathleen Chandler too? Wow that woman has been a blessing to me and my family.
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
she's mostly on Telegrams, using the user name
fxannchandler 💯 ..that's it
Fascinating to see the housing impacts of Ottawa’s overt attack on Alberta’s economy since 2015. Average people can still afford a home here since the Feds suck $16B / year out of us in Equalization Payments and strangle our economy with regulatory warfare. House prices being dampened is the net result.
regulations = minimum standards.... nothing more. You sure love crying about something you think is a thing but is really not. The ones turing Alberta into a dump are the conservative governments you keep electing.
Don't worry.... when oil isn't a thing anymore, Alberta will be more like Manitoba aka -30% incomes from here and property prices..... and Alberta will be receiving more than it pays because well the only thing the land will be good for is to dump garbage from the other provinces with Albertas ultra low environmental minimum standards aka regulations.
The dear lider has spoken!
There are more bad tenants than good ones. Overall, the quality of people (the renters) seems to be lower for the recent 8 years. They trash rental properties, without paying rents, without paying the damages, leaving garbage inside and outside of the house, court issues, the list just goes on. I stop renting out to people, I am just too tired to deal with bad tenants, dealing with renovations because they left the rental house like a dump. Sometimes, they claimed they had left the city or even the country, with non-payment. As most property owners' point of view, they aren't paying too much attention on $100 or even $500 more every month rental income. Landlords would love to have tenants who pay rents and take care of the property nicely without too much headache than getting $500 more but another 6 months non-payment. A passive income that runs passively, not a passive income that gives us trouble and unnecessary court issues endlessly, and still getting a bank loan to take care.
How do u report bad tenants( non payn) ?
Another way to control. He just wants more landlords to have to claim their rental income. I am selling my rental property after 27 years because the property taxes acre climbing ten percent per year, mortgage interest is too high, utilities are too expensive and it's just not worth it anymore. The landlords have to keep raising rents to keep up with the costs of owning and the reenters are being squeezed. It's just a mess and not good for either side.
I like the idea that rent will count toward a person's credit score. The first thing that people do not pay is their rent. Why? Because it doesn't currently affect their credit rating. I am not a fan of Trudeau, but I thank him for this.
A lot of people are saying that Trudeau is just trying to capture taxes off unreported rentals. This perhaps true but this does in turn help housing prices.
Many people in Vancouver rent garages and rooms. Obviously illegal, unreported, and tax free rent. That’s how they are able to afford outrageous mortgages. They count this as income to get higher lending amounts with the banks.
I think this proposal is actually not bad. It will bring clarity and disclosure resulting in more fairness to both landlords and renters.