I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
When selling his house; (Windsor Ontario), my spouse had numerous offers and it came down to two. When he saw that one was a Toronto buyer and offering more than the other buyer, (the other was a mother with two kids), we talked about it and he chose NOT to take the Toronto buyer. Reason? We were aware that our housing market was being devoured by those who were coming in to buy up as much property as possible, rent out the property for very unreasonable amounts and starve our own people out. We weren’t willing to contribute to that. Accepting less money was worth it. (And no, we aren’t well off.)
That was incredibly kind of you. That decision puts you in a category of people we unfortunately don’t have enough of. You could have been as greedy as the next guy but you had the heart to do what you felt was right and the intelligence to know that in the end even if you made a bit more money from Toronto dude, in the end too many regular nice people will pay the price of being priced out of the community. Thank you so much. Warms my heart ❤️
My husband & I accepted a lower offer from a nicer & more deserving home buyer when we sold our last house, which upset the real estate agent since she was only looking at her commission. She couldn't grasp the concept that certain satisfaction in life (eg. having the privilege to help someone nice & deserving) is priceless.
We need more people like you that care about their home continuing to be a home, not just a dollar sign. You can't take it with you in the end so why next help your fellow human.
Thank you, this is the reason we got our house last year. An investor offered almost 100k more than we could, and the sweet old lady selling her house decided to go with us instead. We love our place and are forever grateful.
A decisive point: If you are spending 60% of your income on rent and housing expenses you not spending on the rest of the economy. Restaurants, retail, Entertainment, sports All of these and their subsequent supply chains will also suffer. Exorbitant rents will lead us into a deep deep recession that will take a decade to recover from.
60%? Cpp pays 1188 in 2022. I am younger then 65 so thats it 1188. Rent in a remote town is 1075. Still have to pay 50 per month for perscription drugs and still have to pay income tax. Cant pay my income tax. Food banks so over whelmed that get less and less food each month. Im a middle aged man with no money. No woman my age wants a broke man. Date a 20 yr old thats also broke and loves me. Thank god i met her and she met me or we would both be homeless.
Interesting comment, but I may be seeing it from a different (and unwelcome) angle. Prices in Canada are ridiculously expensive. We pay 50% more for everything than Americans. And yet we do pay. Whenever I come to Canada, I notice that everyone is driving a new car, restaurants are full, and everyone expects to have marble countertops and high tech kitchens. (And everything you buy here breaks down within a couple of years.) I think the problem (apart from REITs) is partly credit availability and low productivity. Where are we getting all this money?
First we need to define "us" and "them", realize that there are actually two forces in our society whose economic interests are opposite to each other.
We’ve forgotten our power as people. There are tens of thousands of us who are becoming victim to this system and clearly the government is not going to fix this anytime soon. We need to start thinking where we have the power to influence change. We can put pressure on real estate developers by making our voices heard to them, leaving negative reviews and protesting. It’s time to start making things uncomfortable for those taking advantage.
Honestly, the best solution is what East Indians and other Asians are doing. Encourage people to live at home with parents and relatives for as long as possible. It worked for me. I'm 29 years old and recently got a house in Vancouver. The best part? I only make $60k a year as a self employed bookkeeper. The reason I was able to save such a big down payment and get accepted with my 842 credit rating was because living with family kept my rent low. My friends paid $2-3k/month, and I only paid for the Shaw bill. The solution is to discourage greedy people pouring their money into the system by not becoming their customers.
But for those of us that grew up in the foster system or similar? I just gotta really hunt for places, it's rough. Really grinds reality into you. But sometimes I live with friends and that reduces the stress.@@James-eq8cq
The fact I work full time in a law firm and I can’t afford to move out. It makes me sick. I’ve done everything I’m supposed to do to be independent and I can’t be. It makes me sick to my stomach. I don’t know how I will be able to live like this.
Law firms sound prestigious but, unless you’re a high-paid lawyer, the support staff are paid less than a labourer or construction worker. Or garbage collector. And it’s pretty much close to minimum wage to start. Not worth the schooling and stress.
And that is exactly what most of us face or will face in the future if nothing is done to change that at the core. What we need is a complete reform of how housing works in Canada.
Governments have been allowing overseas investors to by property in the US and Canada for decades. I saw this becoming a problem watching shows on HGTV in the early 90's when flipping houses came in vogue. It took a major housing bubble to burst then and it will take another one (hopefully sooner than later) for things to be affordable again. Governments will never care about renters or homeowners because the corporations owning these properties put money in the pockets of those making the laws.
You may already know about this but if not, the CRA has known that offshore investors would distort the real estate market since the mid 90's, yet kept the data out of the public realm. I'm unable to post a link to the source which is global news, my post with link gets deleted.
Why is no one mentioning the fact that we are bringing in hundreds of thousands of people every year without building homes for them? It's as simple as supply and demand. The more demand, the higher the prices go. I am a land lord and even I don't like seeing rents this high. It is really out of balance.
@@parkerbohnn Wages get driven down; housing gets driven up. Certain percentage are economic immigrants and bring bank. Supply / Demand gap continues to grow and gets ignored.
As a Canadian living in Melbourne Australia, I was astounded at how expensive housing is over her when I immigrated here 20 years ago. According to Demographa, Australia is the only country in the world where 76% of the population is living in housing deemed severely unaffordable (I.e. value more than 6x earnings). The median house price is $1m and a small family cannot find a house to rent under $2500 per month. It’s insane. There has to be solutions to this. Canadian and Australian governments should be working and brainstorming together. Housing is a human right, not a nice to have.
All the commonwealth countries have the same problems....time to tear down the 'crown' based judicial systems and create a citizen led sovereign society, ever feel like wealthy investors shape our lives?
@@stevebottrell9154 communism? Well yes when the regime unalives a dozen or so millions of undesirable people- there's suddenly lots of housing available for new communists
“It feels like we are being lead to slaughter” ABSOLUTELY THIS. I’m permanently disabled and cannot afford the “low income” options. The system is greatly expanding the wealth gap and allowing more of us to fall through the gap.
i suffer from mental health and on disability cause of it (ptsd) i pay $800 for a large two bedroom i lived here since 2013 and if i have to move i have no other option, and the whole roommate issue who can you get to trust even if you think you do then three weeks later their out and having pets on top of that makes it even more worse...
@@rudybishop9089 have you worked with someone who suffers extreme PTSD? I bet not. Things should be affordable period. My husband is a veteran and suffers from it. STFU on things you don’t know
@@BMHBW1950 Save it - I lost my left leg in 1991 and never took a dime from the government - you wake up everyday with a list of 10 things “I won’t do” - go cry to your case worker - it’s Saturday I have to go to work.
No one talks about disability and the discrimination in this kind of housing market either; the fact that everyone wants one kind of tenant, usually a young professional. But we all need housing. Most housing is unfit in my category and I can’t live with other people. I feel like I am being doubly punished for something I have no control over. There are much bigger social issues at play here. Discrimination is a big part of it, as well as inequality and biases.
I rent my basement unit for about 20% less, because its just absolutely ridiculous to expect people to pay 2k+ a month for a one bedroom apartment.. its obscene
1k for a one room basement is ridiculous, I bought a 5 bdroom house over the summer and my loan payment with taxes and insurance is 1050 with about 50 ach of land too.
@@derekrank4572 nope nope nope, ubi will not work and if you don't believe me just check out places like the old Soviet union, North korea and other deplorable socialist states. The answer is not giving the gov more control. Nothing is for free in this world, where do you think all that money is going to come from? It wont come from the rich.
This is not the supply problem…but a demand problem….investors are hoarding properties….Canada’s minister of housing also has rental property….why would he do something to bring rent down…..the whole system is rotten
@@christopherseepe1799 I have not idea what are you trying to say. You should read your stuff before pressing Enter.In any case I will suggest to you to find out how much a regular pensioner gets after a life time working and supporting the very system that you seem to enjoy today,
@@2love29 My point was that low-income wage earners just about anywhere in Canada are overall far better off than low income wage earners in almost any other country including most European countries and the United States, and definitely better than anywhere in South America or India. Appreciating what we DO have relative to our global citizen peers can go a long way towards finding common ground on which to solve these kinds of challenges that affect every citizen.
Politicians should be held accountable for this. Houses should be considered shelter not an asset. Maybe if a politician was jailed for this, people might change their tune. The houses in BC cost literally A MILLION DOLLARS over the houses in Alberta! Its unsustainable. Suicide rates are getting out of hand, people can't afford kids, let alone food and rent! WE NEED CHANGE!!!
@@brucewayne3892 So this whole capitalism thing IS just a monopoly game that's already been won, so the rest of us lose? "Good luck in the Hunger Games Gen Z!" too bad, so sad, time to watch 40% of the population go homeless BuT aT lEaSt iT'S NoT CoMmuNiSm! ThAt WoUlD bE ReAlLy bAd! pEoPlE DIED uNdEr ComMuNiSm!" good thing starving to death under capitalism is TOTALLY different, gen Z totally had it coming.
I paid over 70% of my income for many years on rent. I had to survive off just 75$ a month for groceries, which resulted in me eating the exact same meal every single day for over 5 months until I got a second job. Until I started working 60 to 80 hours a week, I didn't have any money coming in for emergencies. This has just gotten worse for other's still working in retail, and I was just barely fortunate enough to get a better paying job which makes my expenses affordable. I personally know I'll probably never be able to afford a house in my lifetime.
Not true - was in your shoe 5 years ago, just keep saving and grinding, not sure how much you pay for your rent, but you can save a bit more if you have a suitemate or roommate too
Doesn't work like that. Your understanding of economic is like that of a millionaires kid who's daddy or mommy gave them a pile of money. How do you save for a down payment, when all your income goes to paying the rent. Think about it genius.
My family of 4 lives on a lower but moderate wage. We managed to buy our house before the price hikes and our mortgage is less than 1/4 our income. My kids will likely never own their own home other than the family home. Life is expensive, we still struggle but I make darn sure our mortgage is never late and never missed. We do not touch our equity in any way. Life is getting ridiculously expensive when you make less than $50K a year.
As someone who is making bank by those standards, as in closer to the 1% earners than the $50k, it's becoming unaffordable for me too. I thankfully don't have to worry about finding a place to rent and I make enough that if I ended up in Melanie's situation in the video, I could still afford those $3000 rents. But boy those would basically cut into half my take home money every month - I can't imagine for people who don't have an income over $80k as a household. Simply buying a place to stay in and food to eat is going to be out of reach for too many. I'm now trapped in the middle of contributing to absurd rent prices (by paying them) and not being able to save enough to eventually own a home; making money most people only dream of having. And I'm not even saying to own a home to make a profit - I would just like to know I could live in something that, over time would reduce in cost and that i would never, ever, have to worry about being removed from it when I was paying all my bills and managing my financial life appropriately. Even if I saved $24k a year towards a down payment, it would likely take 5 years or more just to get into the market. That's $2000 per month. How is anyone supposed to do that and pay an equal price in rent every month? This system needs to change, and it needs to change fast. I don't have much faith it will though.
@@merugiadambruck6082 Not following your suggestion. I will add that my personal situation is that I'm a single income earner, so unless I was making over $200k per year, I wouldn't be able to own a mortgage today based on the current rates in and around the Toronto area. The best mortgage I probably get is $600k - $700k on my own and that's expecting a minimum $100k- $125k down payment, possibly more. So yeah I'll get there eventually but if it takes me this long, there's no hope for people in lower income ranges. That's the problem I'm eluding to.
@@whoopass2rb are you contributing to your rrsp? you can use the first time home buyers program. we got 27k from that and used it as down payment for our home. Our rent used to be 1700. Our mortgage is 1750 but we now own a brand new home.
@@whoopass2rb Yikes! I make under 50K and was still able to buy a condo 7 years ago as a single (at the time) female. My mortgage and condo fees are just over 25% of my income. Move to Saskatchewan!
@@Ace-ke7fq In Canada, CPP only increases by a minuscule percentage a year with the exception of OAS, which is done quarterly. Some provinces haver better "add ons" for people on CPP disability that are single or with a spouse without an income or a small income.
We live in an older highrise. Privately owned, the rents were affordable. $600 inclusive for a large 1 bedroom. $775 inclusive for a large 2 bedroom. A company from Toronto bought the building, and renovated every unit that was vacant. Gutted, all new stainless applience, hardwood floors, and doubled the rents. We pay $820 now, the new units are $1500. It is a problem happening everywhere. Old affordable housing is being renovated making rents out of reach for the average person. We looked into moving, and can't even find a room for rent for what we pay for this large 2 bedroom. Its outrageous.
@@jessicabixler1658 necessity yes, a right, no. You have the ‘right’ to get housing. It doesn’t mean you just get it. You have the ‘right’ to pursue happiness, it doesn’t mean you just get it. You have the ‘right’ to free speech, which means you are able to to say what you want. There is a difference. YOU and only you are responsible for your housing. Not someone else. Understand?
EXCELLENT documentary! The situation in Canada is the same situation in the U.S. and the same situation in the UK and Australia. This is a worldwide problem whereby the rich get richer and the poor struggle to survive hand to mouth. This is an ages old problem. Heaven help us all.
@@butterflygirl2285 Which will make the prices go up. I believe in the next decade people will be fighting over land in the country for price and land control. Although it's going up in price too!
Most of the big operators in the Fifth Estate program have no interest in single family homes or even small (below 20-units) rental properties. The issue is NOT better-heeled buyers pulling the rug out from under you. It's about not having enough housing so that buyers have more choice and sellers (builders particularly) have to become more competitively priced to make the sale.
That's because Blackrock knows you can't lose all your money in real estate but can lose everything in the U.S. stock market. It all comes down to risk/reward. The ponzi fraud most overvalued of all time U.S. stock market pushed everyone into real estate. The constant monkey hammering of gold and silver also pushed everyone into real estate.
If we as Canadians agree that housing, like healthcare, is a right, then we should also agree that privatizing the housing market is a big mistake. Like the guy said, "it's not our job to help people." Until this issue is addressed, things will continue to get worse in Canada.
30% of Canadians don't have a family doctor so I don't think more government is the solution. We do have one of the largest countries with a ton of land. If we made it easier for land to be developed, we wouldn't have the situation we have today.
I think the whole western world is going to collapse over the housing issue alone. Because those who rely on rent income don't want to admit that there are not enough good jobs you can actually retire from these days, in the whole western world the old are basically eating the young to secure their retirement and pretending not to see anything wrong with it.
More government created this problem. It didn't stop with "free healthcare" did it? You reap what you sow. Endless expansion of governmental powers by demanding free stuff like housing and education only results in corruption. Maybe going further Left by selfishly demanding free healthcare and education was a horrible mistake? Wake up sheeples! Your utopia lead to corruption.
@@freedomlandcanada230 I don't want unused land to be destroyed by new housing. I want people to live in the cities and not venture out into unused territory. I don't want forests to be torn down because city dwellers don't want to live in the cities anymore.
Seems that waves of immigrants into USA(everywhere) are in competition with previous waves, to keep wages down and house prices up..Also cultural conflicts are hightned and become gang wars.. This stops groups from forming mutual communities and Unions.. It's orchestrated xx
"Simply put GREED is a illness taking over everywhere. " Or locking rent increases to inflation when the cost of real estate outpaces inflation. Policies like that incentivize larger rent increases with each turnover and/or small landlords opting to sell rather than see their income constrained.
This is not just happening in Canada. Here in Australia 🇦🇺, we are also fighting homelessness due to lack of affordable housing. Sadly many low rentals are sitting vacant for months, which l cannot understand why this is happening.
law needs to be changed to where no one or no entity can own more than 2 or houses. some things should not be for profit.. things like food and shelter.
What you're saying would make the problem worse, because then there would not be enough rental properties for people. People would either have to be able to purchase a house or don't have a house at all.
Housing and affordability could be a human right and included in your bill of rights, and constitution.. the money launderers, and speculators, have been active in ye housing market for some time..Need to create strong legislation , and policing of it, or nothing will happen ..because too many politicians, and speculators making so much money.. and committing fruad and tax evasion which effect the economy in many ways xx
If ppl don't buy the houses, then how are you going to rent it? While that house sits vacant for yrs. Why didn't you buy a home since it's a necessity??? No one is stopping you.
A close friend rented one house for 27 years, basically paying off the person’s mortgage. I begged my friend to buy a house because she would have qualified with under a 100 monthly increase. As soon as the property was paid off she received a 30 day eviction notice because of a clause “if the owner or family members need the structure to live in”. My friend had since retired and couldn’t afford anything in a 50 miles radius. Finally found a very little one bedroom apartment. Now that complex recently sold to a developing firm and has now been reclassified as “condominiums” and the rent is doubling. I live in another state and has offered her to stay with me but she’s devastated. No one will ever truly have security as a renter because businesses will always take priority to governments.
@@kpage592no it isn’t she knew the deal. She failed. Not the landlord. Prepare for the future and her friend was right, she should’ve bought her own house.
This program spent an hour telling us that we have a housing crisis, particularly affordable housing for low-income renters. We've known about that for years. There was not one single suggestion on how to address the issue and improve affordability. Whether your a tenant, a residential housing provider (RHP) or government, the discussion revolves EXCLUSIVELY around money--tenants want more money for other things than rent. RHPs want a better quality of life and take huge financial and legal risks to do that. Government makes most of its revenue on the sale value of a property. Gov't can't afford affordable housing. It's all about money - not rights, not sympathetic causes. Address the true causes, not symptoms, of unaffordability and Canada, especially Ontario CAN dig itself out of the mess government, NOT RHPs, created.
@@auckie Absolutely. I have a ten-page bulleted list of solutions. I've done several presentations of which a couple are here on TH-cam. th-cam.com/video/xcLUjQm3i6Q/w-d-xo.html and th-cam.com/video/D-L5KCXiGYA/w-d-xo.html
@@Alaska2446 Thanks for asking. Here are two: th-cam.com/video/xcLUjQm3i6Q/w-d-xo.html and th-cam.com/video/D-L5KCXiGYA/w-d-xo.html. Everyone in government and to the media for that matter that I've ever sent these links to have never replied.
Any consideration of humanity or decency or mercy is not permitted in the corporate world. It is hard to understand where these people who can afford these absurd rents are coming from..
We got together as a family to rent together. Found a house in the Fraser Valley in BC. $3200 plus utilities and water bill after looking at probably a dozen places. Just sold for over a million. Many people on our block selling. Just waiting to see if we get kicked out or not. If we do I am buying a camper to live in. Tired of being a pawn in the real estate chess game...
Legally speaking you are exactly correct, if the corp is publicly traded there's legal obligations to generate as much profit as possible. Most of the time what makes more profit is not equal to what makes people happier.
It’s greed, landlords can only raise the rent with restrictions. I was a land lord for over 30 years, i rented a basement apt, I kept my rent all inclusive and very careful to choose a great tenant, I’m retired now, sold my home with the basement apt and will never rent again because good renters are few and far between these days
I wake up nearly every night with anxiety in my sleep, gasping, and sometimes I cry, can’t fall back asleep! I don’t know where I’m going, I got evicted last year from a horrible woman who threw me and my children on the street after a decade, so she can bring up the rent. I took a place that is the same size but twice the rent I paid before, and now I have no money left, no income, and I’m terrified what’s going to happen to my family
@@sueannnatter5295 Yes. I’m in Montreal and I’m living in a building I’ve called home for 22 years but has been bought by a corporation only interested in hiking up everyone’s rent to the point where all of us are worried. Most of us couldn’t afford to look for a new Apartment as all the buildings are being bought by greedy corporations. It’s terribly scary
It’s the same exact thing in America. All my money goes to bills. Nothing left over. And I have a practical degree and a career. So depressing to do all the right things and still have no prospects. 🖤
@juan abee If that's anywhere south of SSM in Ontario than you would be paying close to a million on that cabin or 2k/month even in the "middle of nowhere". I too live in :middle of nowhere and pay insane rent. A new low when even 'living in the sticks' is unaffordable in Canada 2022.
@@nebula1919191 Oh I don't know maybe seeing it work out for an entire generation just before ours? Maybe guidance counsellors pressuring you into Uni as you are an impressionable teen? Also it is logical to assume that a degree in STEM should lead to good money, but it really does not seem to anymore.
I guess it's happening everywhere, including in Indian metro cities.. it's beyond crisis in Mumbai. 99% of people here can't afford to buy can you believe!! Seriously. 99% of people unable to buy. Situation is much worse than even 20 years ago
It's not just big firms but it's the small landlord who is also greedy. I lived in a one bedroom that was $800, but after moving out it took 3 years for the rent to go all the way to $1400 a month.
It is very depressing what has become of this country. I remember a time when Canada was a great place to live. Housing a least in most of Canada was affordable, it had a low crime rate, and the forests were not burning. Also there was not as many homeless people as there is now.
Remove restrictions for tiny homes in all municipalities and rural land. Allocate land in all cities for tiny homes to be built. Allow people to build their own homes.
Just looking at the rental prices. Builders and banks should be building like crazy. I guess its too much red tape, lockdowns, controls, moratoriums and restrictions.
The prices of tiny homes are increasing even though some building materials have returned to reasonable prices. I see success with tiny housing when people buy a large swarth of land and develop it themselves. Some have great spacing , and others have the houses very close .
there'll be no freedom unless the nations issue their own currencies and stop usury ! It's lethal it sucks the wealth of nations has done since the 1600 's
its because Canada tries to copy the US😔, thats how we got here. Last election conservatives wanted to privatize some aspects of health care--thank god conservatives lost
I’ve heard that an investment company called blackrock is buying houses up in the states at much higher than asking prices.. wonder if that is happening here too
@@heleneharris1521 Blackrock and Vanguard own almost all companies in the world !! Search who owns or has shares in these two companies and you know who rules this "world"
This is awful! We have a similar situation here in the UK. Government schemes for more housing have been in the hands of the private sector. The average Brit struggles to rent/ near impossible to buy. Homeless is the worst it has ever been. It’s a dire situation. Sadly, I expected better of Canada and many Brits in social conversation dream of flying to Canada as the assumption is the situation is better… sadly how wrong I was….
Those who would try to come up with their own solutions via small or tiny homes run into zoning/bureaucratic difficulties, which have more to do with "not in my backyard" than fire safety/structural safety.
Anyone who thinks life in Canada would be better than Britain should work in a commercial walk-in freezer first - 16 hour shifts🌚. Cheers 🥃 from Melbourne, Australia 👍
Does the private sector set interest rates? I’m still watching this program and IM STILL WAITING to hear that part…. As usual, the CBC is misinforming you
Exactly. He doesn't want to admit that he is in an incredibly parasitic business. Landlords are a cartel: As long as landlords are making money off land value ↗ and there is little public social housing alternatives, increases in market housing is not going to result in cheaper rents.
Same thing happening in Germany. In Berlin, 34% price increase for rents in the last 5 years and an extreme housing shortage all over the country, with very few exceptions.
@@seventhchild7270 Here in NZ too... I pay $650 per week for my 4 bedroom house, and it will go up in December at the next rent review. I don't even live in Auckland, Wellington or Christchurch either.
Canadians are suffering and there's pretty much no hope in sight. Expanding the wealth gap mercilessly. Personally, I've been hit very hard and now more interested in a solution. What is the way forward for the less fortunate ones like me? How do we survive this phase? I am slowly losing my mind.
WHY DOESNT EVERYONE UNDERSTAND THIS IS ALL ABOUT INTEREST RATES...... AND MONEY PRINTING BY THE GOVERNMENT. CENTRAL BANK NEEDS TO RAISE RATES TO 7%. THAT WILL BRING ALL PRICES DOWN
@@stevenobinator2229 you understand that raising interest rates like that will put lots of businesses in the red right? Which leads to job loss and recession. Just so you lazy bums can get cheaper rent? No thanks
The real stability is the minimum wage linked to the cost of housing and the normal business practices. The minimum wage is required to be at least enough to reliably pay the rent for one bedroom apartment local commute to be a legal business. The business practices expect one months rent for one bedroom apartment local in one week of work. This sets the foundation of the economy.
Canada should learn from the public housing policy in land deprived Singapore where 80% of Singaporeans own their own good quality apartments built by government. Having to work a lifetime just to pay rent is insane when Canada has so much land. Cheers.
We have the same problem here in Singapore just like you in Canada. There's a real shortage of public housing even for locals and rent is just as ridiculous.
@@mikoyan454 I am from Singapore. The statistics speak for itself. Singapore public housing policy is effective as few country can boast a high house ownership of over 80% for its citizens.
My mortgage that I started 6 years ago is nearly 500 to 600 dollars less than an appartment in my small farm town...process that for a moment. I've seen houses that were for sale 6 years ago being relisted this year for as high as 400k more than it was 6 years ago...its sickening. I really sympathize with the young generation. Not the same world as it was when I got my first appartment in 2005. When a dumpy 1 bedroom appartment down the street from me is more expensive than my 3 bedroom house, there's a problem.
15 years ago when I moved from Canada to Thailand, I felt the prices then. I was paying $800 for a small laundry room, small bedroom, a medium living room/kitchen and a small bathroom. Today, I pay $611.66 a month (฿16,500) and I have 2 bedrooms, slightly larger than medium bathroom, a laundry machine in the kitchen, a large kitchen, large master bedroom, small spare room and a large living room. On top of that, I live in the new central part of Bangkok (across the street from Central Rama 9). Literally 5 min. walk to the main transit system. Moreover, on the 22nd floor. And my sister wants me to move back home? For what?
$1450 for a 4 BR is a huge loss for the owner - better off for him/her to sell, and re-invest for a rental that can bring probably almost double this. I feel for the renter, but with the interest rates so high now, I just do not see rent going down anytime soon
Agreed. No one is going to do it for free. She should have educated herself on the market and started to build a nest egg for the inevitable (sale) to happen. She had her nails done, tattoos and had 4 kids! Lots of reasons people need to sell eventually. She seemed very ungrateful for the years of reasonable rent when the owner could have increased it to market value.
Here in the US we have housing authorities that have units that are only for the elderly and the rent is based upon a % of your fixed income. My father was the local administrator for years and most people only paid 200-300 per month.
I work 6 days a week. I have a tiny apartment, so a roommate is out of the question. It has been hot, but I cannot afford to turn on air conditioning. I try not to spend too much on food, but with inflation it is difficult to cut costs. I only drive to and from work because gas is 439 a gallon.
The requirements to rent are difficult too. You not only need first and last but a copy of your complete credit history, six months of pay stubs from the same employer, a copy of your employment contract, proof of insurance ability, and a criminal background check and in many cases a Damage deposit equal to a months rent. This is becoming the standard list of requirements for applying for a rental.
@@MellyDlikesstuff Some people in Ontario earn millions of dollars a year but just pay the alternate minimum tax to Revenue Canada each year. Others incorporate and pay corporate tax.
Why did no one tell Melanie her rights? Under Ontario's Landlord Tenant Act, a renter who is evicted for demolition (that is, renovation that would make the unit unlivable while under construction) is entitled to return once it's complete, for the same rent, and the landlord cannot sell a tenanted house unless the buyer is aware someone lives there and either continues to rent it under the same lease/rate or declares personal use and provides compensation. How did a news team reporting on a housing crisis not inform themselves of the applicable laws?
The worst thing is that more and more people come to Canada every year and this makes the situation with rent worse. When you're a newcomer it's so difficult to find an apartment. And the prices. Price for one bedroom is the same or even bigger than the minumun wage. If you're not married with minimum wage salary - where to live?
I don't live in Canada I live in Arizona in the US and we are HEAVILY feeling this issue. Arizona used to be an extremely affordable state but it has now become a haven for the mass California Exodus.
This is frightening without a lot of solutions from the private sector. Like we see in movies like The Big Short once the business world discovered the potential profits in houses and the housing markets and mortgages markets things have gone out of control. It's hard to say homeowners shouldn't have their house values go up or that businesses cant make a profit but something needs to change. A big part of the problem is income stagnation
My parents bought a home in FL for about 350k in 2018. Right now this home is worth almost 1 mil. Nothing about it has changed, only the ridiculous housing market. If we ever moved out, we'd have to leave the state
It was my intent to move to the Tampa Bay area this year. Upon further review of the housing cost situation, I'm staying where I am and visit Tampa when I can. The current housing market is obscene...
Here in Australia we are experiencing the same problems. There are many people homeless now who can’t afford rent. There just aren’t enough rentals either. Rents have increased incredibly in the past couple of years. Wages haven’t. It’s scary to think we are one step away from being on the streets.
Sad to see this happening in Australia too. On the upside, at least it's slightly warmer there . . . the homeless guys I met in the Ontario winter of 21/22 had it real rough sleeping outside.
The couple who can’t afford rent (she is losing her job) AND still bought Christmas gifts?! WTF? How about just a nice dinner at home? WHY Do we “need” gifts?! Christmas IS about Celebrating Jesus, not about going out, getting in debt to buy stuff we don’t need or can afford! We stopped buying gifts once our niece and nephew turned 16. That was 20 years ago. It’s nice! No stress of dealing with the mall crowds, no debt. Life is Great! Stop supporting the commercialization of Holidays! You are supporting the same people you claim to resent (Big Corps).
@@uyoebyik Especially in Dublin - the rents are nuts and more expensive than a mortgage. But you can't save for a mortgage due to rent so it's a vicious circle. And dirty landlords renting "spaces" to immigrants - 10 of them stuffed into two bedroom homes with living/dining rooms converted to dormitory-style living spaces. I rented a three bedroom/two bathroom garden apartment on very fancy Leeson Park in the 90s for 600 quid a month! Now you can't rent a box room for that!
I guess it's time for Canadians to seriously consider moving to other countries coz I don't think this problem is going away anytime soon especially at the rate the country is accepting newcomers, foreign students etc. which is partly fueling the demand for more housing.
Here in the US rents are hitting numbers too high for many middle class, even, much less the lower income families. People are literally, being priced out of their homes. It's terrifying.
This issue extends beyond just renters; it affects homeowners as well. Mortgage rates have surged by a factor of eight in a little over 14 months. This drastic increase in mortgage costs has led to a situation where many homeowners are now resorting to renting out their basements to meet their mortgage obligations. Even rental property owners are grappling with mortgage-related challenges, which have, in turn, forced them to raise their rental prices. The root problem here isn't solely the high cost of rents or mortgages, but the absence of a sufficient living wage or pension to comfortably cover housing expenses. Unfortunately, addressing this complex issue will require years of effort, and it threatens the well-being of thousands of homeowners, jeopardizing their ability to keep a roof over their heads.
I bought a house four years ago when markets were decent. I have a new family and am excited about giving my kid real roots, something I never had growing up moving from place to place. It absolutely breaks my heart to hear this is happening to my fellow Canadians. A county as large and resource rich as ours has absolutely no excuse for this abhorrent situation.
As a landlord I would rent to someone for 30% less if I know for sure that person would pay rent. I have to charge more because the Landlord and Tenant board make it impossible to evict a non paying tenant.
My daughter has had to leave her rented house 3 times in about 6 years because the landlord wanted to sell. It’s so upsetting and unsettling. We are in the U.K. Rents here are rising so quickly too
I live in America but was born in Canada. If I had to go back, I would be homeless. Ontario as a whole like much of Canada urbanwise is completely unaffordable. Whether you buy or rent.
A friend who works in real estate, here in n.w. England, U.K. says Chinese investors are buying up many properties in the area, online, then renting them out to our young people, pipped at the post, trying to get a foot on the property ladder.
Your real estate sector in the UK is the most corrupt in the world. A lot of unclean wealth across the world, mostly from countries with dictatorships has made their ways into your financial system. Your government recently sanctioned the Russian Oligarchs and I wondered if your government was blind when the unclean wealth was flowing into your economy and you were loving it.
When I first started to live out on my own, about 9 years ago. I was renting a basement for $500 a month. I renewed a year lease without any increase. That same basement now is easily $1600 now due to the school zone that it's in and the growth in the area. Thru luck and a 2nd job, I managed to save up get a condo and then now a model small house after selling my condo (insane how the value appreciated for the condo). My condo was small despite trying to sell to non investors, I ended up always getting offers claiming to young couples then when the paperwork comes thru its always the name of a realtor as one of the buyers. Since I had to choose between a basket of serpents I had to choose the one that paid highest and further adding to the problem. Trying to find a house was a terror. All those fake unrealistic prices that are artificially low to increase number of offers. It doesn't matter if you list it at $199K or $1.00 everyone is pushed to bid higher and higher, waive inspections. Its nuts. Now all around my block REITs are buying up houses and flipping like crazy. I don't know how much longer we can sustain this model, its terrible.
You are smart to save while paying low rent in order to buy. I was in the same boat except it took me 25 years (rented in the trendiest zip code in Los Angeles). I bought my retirement home with cash 40 miles out in the suburb last year (will retire soon).
@@33Jenesis That's awesome to hear, I hope you get to enjoy a fulfilling retirement and congrats on finally being able to save you have something that's yours. Cheers!
I did the same thing, I moved out on my own about 7 years ago, I rented a basement for $500 then I bought a condo in kitchener Ontario, I sold the condo last year and I bought 2 single family homes in downtown Windsor for cheap. I'm renting one and I live in one.
It’s awful. Living with this stress I don’t wish on anyone. Have put myself through school and have been in my career for ten years, and still can’t afford a decent place and a single person. Not where I thought I’d be at 30.
Ban Air BNB from domestic housing. If you want to open a hotel or an inn Go out and buy one and have it properly licensed not in the condo next door or house next door.
Ban all foreign buyers forever and force the current foreign owners to sell off the properties...it's sickening that regular people can't afford to buy a home and just as sickening to have to pay sky-high rent rates
@@steflift5165 what if it's our own poLIEticians buying up homes to rent them out for profit or to rent them out to Afghanistan refugees or Ukrainian refugees for three years under a three year program that gives the poLIEticians a tax break on top of it all whist giving the refugees three years wraparound free assistance???
I used to think life as a trucker was a liability since I have to live in the truck. Now I'm beginning to see it as an asset since housing is so expensive and mostly unaffordable. So even if prices continue to rise and force more people on the streets I can always live on the road rent free. When your given lemons you gotta make lemonade.
When I started traveling abroad 8 years ago, I remember considering staying in Toronto several times (I do monthly stays while traveling). However, I was always taken aback by the prices to rent, even excluding Airbnb. I'm saying this as someone who has spent more than a decade living in two of the most expensive cities on the planet-NYC and London. I never ended up staying in Toronto for very long because the value versus price just never made sense. Now, I see that the problem is much bigger than I ever imagined and mirrors the situation in NYC.
The situation is very similar in all cities across the globe... be it shanghai, honkong, mumbai, bangalore, nyc, london, toronto... rent is skyrocketting while wages and salaries are not... it feels like some homeowners are taking revenge on tenants becz of their loss in the pandemic...
The states are very expensive here to. Unbelievable prices to rent apartment's. Government not addressing rents or food prices. I am middle income and widow and not intitled to food stamps or any assistance and I know many are feeling the pinch but we let in immigrants who are getting 22,000 in money free rent. Our government is so out of touch with the average American. US and Canada sound the same
I sold my home 2021 and I've been dollar cost averaging all year long and I've almost maxed out my reserve, so I'm basically waiting for stocks to fully recover so I can break even, but on the other hand, I've been coming by articles on people who are puIIing off recurring proflts of over $150K wlthln just weeks of trades, what am i doing wrong?
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
True, the US-Stock Mrkt had been on it’s longest bull-run in history, so the mass hysteria and panic is relatable, considering we’re not accustomed to such troubled mrkts, but as you mentioned there are avenues lurking around if you know where to look, I’ve netted over $850k in the past 10months and it wasn't some rocket-science strat. I applied , I just knew I needed a firm and reliable technque to navigate better in these times, so I hired a portfoilo advlsor.
@@tblazegutt I want direction so I can rescue my port-folio because of the huge plunges and think of better methodologies. How might one arrive at this counselor?
@@henrech It wouldn't be legitimate to simply Ieave her number Iying around, yet she has a site page you can check out in the event that you googIe her name. KIMBERLY JEAN HEAVNER is actuaIIy the one that guides me, she's a hlghIy-searched out advlser, so I'm unsure she's acceptlng new admissions, however you can try it out.
I’m 50 now and because of the high cost of rent, I have never been able to catch up and save enough down payment to buy my own place. My partner and I finally make decent money but it’s still not enough.
I guess you didn't get the memo back in Y2K when you were approaching 30. I learned back then I would need three to four income streams to be able to buy a house. So I did two jobs 16 hour days for ten straight years. With my wife's as a third income we were able to pay for a downpayment for a residence 12 years ago. Two income households no longer work today. With inflation and high taxes you'll need at least three income streams to be able to save up for a downpayment. I found this out when my College professor in the 90s told me he was working as a Dishwasher at night to make ends meet. That's when I knew salaries even back then were not keeping up with living requirements.
In in BC. I pay 65-70% of my income to housing, not including utilities. I work full time, at a decent job. There is zero way of getting ahead and everything I do it to just maintain my bills and food.
This isn’t just a Canadian problem it’s happening here in the US too. I make a good wage but can’t afford an apartment without a roommate and at 40+ I’m done. The housing crisis is happening in South Korea, Britain, Brazil ….. everywhere and zombie houses (investment properties) are raising the rates. I’m about 10 miles from downtown Portland yet a 1-br apartment starts at $1300 and goes to $2300 with the average going for $1600 per month plus utilities….
But you realize this is a Canadian investigative company right? So few things are about ehat goes on here and so much is about the US. I'm sorry you have theese issues too but the cost of living here is literally triple of most of the US. Please understand that
@@mariachand54 ok sorry I just wish that the US wasn't always injected in our lives. I completely understand. My rent is raised 10% every single year despite the black mold etc. The cost of rent and living keeps increasing but I also make nothing more. I pay 1200 for a mold riddled broken appliance trash heap that was built in the 60's and get treated like I'm trash when I can't make rent but the landlord letsmy fridge die after complaints for 3 months and I lose 350 in groceries yo thesummer heat and not even an apology just a smaller used fridge
@@amadortv971 Interesting. Do those rents include utilities? That would be quite an expense if one's health insurance premiums are not covered by an employer.
I dont get why the first lady is complaining so much? She is a renter and she knows what she signed up for. So if the owners want to sell it and she has to move out, it sucks but it's not your house. Plus people thought landlords were making so much money. That is a lie. I am a landlord and because of the sharp increase of interest rates I cannot break even on my rent. I have to cover 20-30% of my instalment even though I don't live in it. People thought landlords are making a lot of profits when the truth is it isn't the case. Houses is so expensive these days & it is reflected in the rental prices as well.
So no mention of money laundering in the canadian housing market, that in the Toronto area foreign investors represent more than 60% of the invested capital. That we Canadians are against that corrupt money and that 10 years old initiative plan that houses have almost triple in value?
In 2013 my Rent was $800/month in Milton Ontario. 2020 it was $1700/month for the same size place, one bedroom. I've left Milton, moved up North to Sudbury.
That’s about what it’s like here. About 3 or 4 years ago average rent was around $7-800. Now, $2000 is typical. That’s insane. I’m sorry you had to relocate. I hope things are better where you landed 🖤
Here's the solution globally. Banks can't buy houses. Only locals with residence can be landlords. If there's no financial incentive to make housing affordable because Blackrock is a landlord, if there's no consequences, there's no feedback loop to stabilize housing prices to optimize for the location. Landlording should be a special privilege, not a right.
No because then Banks can't sell houses or mortgages. Cut the problem off where it starts: people should not be owning multiple income properties. One family, one door. That's it.
@@tugger so you are advocating for someone to have power to tell you where you can and can't invest?? like if I sold all your investments because 'some reason'............oh ya wait that sounds like a dumb idea
It sounds rightl, but governments can't stop banks and REITs from doing this, because as the CEO said a big part of the pension funds are invested in REITs, banks, etc.
I am listening to this video about 10 months after it came out here on youtube... and I cannot even imagine myself paying 1400$ for renting a house in Canada. I am struggling to even find a decent apartment at that price... Let alone an entire house and this was barely a year ago. Profiteering off of housing should be illegal, if no laws are passed, not only is the economy going to be broken for generations because of disproportionate allocation of capital on real estate, but I fear even our political system might be in peril because shelter is at the very bottom of the hierarchy of needs and a system where bottom needs are not met is inherently unstable and prone to collapse.
Canadians have traditionally viewed themselves as standing tall against prejudice and bias but in this case it seems to be proving otherwise, little concern for the renters is showing a different side of a Canadian, owning a home makes you better than renting a home. Who hasn't heard it been said " their just renters!🤔
The practice of people offering rent in advance (6 months, a year, whatever) should be outright illegal, as should the practice of offering more rent than the asking price.
Very sad to see housing cost skyrocket but it's true in many parts of the United States as well. I would encourage people to look into buying homes in small towns where houses and rental properties are available at half or less then in larger cities. Two years ago I bought my house on a large lot with a detached two stall, two story garage for $70,000. Jobs are plentiful in many of these communities but because people like shopping centers, huge ball parks and freeways more than nature its where most want to live.
I remember in 2007 when I was working in real estate seeing people buy homes new from builders with the intention of selling before close of escrow to a new buyer for profit. The crash was so brutal and fast that I remember seeing a lot of these units foreclosed on with the builder plastic still on the carpet.
The enduring US stock market bull run evokes a mix of fear and excitement, presenting opportunities with insight, resulting in $780k gains in the past ten months, utilizing a portfolio advisor for a well-defined strategy.
How do I reach out to one? my assets have been struggling since 2022 and I’ve been holding on by the skin of my teeth.
The fiduciary that guides me is DIANA CASTEEL LYNCH most likely the internet is where to find her basic info, just search her name. She's established.
Thank you for the lead. I searched her up, and I have sent her a message. I hope she gets back to me soon
When selling his house; (Windsor Ontario), my spouse had numerous offers and it came down to two. When he saw that one was a Toronto buyer and offering more than the other buyer, (the other was a mother with two kids), we talked about it and he chose NOT to take the Toronto buyer. Reason? We were aware that our housing market was being devoured by those who were coming in to buy up as much property as possible, rent out the property for very unreasonable amounts and starve our own people out. We weren’t willing to contribute to that. Accepting less money was worth it. (And no, we aren’t well off.)
bless you!
You sound like awesome people. Thank you for your kind decision!!
That was incredibly kind of you. That decision puts you in a category of people we unfortunately don’t have enough of.
You could have been as greedy as the next guy but you had the heart to do what you felt was right and the intelligence to know that in the end even if you made a bit more money from Toronto dude, in the end too many regular nice people will pay the price of being priced out of the community.
Thank you so much. Warms my heart ❤️
God sees all and will bless you for that!
@@barbraprosper9065 see
My husband & I accepted a lower offer from a nicer & more deserving home buyer when we sold our last house, which upset the real estate agent since she was only looking at her commission. She couldn't grasp the concept that certain satisfaction in life (eg. having the privilege to help someone nice & deserving) is priceless.
I just hate those greedy real estate people.
Same. I was adamant about selling to a young family not a corporation.
It is not the real estate agent’s decision to make.
We need more people like you that care about their home continuing to be a home, not just a dollar sign. You can't take it with you in the end so why next help your fellow human.
Thank you, this is the reason we got our house last year. An investor offered almost 100k more than we could, and the sweet old lady selling her house decided to go with us instead. We love our place and are forever grateful.
It's great to see there are many Canadians who think about other Canadians' lives rather than money. Huge respect!
That’s what I thought when I read the comments too!
Yeah ! We could use some of that south of the border !
Has off to all Canadians y’all defiantly care WAY more than we Americans !
I doubt that
Canadians And Americans
@@TheGoodShepherd117 it is gods will
A decisive point: If you are spending 60% of your income on rent and housing expenses you not spending on the rest of the economy. Restaurants, retail, Entertainment, sports All of these and their subsequent supply chains will also suffer. Exorbitant rents will lead us into a deep deep recession that will take a decade to recover from.
Well said! Absolutely true!
Probably decades or a century more like it.
60%? Cpp pays 1188 in 2022. I am younger then 65 so thats it 1188. Rent in a remote town is 1075. Still have to pay 50 per month for perscription drugs and still have to pay income tax. Cant pay my income tax. Food banks so over whelmed that get less and less food each month. Im a middle aged man with no money. No woman my age wants a broke man. Date a 20 yr old thats also broke and loves me. Thank god i met her and she met me or we would both be homeless.
@@shawnkelly695 Even RGI makes rent in our building for seniors 850.
Interesting comment, but I may be seeing it from a different (and unwelcome) angle. Prices in Canada are ridiculously expensive. We pay 50% more for everything than Americans. And yet we do pay. Whenever I come to Canada, I notice that everyone is driving a new car, restaurants are full, and everyone expects to have marble countertops and high tech kitchens. (And everything you buy here breaks down within a couple of years.) I think the problem (apart from REITs) is partly credit availability and low productivity. Where are we getting all this money?
We need to band together to pass fierce laws to protect family housing from shell companies, private equity firms, and all other money launderers.
Like who? NATO and their $1.7 trillion F-35s that fall into the ocean?
@@babelfishdude @babelfishdude hahaha Trudeau focusing more on Ukraine rather than its own people lol
Those are the people who make the laws tho?
First we need to define "us" and "them", realize that there are actually two forces in our society whose economic interests are opposite to each other.
Abolish single family zoning, especially within the Greater Toronto Area. Upzone them all, allow for mixed use developments.
No property, houses nor apartments should be foreign owned and rent control in every province
We’ve forgotten our power as people. There are tens of thousands of us who are becoming victim to this system and clearly the government is not going to fix this anytime soon. We need to start thinking where we have the power to influence change. We can put pressure on real estate developers by making our voices heard to them, leaving negative reviews and protesting. It’s time to start making things uncomfortable for those taking advantage.
how about we start occupying parliament buildings? We could even defend ourselves violently, get sent to jail and get released the next day.
Honestly, the best solution is what East Indians and other Asians are doing. Encourage people to live at home with parents and relatives for as long as possible. It worked for me. I'm 29 years old and recently got a house in Vancouver. The best part? I only make $60k a year as a self employed bookkeeper. The reason I was able to save such a big down payment and get accepted with my 842 credit rating was because living with family kept my rent low. My friends paid $2-3k/month, and I only paid for the Shaw bill.
The solution is to discourage greedy people pouring their money into the system by not becoming their customers.
But for those of us that grew up in the foster system or similar? I just gotta really hunt for places, it's rough. Really grinds reality into you. But sometimes I live with friends and that reduces the stress.@@James-eq8cq
Why don't you look into Justin (castro) Trudeau?
@@James-eq8cqYou hiring?
The fact I work full time in a law firm and I can’t afford to move out. It makes me sick. I’ve done everything I’m supposed to do to be independent and I can’t be. It makes me sick to my stomach. I don’t know how I will be able to live like this.
Sorry to hear.. in the same boat we pay hydro yet get outages..
Law firms sound prestigious but, unless you’re a high-paid lawyer, the support staff are paid less than a labourer or construction worker. Or garbage collector. And it’s pretty much close to minimum wage to start. Not worth the schooling and stress.
Move to Romania!
And that is exactly what most of us face or will face in the future if nothing is done to change that at the core. What we need is a complete reform of how housing works in Canada.
Money can't buy happiness
Governments have been allowing overseas investors to by property in the US and Canada for decades. I saw this becoming a problem watching shows on HGTV in the early 90's when flipping houses came in vogue. It took a major housing bubble to burst then and it will take another one (hopefully sooner than later) for things to be affordable again. Governments will never care about renters or homeowners because the corporations owning these properties put money in the pockets of those making the laws.
Very true
You may already know about this but if not, the CRA has known that offshore investors would distort the real estate market since the mid 90's, yet kept the data out of the public realm. I'm unable to post a link to the source which is global news, my post with link gets deleted.
Someone had to say it!! Thanks 👌 it's the truth, disgusting 😒
Yes. And never discussed by this “reporter”. Is this part of CBC programming?
Yup.. don't believe the lies
Why is no one mentioning the fact that we are bringing in hundreds of thousands of people every year without building homes for them? It's as simple as supply and demand. The more demand, the higher the prices go. I am a land lord and even I don't like seeing rents this high. It is really out of balance.
As a child of immigrants myself, whenever I see numbers the current government has as plan yearly for immigrants, about 200k. I get confused 🤔
In theory bringing in penniless immigrants drives down wages and our standard of living. It's deflationary not inflationary.
@@parkerbohnn Wages get driven down; housing gets driven up. Certain percentage are economic immigrants and bring bank.
Supply / Demand gap continues to grow and gets ignored.
@@otsam1050 Pretty sure that number is 400k annually.. number of new builds don't come close to keeping up.
@@MrTrevorDidier wow that's even worse,
As a Canadian living in Melbourne Australia, I was astounded at how expensive housing is over her when I immigrated here 20 years ago. According to Demographa, Australia is the only country in the world where 76% of the population is living in housing deemed severely unaffordable (I.e. value more than 6x earnings). The median house price is $1m and a small family cannot find a house to rent under $2500 per month. It’s insane. There has to be solutions to this. Canadian and Australian governments should be working and brainstorming together. Housing is a human right, not a nice to have.
Easy. Stop Mass Migration to both countries and apply a 25% tax to any foreign investor trying to purchase properties in the country.
All the commonwealth countries have the same problems....time to tear down the 'crown' based judicial systems and create a citizen led sovereign society, ever feel like wealthy investors shape our lives?
Communism. And I'm not kidding.
@@stevebottrell9154 communism? Well yes when the regime unalives a dozen or so millions of undesirable people- there's suddenly lots of housing available for new communists
I see Toronto is very expensive.
Sweden has a law in place that you are required to live in the property you own. Strong rent control for existing & new tenants.
Kind of like communism Go live there then
Too bad Conservative and Liberal governments would never allow a law like that
“It feels like we are being lead to slaughter” ABSOLUTELY THIS. I’m permanently disabled and cannot afford the “low income” options. The system is greatly expanding the wealth gap and allowing more of us to fall through the gap.
i suffer from mental health and on disability cause of it (ptsd) i pay $800 for a large two bedroom i lived here since 2013 and if i have to move i have no other option, and the whole roommate issue who can you get to trust even if you think you do then three weeks later their out and having pets on top of that makes it even more worse...
@@sweetgolden2010 Get a job !
@@rudybishop9089 wow really how nice of you why dont get lost troll
@@rudybishop9089 have you worked with someone who suffers extreme PTSD? I bet not. Things should be affordable period. My husband is a veteran and suffers from it. STFU on things you don’t know
@@BMHBW1950 Save it - I lost my left leg in 1991 and never took a dime from the government - you wake up everyday with a list of 10 things “I won’t do” - go cry to your case worker - it’s Saturday I have to go to work.
No one talks about disability and the discrimination in this kind of housing market either; the fact that everyone wants one kind of tenant, usually a young professional. But we all need housing. Most housing is unfit in my category and I can’t live with other people. I feel like I am being doubly punished for something I have no control over. There are much bigger social issues at play here. Discrimination is a big part of it, as well as inequality and biases.
I'm glad you raised this. Unfortunately some provinces allow discrimination based on age, pets, and if you have children while others don't.
@@rps1689 No mention of how building coop housing would solve much of this issue as well
@@PWingert1966 Yes, coop housing would be great also giving grants to non profit housing.
You can't force a person to rent a place to you.
@@tube.brasil But you can prevent them from discriminating against you.
I rent my basement unit for about 20% less, because its just absolutely ridiculous to expect people to pay 2k+ a month for a one bedroom apartment.. its obscene
1k for a one room basement is ridiculous, I bought a 5 bdroom house over the summer and my loan payment with taxes and insurance is 1050 with about 50 ach of land too.
@@PatrickBaptist-vv2bgwhere!?
@@abrasionthermals9172 middle of nowhere north bay if Ontario...certainly nowhere in south Ontario, not even in the tinies towns
People are held back from living full lives because of rent.
People hold themselves back from owning a house by living full lives.
Owning a home has the same problem.. anyone with bills works their lives away just to pay the bills.
@@derekrank4572 nope nope nope, ubi will not work and if you don't believe me just check out places like the old Soviet union, North korea and other deplorable socialist states. The answer is not giving the gov more control. Nothing is for free in this world, where do you think all that money is going to come from? It wont come from the rich.
Not true, how about people getting better marketable skills. In life, no one owes you anything but yourself!
This will push us into a stagflation economy for the next 40 years.
This is not the supply problem…but a demand problem….investors are hoarding properties….Canada’s minister of housing also has rental property….why would he do something to bring rent down…..the whole system is rotten
@@christopherseepe1799 I have not idea what are you trying to say. You should read your stuff before pressing Enter.In any case I will suggest to you to find out how much a regular pensioner gets after a life time working and supporting the very system that you seem to enjoy today,
@@christopherseepe1799 Just because we are ranked 1 to 2 doesnt make it true for everyone.
@@2love29 👌
@@Dines27120 👍
@@2love29 My point was that low-income wage earners just about anywhere in Canada are overall far better off than low income wage earners in almost any other country including most European countries and the United States, and definitely better than anywhere in South America or India. Appreciating what we DO have relative to our global citizen peers can go a long way towards finding common ground on which to solve these kinds of challenges that affect every citizen.
Politicians should be held accountable for this. Houses should be considered shelter not an asset. Maybe if a politician was jailed for this, people might change their tune. The houses in BC cost literally A MILLION DOLLARS over the houses in Alberta! Its unsustainable. Suicide rates are getting out of hand, people can't afford kids, let alone food and rent! WE NEED CHANGE!!!
That sounds like something somebody who failed to buy a home would say
You need financial education. House is an asset
@@alexanderh.999 Its not Shelter???
@@brucewayne3892 So this whole capitalism thing IS just a monopoly game that's already been won, so the rest of us lose?
"Good luck in the Hunger Games Gen Z!"
too bad, so sad, time to watch 40% of the population go homeless BuT aT lEaSt iT'S NoT CoMmuNiSm! ThAt WoUlD bE ReAlLy bAd! pEoPlE DIED uNdEr ComMuNiSm!"
good thing starving to death under capitalism is TOTALLY different, gen Z totally had it coming.
Yes Stephen harpers should be jailed
I paid over 70% of my income for many years on rent. I had to survive off just 75$ a month for groceries, which resulted in me eating the exact same meal every single day for over 5 months until I got a second job. Until I started working 60 to 80 hours a week, I didn't have any money coming in for emergencies. This has just gotten worse for other's still working in retail, and I was just barely fortunate enough to get a better paying job which makes my expenses affordable. I personally know I'll probably never be able to afford a house in my lifetime.
Not true - was in your shoe 5 years ago, just keep saving and grinding, not sure how much you pay for your rent, but you can save a bit more if you have a suitemate or roommate too
when you sit there and make excuses and sit on the internet all day, then no you will forever be renting. MAKE IT HAPPEN
Crock. The system is broken.
Doesn't work like that. Your understanding of economic is like that of a millionaires kid who's daddy or mommy gave them a pile of money. How do you save for a down payment, when all your income goes to paying the rent. Think about it genius.
@@thorinbaneA genius could move to a more affordable area. Why does everyone want to live on the east or west coast? It’s a choice. Canada is vast.
My family of 4 lives on a lower but moderate wage. We managed to buy our house before the price hikes and our mortgage is less than 1/4 our income. My kids will likely never own their own home other than the family home. Life is expensive, we still struggle but I make darn sure our mortgage is never late and never missed. We do not touch our equity in any way. Life is getting ridiculously expensive when you make less than $50K a year.
As someone who is making bank by those standards, as in closer to the 1% earners than the $50k, it's becoming unaffordable for me too. I thankfully don't have to worry about finding a place to rent and I make enough that if I ended up in Melanie's situation in the video, I could still afford those $3000 rents. But boy those would basically cut into half my take home money every month - I can't imagine for people who don't have an income over $80k as a household. Simply buying a place to stay in and food to eat is going to be out of reach for too many.
I'm now trapped in the middle of contributing to absurd rent prices (by paying them) and not being able to save enough to eventually own a home; making money most people only dream of having. And I'm not even saying to own a home to make a profit - I would just like to know I could live in something that, over time would reduce in cost and that i would never, ever, have to worry about being removed from it when I was paying all my bills and managing my financial life appropriately.
Even if I saved $24k a year towards a down payment, it would likely take 5 years or more just to get into the market. That's $2000 per month. How is anyone supposed to do that and pay an equal price in rent every month?
This system needs to change, and it needs to change fast. I don't have much faith it will though.
@@whoopass2rb 10.000×14=? Fine the roots you wil earn it before 2-5-2022
@@merugiadambruck6082 Not following your suggestion. I will add that my personal situation is that I'm a single income earner, so unless I was making over $200k per year, I wouldn't be able to own a mortgage today based on the current rates in and around the Toronto area. The best mortgage I probably get is $600k - $700k on my own and that's expecting a minimum $100k- $125k down payment, possibly more. So yeah I'll get there eventually but if it takes me this long, there's no hope for people in lower income ranges. That's the problem I'm eluding to.
@@whoopass2rb are you contributing to your rrsp? you can use the first time home buyers program. we got 27k from that and used it as down payment for our home. Our rent used to be 1700. Our mortgage is 1750 but we now own a brand new home.
@@whoopass2rb Yikes! I make under 50K and was still able to buy a condo 7 years ago as a single (at the time) female. My mortgage and condo fees are just over 25% of my income.
Move to Saskatchewan!
I'm on disability, living in Toronto. Half of my disability benefits goes to rent, which rises every year. My benefits don't rise.
It is such a struggle for many on CPP disability and was shocked during covid that no bonuses or major increase were made.
I feel your pain literally
benefits does not increase everywhere,.
@@Ace-ke7fq In Canada, CPP only increases by a minuscule percentage a year with the exception of OAS, which is done quarterly. Some provinces haver better "add ons" for people on CPP disability that are single or with a spouse without an income or a small income.
Same here
We live in an older highrise. Privately owned, the rents were affordable. $600 inclusive for a large 1 bedroom. $775 inclusive for a large 2 bedroom. A company from Toronto bought the building, and renovated every unit that was vacant. Gutted, all new stainless applience, hardwood floors, and doubled the rents. We pay $820 now, the new units are $1500. It is a problem happening everywhere. Old affordable housing is being renovated making rents out of reach for the average person. We looked into moving, and can't even find a room for rent for what we pay for this large 2 bedroom. Its outrageous.
Same here
Why is it a problem? Housing is a business. If you can’t afford it that’s your problem. Get a roommate
@@dcg590 housing in a nesseity and a right.
@@jessicabixler1658 necessity yes, a right, no. You have the ‘right’ to get housing. It doesn’t mean you just get it. You have the ‘right’ to pursue happiness, it doesn’t mean you just get it. You have the ‘right’ to free speech, which means you are able to to say what you want. There is a difference. YOU and only you are responsible for your housing. Not someone else. Understand?
Late Stage Capitalism
EXCELLENT documentary! The situation in Canada is the same situation in the U.S. and the same situation in the UK and Australia. This is a worldwide problem whereby the rich get richer and the poor struggle to survive hand to mouth. This is an ages old problem. Heaven help us all.
Gotta help yourself and do what you can for your community. Don't wait on religion to do that for ya...
No one is guaranteed to be owning a house. Frugal living and saving over the years is how you do it!
Austin Tx is way too high. My house value doubled last year. Homes that were 300,000 are now selling for1 million in the suburbs. It's ridiculous.
Yup, exactly the same in Brantford, Ontario
We were planning on retiring there, but not now. And the very people who look down on Texans are the ones moving there from California....
@@butterflygirl2285 Which will make the prices go up. I believe in the next decade people will be fighting over land in the country for price and land control. Although it's going up in price too!
Jesus
Your taxes would be reasonable if your income was higher.
We cannot BUY homes either. For the same reason; being constantly outbid by Blackrock.
Most of the big operators in the Fifth Estate program have no interest in single family homes or even small (below 20-units) rental properties. The issue is NOT better-heeled buyers pulling the rug out from under you. It's about not having enough housing so that buyers have more choice and sellers (builders particularly) have to become more competitively priced to make the sale.
Finally someone tells the truth.
That's because Blackrock knows you can't lose all your money in real estate but can lose everything in the U.S. stock market. It all comes down to risk/reward. The ponzi fraud most overvalued of all time U.S. stock market pushed everyone into real estate. The constant monkey hammering of gold and silver also pushed everyone into real estate.
@@parkerbohnn have you tried getting good?
@@brucewayne3892 Crohn's disease said to only get worse with time. I haven't worked since I was 35 years old. I'm 63 years old now.
If we as Canadians agree that housing, like healthcare, is a right, then we should also agree that privatizing the housing market is a big mistake. Like the guy said, "it's not our job to help people." Until this issue is addressed, things will continue to get worse in Canada.
30% of Canadians don't have a family doctor so I don't think more government is the solution. We do have one of the largest countries with a ton of land. If we made it easier for land to be developed, we wouldn't have the situation we have today.
I think the whole western world is going to collapse over the housing issue alone.
Because those who rely on rent income don't want to admit that there are not enough good jobs you can actually retire from these days, in the whole western world the old are basically eating the young to secure their retirement and pretending not to see anything wrong with it.
100% agree it IS HIS JOB to HELP make it right for the sake of ALL Canadians.
More government created this problem. It didn't stop with "free healthcare" did it? You reap what you sow. Endless expansion of governmental powers by demanding free stuff like housing and education only results in corruption. Maybe going further Left by selfishly demanding free healthcare and education was a horrible mistake? Wake up sheeples! Your utopia lead to corruption.
@@freedomlandcanada230 I don't want unused land to be destroyed by new housing. I want people to live in the cities and not venture out into unused territory. I don't want forests to be torn down because city dwellers don't want to live in the cities anymore.
Just went through this.. it’s honestly heart breaking. This has made me sad and something needs to be done.. Canada, we are in trouble
Give Trudeau the boot!
Simply put GREED is a illness taking over everywhere. The something is happening here in America. This is so heartbreaking.
Seems that waves of immigrants into USA(everywhere) are in competition with previous waves, to keep wages down and house prices up..Also cultural conflicts are hightned and become gang wars.. This stops groups from forming mutual communities and Unions.. It's orchestrated xx
No, it’s the tax system.
at 79, I moved to Queretaro, Mexico at $850 per month less expensive that the deadly and expensive USA. GREED is destroying this world.
"Simply put GREED is a illness taking over everywhere. "
Or locking rent increases to inflation when the cost of real estate outpaces inflation.
Policies like that incentivize larger rent increases with each turnover and/or small landlords opting to sell rather than see their income constrained.
Fed needs to raise interest rates to 20%
This is not just happening in Canada. Here in Australia 🇦🇺, we are also fighting homelessness due to lack of affordable housing. Sadly many low rentals are sitting vacant for months, which l cannot understand why this is happening.
mao was right
It's definitely a crisis that's affecting many cities or countries across the globe.
@@xdn22 oh is there no housing benefit from the government ? And the wages are very high in australia
India, china, korea, hongkong, uk, us everywhere
@@madhusreechakraborty7374 what does it mean
law needs to be changed to where no one or no entity can own more than 2 or houses. some things should not be for profit.. things like food and shelter.
Let people buy tiny homes and have lots for us to stay on otherwise you will find cities with more tents.
What you're saying would make the problem worse, because then there would not be enough rental properties for people. People would either have to be able to purchase a house or don't have a house at all.
@@thanhleusacuocsongmy8168 Smart person - you are right.
Housing and affordability could be a human right and included in your bill of rights, and constitution.. the money launderers, and speculators, have been active in ye housing market for some time..Need to create strong legislation , and policing of it, or nothing will happen ..because too many politicians, and speculators making so much money.. and committing fruad and tax evasion which effect the economy in many ways xx
If ppl don't buy the houses, then how are you going to rent it? While that house sits vacant for yrs. Why didn't you buy a home since it's a necessity??? No one is stopping you.
A close friend rented one house for 27 years, basically paying off the person’s mortgage. I begged my friend to buy a house because she would have qualified with under a 100 monthly increase. As soon as the property was paid off she received a 30 day eviction notice because of a clause “if the owner or family members need the structure to live in”. My friend had since retired and couldn’t afford anything in a 50 miles radius. Finally found a very little one bedroom apartment. Now that complex recently sold to a developing firm and has now been reclassified as “condominiums” and the rent is doubling. I live in another state and has offered her to stay with me but she’s devastated. No one will ever truly have security as a renter because businesses will always take priority to governments.
Oh heavens - that is sooooo sad for her!! And unjust.
Oh no.
@@kpage592no it isn’t she knew the deal. She failed. Not the landlord. Prepare for the future and her friend was right, she should’ve bought her own house.
@@dcg590 Aren't you just a fabulously callous person?
Building wealth for someone else, is beyond stupid.
This program spent an hour telling us that we have a housing crisis, particularly affordable housing for low-income renters. We've known about that for years. There was not one single suggestion on how to address the issue and improve affordability. Whether your a tenant, a residential housing provider (RHP) or government, the discussion revolves EXCLUSIVELY around money--tenants want more money for other things than rent. RHPs want a better quality of life and take huge financial and legal risks to do that. Government makes most of its revenue on the sale value of a property. Gov't can't afford affordable housing. It's all about money - not rights, not sympathetic causes. Address the true causes, not symptoms, of unaffordability and Canada, especially Ontario CAN dig itself out of the mess government, NOT RHPs, created.
can you suggest a solution?
@@auckie Absolutely. I have a ten-page bulleted list of solutions. I've done several presentations of which a couple are here on TH-cam.
th-cam.com/video/xcLUjQm3i6Q/w-d-xo.html and th-cam.com/video/D-L5KCXiGYA/w-d-xo.html
@@christopherseepe1799 tha ks for sharing maybe send your links to them!!
@@Alaska2446 Thanks for asking. Here are two: th-cam.com/video/xcLUjQm3i6Q/w-d-xo.html and th-cam.com/video/D-L5KCXiGYA/w-d-xo.html. Everyone in government and to the media for that matter that I've ever sent these links to have never replied.
USA is in same predicament.
Yo dude, you have a point about the private sector not being responsible for solving social ills, but to add to them is absolutely shameful…
Who exactly is responsible for dealing with social ills? To look around you'd think no one has any responsibility for anything in this world.
Any consideration of humanity or decency or mercy is not permitted in the corporate world. It is hard to understand where these people who can afford these absurd rents are coming from..
young professionals
A bunch of people in the higher strat of govt have ability to either print $ or create debt wo working for it. Fiat is broken.
We got together as a family to rent together. Found a house in the Fraser Valley in BC. $3200 plus utilities and water bill after looking at probably a dozen places. Just sold for over a million. Many people on our block selling. Just waiting to see if we get kicked out or not. If we do I am buying a camper to live in. Tired of being a pawn in the real estate chess game...
@@stephaniestgermain7592 sounds like a good time to get your agents license and make those commissions!
Legally speaking you are exactly correct, if the corp is publicly traded there's legal obligations to generate as much profit as possible. Most of the time what makes more profit is not equal to what makes people happier.
It’s greed, landlords can only raise the rent with restrictions.
I was a land lord for over 30 years, i rented a basement apt, I kept my rent all inclusive and very careful to choose a great tenant,
I’m retired now, sold my home with the basement apt and will never rent again because good renters are few and far between these days
I wake up nearly every night with anxiety in my sleep, gasping, and sometimes I cry, can’t fall back asleep! I don’t know where I’m going, I got evicted last year from a horrible woman who threw me and my children on the street after a decade, so she can bring up the rent. I took a place that is the same size but twice the rent I paid before, and now I have no money left, no income, and I’m terrified what’s going to happen to my family
I feel for you and anyone in your situation. I’m scared too.
You are in Canada?
@@sueannnatter5295 yes
@@sueannnatter5295
Yes. I’m in Montreal and I’m living in a building I’ve called home for 22 years but has been bought by a corporation only interested in hiking up everyone’s rent to the point where all of us are worried. Most of us couldn’t afford to look for a new
Apartment as all the buildings are being bought by greedy corporations. It’s terribly scary
My landlord is thinking of doing the same thing to my bf and I. No kids atm although we are just getting by. I feel for you and hope all works out
It’s the same exact thing in America. All my money goes to bills. Nothing left over. And I have a practical degree and a career. So depressing to do all the right things and still have no prospects. 🖤
What makes you think that was the right thing? You got played.
@juan abee If that's anywhere south of SSM in Ontario than you would be paying close to a million on that cabin or 2k/month even in the "middle of nowhere". I too live in :middle of nowhere and pay insane rent. A new low when even 'living in the sticks' is unaffordable in Canada 2022.
@@nebula1919191 Oh I don't know maybe seeing it work out for an entire generation just before ours? Maybe guidance counsellors pressuring you into Uni as you are an impressionable teen? Also it is logical to assume that a degree in STEM should lead to good money, but it really does not seem to anymore.
@@jamiepeters846 Busted again! You should have said it was your enjoyment of the subject. Fool.
Merci same here so sad
It's happening in the US too. Big firms buying up property to rent at too high of amounts. People live in extended stay hotels & motels.
I live in a basement porch, no heat. Trade labor for a bed.
I guess it's happening everywhere, including in Indian metro cities.. it's beyond crisis in Mumbai. 99% of people here can't afford to buy can you believe!! Seriously. 99% of people unable to buy. Situation is much worse than even 20 years ago
It's not just big firms but it's the small landlord who is also greedy. I lived in a one bedroom that was $800, but after moving out it took 3 years for the rent to go all the way to $1400 a month.
@@AKumar528 What are the prices for the most basic apartment in india?
Don't forget the RVs..the American way🙄
It is very depressing what has become of this country. I remember a time when Canada was a great place to live. Housing a least in most of Canada was affordable, it had a low crime rate, and the forests were not burning. Also there was not as many homeless people as there is now.
it is gods will ....
It's criminal what is happening regarding our housing in Canada. It's appalling. Homelessness looms. Welcome to fabulous Canada.
It's the same in the U.S. too. 😞
And depressing 🇨🇦
What country does not have homeless people? In every system, someone has to lose
@@brucewayne3892
What an apathetic soulless why to look at people in need- well, "someone has to lose"!
@@kryptonarie6367 what's the alternative?
Remove restrictions for tiny homes in all municipalities and rural land. Allocate land in all cities for tiny homes to be built. Allow people to build their own homes.
Agreed, part of the problem/solution resides with the building codes.
Just looking at the rental prices. Builders and banks should be building like crazy. I guess its too much red tape, lockdowns, controls, moratoriums and restrictions.
@@jeretso I want to build three homes with suites on my 1 small home larger property.. the local government is anti-development.
@@MrTrevorDidier my hoa would never allow that.
The prices of tiny homes are increasing even though some building materials have returned to reasonable prices. I see success with tiny housing when people buy a large swarth of land and develop it themselves. Some have great spacing , and others have the houses very close .
This is a problem here in the U.S. as well.
there'll be no freedom unless the nations issue their own currencies and stop usury ! It's lethal it sucks the wealth of nations has done since the 1600 's
its because Canada tries to copy the US😔, thats how we got here. Last election conservatives wanted to privatize some aspects of health care--thank god conservatives lost
I’ve heard that an investment company called blackrock is buying houses up in the states at much higher than asking prices.. wonder if that is happening here too
@@heleneharris1521 Blackrock and Vanguard own almost all companies in the world !! Search who owns or has shares in these two companies and you know who rules this "world"
Rents in Boston Ma are absolutely insane.
Sorry, but 2 bedrooms can accommodate a family of 4. Especially if you don't have the money to do so otherwise.
I came here to say that. I've lived in that exact setup most of my life, most people do in my country. Sounded a bit entitled to me lol
I'm almost 60 and homeless worked all my life but cant afford rent. My country failed me.
This is awful! We have a similar situation here in the UK. Government schemes for more housing have been in the hands of the private sector. The average Brit struggles to rent/ near impossible to buy. Homeless is the worst it has ever been. It’s a dire situation. Sadly, I expected better of Canada and many Brits in social conversation dream of flying to Canada as the assumption is the situation is better… sadly how wrong I was….
Those who would try to come up with their own solutions via small or tiny homes run into zoning/bureaucratic difficulties, which have more to do with "not in my backyard" than fire safety/structural safety.
Same story in the U.S.
Housing should not be about profit but about a basic human right this is happening everywhere.
It's the same in Australia 😓
Anyone who thinks life in Canada would be better than Britain should work in a commercial walk-in freezer first - 16 hour shifts🌚. Cheers 🥃 from Melbourne, Australia 👍
There's a big difference between "the private sector solving social ills" and being a major cause of social ill.
Yes. This. All of this.
Does the private sector set interest rates? I’m still watching this program and IM STILL WAITING to hear that part…. As usual, the CBC is misinforming you
@@chasserd77 BS
@@titusmccarthy which part? And explain why
Exactly. He doesn't want to admit that he is in an incredibly parasitic business. Landlords are a cartel:
As long as landlords are making money off land value ↗ and there is little public social housing alternatives, increases in market housing is not going to result in cheaper rents.
Same thing happening in Germany. In Berlin, 34% price increase for rents in the last 5 years and an extreme housing shortage all over the country, with very few exceptions.
which exceptions? Sachsen?
This is happening in the US and England too. There will be a major crisis in the west soon and it doesn’t have to be; greed and selfishness.
Andrea...Australia also...
@@seventhchild7270 Here in NZ too... I pay $650 per week for my 4 bedroom house, and it will go up in December at the next rent review. I don't even live in Auckland, Wellington or Christchurch either.
The funny thing is for that to happen in countries with the most abundant land in the world. It's crony capitalism
Netherlands the same
Airbnbs
There’s so much dirty money in Canadian Real Estate and until it’s all gone the prices are going to keep going up! Housing is not a privilege!
Canadians are suffering and there's pretty much no hope in sight. Expanding the wealth gap mercilessly. Personally, I've been hit very hard and now more interested in a solution. What is the way forward for the less fortunate ones like me? How do we survive this phase? I am slowly losing my mind.
We need to build homes for ourselves..and think hard to get beyond greedy corporations and corrupt politicians..
Why do you vote for Trudeau the fraud?
WHY DOESNT EVERYONE UNDERSTAND THIS IS ALL ABOUT INTEREST RATES...... AND MONEY PRINTING BY THE GOVERNMENT. CENTRAL BANK NEEDS TO RAISE RATES TO 7%. THAT WILL BRING ALL PRICES DOWN
@@stevenobinator2229 you understand that raising interest rates like that will put lots of businesses in the red right? Which leads to job loss and recession. Just so you lazy bums can get cheaper rent? No thanks
Let it burn.
The real stability is the minimum wage linked to the cost of housing and the normal business practices. The minimum wage is required to be at least enough to reliably pay the rent for one bedroom apartment local commute to be a legal business. The business practices expect one months rent for one bedroom apartment local in one week of work. This sets the foundation of the economy.
Canada should learn from the public housing policy in land deprived Singapore where 80% of Singaporeans own their own good quality apartments built by government.
Having to work a lifetime just to pay rent is insane when Canada has so much land. Cheers.
We have the same problem here in Singapore just like you in Canada. There's a real shortage of public housing even for locals and rent is just as ridiculous.
@@mikoyan454
I am from Singapore. The statistics speak for itself. Singapore public housing policy is effective as few country can boast a high house ownership of over 80% for its citizens.
U can only own it up to 60 years tho.. that sucks
My mortgage that I started 6 years ago is nearly 500 to 600 dollars less than an appartment in my small farm town...process that for a moment. I've seen houses that were for sale 6 years ago being relisted this year for as high as 400k more than it was 6 years ago...its sickening. I really sympathize with the young generation. Not the same world as it was when I got my first appartment in 2005. When a dumpy 1 bedroom appartment down the street from me is more expensive than my 3 bedroom house, there's a problem.
15 years ago when I moved from Canada to Thailand, I felt the prices then. I was paying $800 for a small laundry room, small bedroom, a medium living room/kitchen and a small bathroom.
Today, I pay $611.66 a month (฿16,500) and I have 2 bedrooms, slightly larger than medium bathroom, a laundry machine in the kitchen, a large kitchen, large master bedroom, small spare room and a large living room. On top of that, I live in the new central part of Bangkok (across the street from Central Rama 9). Literally 5 min. walk to the main transit system. Moreover, on the 22nd floor.
And my sister wants me to move back home? For what?
exactly
For family.
Your sister is crazy. She wants you to suffer in the cold like she is suffering and work to pay rent and eat.
I had the same idea. Sell here and move to Asia.
@@jeretso - you will have problems, of course. But I highly encourage it if you have the chance. Live once, do things twice.
$1450 for a 4 BR is a huge loss for the owner - better off for him/her to sell, and re-invest for a rental that can bring probably almost double this. I feel for the renter, but with the interest rates so high now, I just do not see rent going down anytime soon
Agreed. No one is going to do it for free. She should have educated herself on the market and started to build a nest egg for the inevitable (sale) to happen. She had her nails done, tattoos and had 4 kids! Lots of reasons people need to sell eventually. She seemed very ungrateful for the years of reasonable rent when the owner could have increased it to market value.
In BC the “affordable” options start at $950. Yet 30% of my fixed income is $375 a month for housing. The maths doesn’t add up
im on you on that and to get others to help with there is a limit on how many on ministry assistance to be able to cover any rent
Here in the US we have housing authorities that have units that are only for the elderly and the rent is based upon a % of your fixed income. My father was the local administrator for years and most people only paid 200-300 per month.
Very much so. It becomes the reality to have shelter or eat, but with out shelter you do not eat. Is that a type of genocide?
@@dennis2376 No, not genocide, but it would be classicide. Yes that is an actual term to describe the destruction of a social class.
@juan abee Make sure you have a Plan B in case you lose the ability to drive for any reason.
I work 6 days a week. I have a tiny apartment, so a roommate is out of the question. It has been hot, but I cannot afford to turn on air conditioning. I try not to spend too much on food, but with inflation it is difficult to cut costs. I only drive to and from work because gas is 439 a gallon.
The requirements to rent are difficult too. You not only need first and last but a copy of your complete credit history, six months of pay stubs from the same employer, a copy of your employment contract, proof of insurance ability, and a criminal background check and in many cases a Damage deposit equal to a months rent. This is becoming the standard list of requirements for applying for a rental.
Don't forget the 30% maximum ratio to income threshold.
@@MellyDlikesstuff Some people in Ontario earn millions of dollars a year but just pay the alternate minimum tax to Revenue Canada each year. Others incorporate and pay corporate tax.
It's about compliance, as proven by integration.
@@havenbastion I THOUGHT YOU SAID INTERROGATION 😁😁
@@PWingert1966 That would be kinder.
Why did no one tell Melanie her rights? Under Ontario's Landlord Tenant Act, a renter who is evicted for demolition (that is, renovation that would make the unit unlivable while under construction) is entitled to return once it's complete, for the same rent, and the landlord cannot sell a tenanted house unless the buyer is aware someone lives there and either continues to rent it under the same lease/rate or declares personal use and provides compensation. How did a news team reporting on a housing crisis not inform themselves of the applicable laws?
My rent went from $800 in 2014 to $1650 now for the same unit. New tenants are being charged $2600 plus hydro for the same unit in my building.
SHOCKING !
The worst thing is that more and more people come to Canada every year and this makes the situation with rent worse. When you're a newcomer it's so difficult to find an apartment. And the prices. Price for one bedroom is the same or even bigger than the minumun wage. If you're not married with minimum wage salary - where to live?
I don't live in Canada I live in Arizona in the US and we are HEAVILY feeling this issue. Arizona used to be an extremely affordable state but it has now become a haven for the mass California Exodus.
Water crisis will rear its head sooner than later in Arizona.
Arizona population also has increased from its own growth. Goes both ways.
This is frightening without a lot of solutions from the private sector. Like we see in movies like The Big Short once the business world discovered the potential profits in houses and the housing markets and mortgages markets things have gone out of control. It's hard to say homeowners shouldn't have their house values go up or that businesses cant make a profit but something needs to change. A big part of the problem is income stagnation
You could be talking about the U.S.- on SO many levels.
Such a sad way Canada has gone. Leaving the people struggling.
Yep Thank you Justin Trudeau
Vote in corrupt politicians and allow institutional landlords, there will lots of homeless and deteriorating family life.
The U.S. is not doing any better.
@@CoupleDrinks Oww shut up. He is no different from the other bullshitters.
@@kryptonarie6367 Another leftist government. Notice a trend?
Being single, disability income, it's heartbreaking that I can't afford a decent home to rent.
I feel you. Same sitch here. XO huge hugs.
same boat... know that you're not alone.
I'm in the same boat too - we should make an A-team
Same here and disability is a joke .
I on disability. Its sad. But what can you do. I can nor work. I could not deal with pain. I would not be able to sleep.
I’m crying watching this , I see myself in all these people ,the fears ,,the tears , worries, praying, worried sick
My parents bought a home in FL for about 350k in 2018. Right now this home is worth almost 1 mil. Nothing about it has changed, only the ridiculous housing market. If we ever moved out, we'd have to leave the state
It was my intent to move to the Tampa Bay area this year. Upon further review of the housing cost situation, I'm staying where I am and visit Tampa when I can. The current housing market is obscene...
Printed tooooo much money last year !!
@@positively_broad_st3780 I live in SW Florida an hour south from Tampa it is obscenely expensive to live here.
Is there anywhere in USA where rent is actually affordable and there is any job market ?
@@leeche87 There are a few articles online regarding small towns trying to recruit people who work remotely - it's worth reading about.
Here in Australia we are experiencing the same problems. There are many people homeless now who can’t afford rent. There just aren’t enough rentals either. Rents have increased incredibly in the past couple of years. Wages haven’t. It’s scary to think we are one step away from being on the streets.
Who in power labor that screw over home owners in power , Kevin Rudd did
Sad to see this happening in Australia too. On the upside, at least it's slightly warmer there . . . the homeless guys I met in the Ontario winter of 21/22 had it real rough sleeping outside.
This is going on in Europe too, working people are homeless
If I have to be homeless on the street and work full-time, I will just commit suicide...enough is enough.
The working homeless
exactly ,in Ireland it is impossible to find a house for rent. i finally was able to buy a small house for a lot of money. it took us years.
@@julielevesque2668 i feel same way - why even be alive if all u do is suffer and endure misery
@@julielevesque2668 try and stay strong though - pursue wealth - only option to prevent suicide for me - thats what im doing
The couple who can’t afford rent (she is losing her job) AND still bought Christmas gifts?! WTF? How about just a nice dinner at home? WHY Do we “need” gifts?! Christmas IS about Celebrating Jesus, not about going out, getting in debt to buy stuff we don’t need or can afford! We stopped buying gifts once our niece and nephew turned 16. That was 20 years ago. It’s nice! No stress of dealing with the mall crowds, no debt. Life is Great! Stop supporting the commercialization of Holidays! You are supporting the same people you claim to resent (Big Corps).
Sad that any country will let the people struggle, mostly children. So sad
It's the same here in Ireland
@@uyoebyik Especially in Dublin - the rents are nuts and more expensive than a mortgage. But you can't save for a mortgage due to rent so it's a vicious circle. And dirty landlords renting "spaces" to immigrants - 10 of them stuffed into two bedroom homes with living/dining rooms converted to dormitory-style living spaces. I rented a three bedroom/two bathroom garden apartment on very fancy Leeson Park in the 90s for 600 quid a month! Now you can't rent a box room for that!
Human history is full of struggle.
We are just not used to it as much of it anymore.
No one said to have children you can I’ll afford
@@1joshjosh1 Let me guess, you own a house.🙃
I guess it's time for Canadians to seriously consider moving to other countries coz I don't think this problem is going away anytime soon especially at the rate the country is accepting newcomers, foreign students etc. which is partly fueling the demand for more housing.
Easier to say than do.
It not always better else where every country has their own issues we are not unique sometimes it’s worse 🤷♀️
I'm moving to Colombia when my pension starts
@@jessa9877 Yes, I agree but surely not impossible if the desire is strong enough to propel one to action.
Yes
Here in the US rents are hitting numbers too high for many middle class, even, much less the lower income families. People are literally, being priced out of their homes. It's terrifying.
This issue extends beyond just renters; it affects homeowners as well. Mortgage rates have surged by a factor of eight in a little over 14 months. This drastic increase in mortgage costs has led to a situation where many homeowners are now resorting to renting out their basements to meet their mortgage obligations. Even rental property owners are grappling with mortgage-related challenges, which have, in turn, forced them to raise their rental prices. The root problem here isn't solely the high cost of rents or mortgages, but the absence of a sufficient living wage or pension to comfortably cover housing expenses.
Unfortunately, addressing this complex issue will require years of effort, and it threatens the well-being of thousands of homeowners, jeopardizing their ability to keep a roof over their heads.
it is gods will ....
I bought a house four years ago when markets were decent. I have a new family and am excited about giving my kid real roots, something I never had growing up moving from place to place. It absolutely breaks my heart to hear this is happening to my fellow Canadians.
A county as large and resource rich as ours has absolutely no excuse for this abhorrent situation.
@heyheyitsthemonkees My family is doing great. Thats all that matters.
The successive governments that we kept electing over and over.
As a landlord I would rent to someone for 30% less if I know for sure that person would pay rent. I have to charge more because the Landlord and Tenant board make it impossible to evict a non paying tenant.
My daughter has had to leave her rented house 3 times in about 6 years because the landlord wanted to sell. It’s so upsetting and unsettling. We are in the U.K. Rents here are rising so quickly too
I live in America but was born in Canada. If I had to go back, I would be homeless. Ontario as a whole like much of Canada urbanwise is completely unaffordable. Whether you buy or rent.
@@jwonz2054 what if you can't afford to buy
lmao she has a very good life me 3 places is 4months yall need to stop complaining ive had to move twice since 2022
A friend who works in real estate, here in n.w. England, U.K. says Chinese investors are buying up many properties in the area, online, then renting them out to our young people, pipped at the post, trying to get a foot on the property ladder.
Same here in Canada.
Your real estate sector in the UK is the most corrupt in the world. A lot of unclean wealth across the world, mostly from countries with dictatorships has made their ways into your financial system. Your government recently sanctioned the Russian Oligarchs and I wondered if your government was blind when the unclean wealth was flowing into your economy and you were loving it.
Also, big rental companies began buying rental buildings and driving up the prices while services went down.
This crisis is happening almost everywhere. It’s happening in the USA as well. A studio apartment starts at $1450 at 500 sqf
Great comment 👍. This is so true.
It’s the same in Ireland :( my bed bed rose to 2k and lost it
A
@@sarahmc8309 Oh no! Sarah, I’m so sorry to hear that. I hope in the near future you will get back something better and under your budget.
it's happening in every country where money was printed/created for the pandemic... i woooonder whhyyyyyyyy.....
When I first started to live out on my own, about 9 years ago. I was renting a basement for $500 a month. I renewed a year lease without any increase. That same basement now is easily $1600 now due to the school zone that it's in and the growth in the area. Thru luck and a 2nd job, I managed to save up get a condo and then now a model small house after selling my condo (insane how the value appreciated for the condo). My condo was small despite trying to sell to non investors, I ended up always getting offers claiming to young couples then when the paperwork comes thru its always the name of a realtor as one of the buyers. Since I had to choose between a basket of serpents I had to choose the one that paid highest and further adding to the problem.
Trying to find a house was a terror. All those fake unrealistic prices that are artificially low to increase number of offers. It doesn't matter if you list it at $199K or $1.00 everyone is pushed to bid higher and higher, waive inspections. Its nuts.
Now all around my block REITs are buying up houses and flipping like crazy. I don't know how much longer we can sustain this model, its terrible.
You are smart to save while paying low rent in order to buy. I was in the same boat except it took me 25 years (rented in the trendiest zip code in Los Angeles). I bought my retirement home with cash 40 miles out in the suburb last year (will retire soon).
@@33Jenesis That's awesome to hear, I hope you get to enjoy a fulfilling retirement and congrats on finally being able to save you have something that's yours. Cheers!
Good analysis, the system will not sustain itself at this pace.
I did the same thing, I moved out on my own about 7 years ago, I rented a basement for $500 then I bought a condo in kitchener Ontario, I sold the condo last year and I bought 2 single family homes in downtown Windsor for cheap. I'm renting one and I live in one.
I saw where a couple paid $40 000 over asking price. What are you going to do with an offer like that?
It’s awful. Living with this stress I don’t wish on anyone. Have put myself through school and have been in my career for ten years, and still can’t afford a decent place and a single person. Not where I thought I’d be at 30.
I feel you
Ban Air BNB from domestic housing. If you want to open a hotel or an inn Go out and buy one and have it properly licensed not in the condo next door or house next door.
Ban all foreign buyers forever and force the current foreign owners to sell off the properties...it's sickening that regular people can't afford to buy a home and just as sickening to have to pay sky-high rent rates
I fully support
And if the REIT's aren't foreign?
@@steflift5165 what if it's our own poLIEticians buying up homes to rent them out for profit or to rent them out to Afghanistan refugees or Ukrainian refugees for three years under a three year program that gives the poLIEticians a tax break on top of it all whist giving the refugees three years wraparound free assistance???
I used to think life as a trucker was a liability since I have to live in the truck. Now I'm beginning to see it as an asset since housing is so expensive and mostly unaffordable. So even if prices continue to rise and force more people on the streets I can always live on the road rent free. When your given lemons you gotta make lemonade.
Lucky u
Not all of us are truck drivers...
When I started traveling abroad 8 years ago, I remember considering staying in Toronto several times (I do monthly stays while traveling). However, I was always taken aback by the prices to rent, even excluding Airbnb. I'm saying this as someone who has spent more than a decade living in two of the most expensive cities on the planet-NYC and London. I never ended up staying in Toronto for very long because the value versus price just never made sense. Now, I see that the problem is much bigger than I ever imagined and mirrors the situation in NYC.
Toronto is a very bad
Wages are double in New York City and rents are only marginally higher in New York City.
The situation is very similar in all cities across the globe... be it shanghai, honkong, mumbai, bangalore, nyc, london, toronto... rent is skyrocketting while wages and salaries are not... it feels like some homeowners are taking revenge on tenants becz of their loss in the pandemic...
The states are very expensive here to. Unbelievable prices to rent apartment's. Government not addressing rents or food prices. I am middle income and widow and not intitled to food stamps or any assistance and I know many are feeling the pinch but we let in immigrants who are getting 22,000 in money free rent. Our government is so out of touch with the average American. US and Canada sound the same
I sold my home 2021 and I've been dollar cost averaging all year long and I've almost maxed out my reserve, so I'm basically waiting for stocks to fully recover so I can break even, but on the other hand, I've been coming by articles on people who are puIIing off recurring proflts of over $150K wlthln just weeks of trades, what am i doing wrong?
I sold a couple of homes in the Tampa area for pretty good cash and I'm thinking to just leave it in stocks while waiting for a house crash to happen and as well avoid inflation, but is this really a good time to buy stocks? I hear it's a madhouse right now and I still hear folks are raking in huge 6figure profits by the weeks and I'd love to know how.
True, the US-Stock Mrkt had been on it’s longest bull-run in history, so the mass hysteria and panic is relatable, considering we’re not accustomed to such troubled mrkts, but as you mentioned there are avenues lurking around if you know where to look, I’ve netted over $850k in the past 10months and it wasn't some rocket-science strat. I applied , I just knew I needed a firm and reliable technque to navigate better in these times, so I hired a portfoilo advlsor.
@@tblazegutt I want direction so I can rescue my port-folio because of the huge plunges and think of better methodologies. How might one arrive at this counselor?
@@henrech It wouldn't be legitimate to simply Ieave her number Iying around, yet she has a site page you can check out in the event that you googIe her name. KIMBERLY JEAN HEAVNER is actuaIIy the one that guides me, she's a hlghIy-searched out advlser, so I'm unsure she's acceptlng new admissions, however you can try it out.
@@tblazegutt I checked, I saw why she's booked up, her creds/resumé is topnotch. I booked a consultation with her regardless.
I’m 50 now and because of the high cost of rent, I have never been able to catch up and save enough down payment to buy my own place. My partner and I finally make decent money but it’s still not enough.
I guess you didn't get the memo back in Y2K when you were approaching 30. I learned back then I would need three to four income streams to be able to buy a house. So I did two jobs 16 hour days for ten straight years. With my wife's as a third income we were able to pay for a downpayment for a residence 12 years ago.
Two income households no longer work today. With inflation and high taxes you'll need at least three income streams to be able to save up for a downpayment. I found this out when my College professor in the 90s told me he was working as a Dishwasher at night to make ends meet. That's when I knew salaries even back then were not keeping up with living requirements.
In in BC. I pay 65-70% of my income to housing, not including utilities. I work full time, at a decent job. There is zero way of getting ahead and everything I do it to just maintain my bills and food.
This isn’t just a Canadian problem it’s happening here in the US too. I make a good wage but can’t afford an apartment without a roommate and at 40+ I’m done. The housing crisis is happening in South Korea, Britain, Brazil ….. everywhere and zombie houses (investment properties) are raising the rates. I’m about 10 miles from downtown Portland yet a 1-br apartment starts at $1300 and goes to $2300 with the average going for $1600 per month plus utilities….
But you realize this is a Canadian investigative company right? So few things are about ehat goes on here and so much is about the US. I'm sorry you have theese issues too but the cost of living here is literally triple of most of the US. Please understand that
@@lemr88 oh trust me it's like that in the big cities here too
@@lemr88 ours is 1600 to 2400 on average which for the Canadian dollar is 2300 to 2940
@@mariachand54 ok sorry I just wish that the US wasn't always injected in our lives. I completely understand. My rent is raised 10% every single year despite the black mold etc. The cost of rent and living keeps increasing but I also make nothing more. I pay 1200 for a mold riddled broken appliance trash heap that was built in the 60's and get treated like I'm trash when I can't make rent but the landlord letsmy fridge die after complaints for 3 months and I lose 350 in groceries yo thesummer heat and not even an apology just a smaller used fridge
@@amadortv971 Interesting. Do those rents include utilities? That would be quite an expense if one's health insurance premiums are not covered by an employer.
I dont get why the first lady is complaining so much? She is a renter and she knows what she signed up for. So if the owners want to sell it and she has to move out, it sucks but it's not your house. Plus people thought landlords were making so much money. That is a lie. I am a landlord and because of the sharp increase of interest rates I cannot break even on my rent. I have to cover 20-30% of my instalment even though I don't live in it. People thought landlords are making a lot of profits when the truth is it isn't the case. Houses is so expensive these days & it is reflected in the rental prices as well.
So no mention of money laundering in the canadian housing market, that in the Toronto area foreign investors represent more than 60% of the invested capital. That we Canadians are against that corrupt money and that 10 years old initiative plan that houses have almost triple in value?
Just like in the states...blood money goes far.
In 2013 my Rent was $800/month in Milton Ontario. 2020 it was $1700/month for the same size place, one bedroom. I've left Milton, moved up North to Sudbury.
How is sudbury?
That’s about what it’s like here. About 3 or 4 years ago average rent was around $7-800. Now, $2000 is typical. That’s insane. I’m sorry you had to relocate. I hope things are better where you landed 🖤
Here's the solution globally. Banks can't buy houses. Only locals with residence can be landlords. If there's no financial incentive to make housing affordable because Blackrock is a landlord, if there's no consequences, there's no feedback loop to stabilize housing prices to optimize for the location. Landlording should be a special privilege, not a right.
No because then Banks can't sell houses or mortgages. Cut the problem off where it starts: people should not be owning multiple income properties. One family, one door. That's it.
@@tugger ONE FAMILY ONE DOOR!!!!!!!!!!!!!
@@tugger so you are advocating for someone to have power to tell you where you can and can't invest?? like if I sold all your investments because 'some reason'............oh ya wait that sounds like a dumb idea
Co-op housing is a better property ownership model that circumvents the profit motive and prevents renovictions.
It sounds rightl, but governments can't stop banks and REITs from doing this, because as the CEO said a big part of the pension funds are invested in REITs, banks, etc.
I am listening to this video about 10 months after it came out here on youtube... and I cannot even imagine myself paying 1400$ for renting a house in Canada. I am struggling to even find a decent apartment at that price... Let alone an entire house and this was barely a year ago. Profiteering off of housing should be illegal, if no laws are passed, not only is the economy going to be broken for generations because of disproportionate allocation of capital on real estate, but I fear even our political system might be in peril because shelter is at the very bottom of the hierarchy of needs and a system where bottom needs are not met is inherently unstable and prone to collapse.
I live in USA and it's the same here everywhere in the states and it's a greed problem as well as a shortage in housing
From what I've heard housing is overbuilt in America.
Canadians have traditionally viewed themselves as standing tall against prejudice and bias but in this case it seems to be proving otherwise, little concern for the renters is showing a different side of a Canadian, owning a home makes you better than renting a home. Who hasn't heard it been said " their just renters!🤔
Culture of greed has infected Canada
The practice of people offering rent in advance (6 months, a year, whatever) should be outright illegal, as should the practice of offering more rent than the asking price.
Very sad to see housing cost skyrocket but it's true in many parts of the United States as well. I would encourage people to look into buying homes in small towns where houses and rental properties are available at half or less then in larger cities. Two years ago I bought my house on a large lot with a detached two stall, two story garage for $70,000. Jobs are plentiful in many of these communities but because people like shopping centers, huge ball parks and freeways more than nature its where most want to live.