Canada's rental crisis: Why we’re losing affordable housing - The Fifth Estate
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- เผยแพร่เมื่อ 9 มี.ค. 2022
- Nearly one in three Canadians rents their home. Rental prices are skyrocketing, leading to the same kinds of bidding wars and disappointments that home buyers are facing. The Fifth Estate examines what’s driving rental prices up and some people out of their homes, including the growing trend of large investment companies buying up rental properties across the country.
To read more: www.cbc.ca/1.6378257
#Rent #HousingCrisis #CBCFifthEstate
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SAMAN MALIK
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original broadcast
MARCH 10, 2022
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About The Fifth Estate: For four decades The Fifth Estate has been Canada's premier investigative documentary program. Hosts Bob McKeown, Gillian Findlay and Mark Kelley continue a tradition of provocative and fearless journalism. The Fifth Estate brings in-depth investigations that matter to Canadians - delivering a dazzling parade of political leaders, controversial characters and ordinary people whose lives were touched by triumph or tragedy.
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
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?
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?
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
No property, houses nor apartments should be foreign owned and rent control in every province
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.
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.
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
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 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.
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
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.
One potential solution I see is to prohibit REIT from buying old buildings. Ask them to build from the ground up, this creates new supply.
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
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!
“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.
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.
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.
And then the boomers ask why we don't want to have kids. How and where would I put them? On the fridge? And with what money should I keep them alive? Ridiculous
Literally. It's responsible not to have kids if you can't afford a house of your own/stability, and most people can't.
Exactly!
The rent is high so it pays off their mortgages ( and then some )
boomers with a summer cottage & mountain ski chalet blaming the young people for the problems of the world...
The poor oppressed POC are having lots of kids, and you will be made to pay for them.
@@projectacuhope literally everyone in this video was white lmao
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,
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.
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!
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
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.
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!
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 ....
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
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.
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
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
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🙄
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?
$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.
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.
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.
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.
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).
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 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
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 ....
Also, big rental companies began buying rental buildings and driving up the prices while services went down.
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.
I'm almost 60 and homeless worked all my life but cant afford rent. My country failed me.
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?
No architect should worry about not affording rent. That’s like a grocery store employee unable to afford to eat.
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%
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
Rental Apartments and Homes are NOT much cheaper in smaller cities in Ontario. Sudbury is not "cheap" and we live in Georgian Bay - rent prices are off the wall ridiculous. $1,500 for a one bedroom rumpty dumpty apartment (not brand new).
Collingwood rents are exorbitant as well. We are 300 miles north of Toronto and the rents for this 23,000 population are nuts.
I have a friend in Collingwood who can't find a place to live. You are right about the situation. It feels as bad as Toronto. And (writing this in March 2024) I am now seeing multiple homeless people in Collingwood, which a few years ago did not happen.
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.
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.
@@2Dlove29 👌
@@Dines27120 👍
@@2Dlove29 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.
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 👍
she's complaining she pays 1400 a month for a 4 bedroom... she should be greatful she had it so good for so long, you can't get a "good" 1 bedroom apt for that. Welcome to reality lady, join the rest of us....
It's not up to home owners to provide affordable housing . It;s up to the government to provide geared to income housing.
No it is not. It’s up to you to house yourself. You depending on anyone but yourself is called entitlement. Lose it or be homeless
@@dcg590Then why do we need government and pay taxes?
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.
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’m crying watching this , I see myself in all these people ,the fears ,,the tears , worries, praying, worried sick
I feel for you all...but I got to say as someone who has been up against the extreme prices on the west coast for over a decade, I'm glad to see more awareness now that many other parts of Canada are catching up. Hopefully there's some kind of solution to this mess.
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 $611.66 a month (฿16,500) and I have 2 bedrooms, slightly larger than medium bathroom, a laundry machine in the kitchen, a large kitchen, large master bedroom, small spare room and a large living room. On top of that, I live in the new central part of Bangkok (across the street from Central Rama 9). Literally 5 min. walk to the main transit system. Moreover, on the 22nd floor.
And my sister wants me to move back home? For what?
exactly
For family.
Your sister is crazy. She wants you to suffer in the cold like she is suffering and work to pay rent and eat.
I had the same idea. Sell here and move to Asia.
@@jeretso - you will have problems, of course. But I highly encourage it if you have the chance. Live once, do things twice.
It's criminal what is happening regarding our housing in Canada. It's appalling. Homelessness looms. Welcome to fabulous Canada.
It's the same in the U.S. too. 😞
And depressing 🇨🇦
What country does not have homeless people? In every system, someone has to lose
@@brucewayne3892
What an apathetic soulless why to look at people in need- well, "someone has to lose"!
@@kryptonarie6367 what's the alternative?
in what universe does she pay 1400 a month for a 4 bedroom house? a closet costs that much in bc
I am listening to this video about 10 months after it came out here on youtube... and I cannot even imagine myself paying 1400$ 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.
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.
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!!
@@brandip2446 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.
Yeah after 10 years of renting you don’t own the home. That lady seems confused. Rental conversion was inevitable when the eviction moratorium was enacted. People want out of the rental business, corporations want in.
It's sad that Canada has all this land and we are in this position. The builders are probably ready to build but are stuck in red tape bureaucracy, unable to get zoning, permits, etc.. It boggles the mind. Canada has a lot of resources to sustain itself, things like cobalt and oil to name a few( all of which we would rather sell and import) We have more than enough land for everyone. Government is the worst.
not to mention, tons of timber for construction as well.
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.
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
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.
Here in Central Wisconsin we have a similar problem. We are still regarded as an affordable area but rent starts at 1200 a month. Housing prices have tripled in the last 5 years. Thank God I bought my house a decade ago.
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.
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
I absolutely love this channel. These are the topics that need to be brought up. I live in Toronto and the rent is crazy here. $2300+ for a 1 Bd apartment in uptown. It's like if you're not earning $5k after tax, comfortable life is a dream that's far from reality.
I wonder if many middle class people will leave the gta? 💶
@@yaakov22 middle class own homes and rentals too
There are many units empty, because the owner, often retired, can't deal with the repairs from deliberate vandalism etc.
Good tenants are not easily discernable from bad tenants
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.
How is it possible that a story about the economics of housing never mentioned the supply and demand numbers of housing in a 45 min story? CBC has reached a new low in factlessness. I am truly saddened.
It’s happening everywhere. It’s because greed has no limit.
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?
You could be talking about the U.S.- on SO many levels.
FIRST Build smaller houses. No One Needs 2 Storey 2000 plus square feet of house. Build 3 bedroom bungalows with a 2 bedroom basement suite. Add a Garage with a Suite on top. This would help the renters and home buyers afford houses.
Need to ban all corporations from owning residential property, plain and simple!
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 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
3:00 -- You are a long term renter. Because with three children, you and your husband decided against purchasing a home and paying a monthly mortgage, like what a lot of families do. The landlord has decided to sell his property -- and gave you a generous 4 month notice to vacate it. What exactly is the problem, I guess I am not gertting that part at all.
This is the agreement you make when you rent. It’s one of the sad downsides of renting but it’s reality.
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.
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.
Terrible, I live on Maui Hawaii and since the fires my landlord has been doing everything possible to get me out so she can double the rent. She took me to court last week trying to evict me and the judge threw out her case. I have a strong State of Hawaii Civil Rights case against her and the condo complex. Greed.
(I’m not a landlord)
Here in ON
A home rental place has a LOT of expenses as well
-40% of the rent collected is immediately not the landlords and must go towards the gov’t as doing your taxes
-home insurance has increase after the pandemic
-Property taxes …a Branford home that looks like the one you showed is not less than $6k/year
-roof replacement after 10-12 years is never less 9k +++depending on the size and the damage
-plumbing expenses
-electrical expenses
-miscellaneous
-that landlord might also have a mortgage on the house that you are renting and bank interest rates has gone so high
-miscellaneous expenses depending on the renters needs
Ps this rental issue is not just in Canada is literally all over the world
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.
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 !
In Alberta we just got an rental increase of 46 percent there is no cap on rentals and we are so shocked it's dehumanizing feeling as a renter in a big city, I feel like are unheard and unseen. But 46 percent increase is daylight robbery and not attainable since we don't get raises to help with anything just told go to the food bank and the shelters are over max capacity, no where to go and no one to listen to what it's like has hit us so hard I'm not sure we are going to be able to even stay in a basement suite apartment which is so sad when we have lived here 13 years and the place looks the same as the day we got it, no fair, we are just here for others to use us to pay for their things while the renters truly suffer, it's heartbreaking and full of sleepless nights. My question is now what do we do, we are having to bend over and just take it, because there is no vacancy in this city all of the ads that say come to Alberta please don't there's nothing here that's affordable we may have jobs but there's nowhere to live just a word of advice please take this advice it will take away your livelihood you will have no savings and you will come back from where we came from from a different province don't make the same mistakes we did I'm moving here for work with hopes and dreams and those were taken in one small document with a 46 percent increase. I have cried enough this passed few days looking for anything close to what we need it's unreal and heartbreaking.
This is the reason why I've tried to save every penny, cut down all my spending and working overtime to be able to buy my own home. Even though we have to pay property tax, it's still much cheaper than renting and/or being kicked out anytime.
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 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.
in my early 20's I had several times where a notice got slipped under my door that the apartment, we were living in was going condo. I new that this would happen all the time in one way or another. So after our first year of marriage my wife and I bought our first home. The only answer is to get your own place. It may be really hard at first but it is really the only way to secure your housing situation, or you will always be at the whim of landlords or property management companies.
If you buy, your rent will never go up and you can never be evicted!
except for nonpayment of the mortgage or taxes.