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Understanding Canada's Proposed Renters' Bill of Rights: Impact on Landlords
In this video, we examine Canada's proposed renters' bill of rights and its potential ramifications for landlords.
With a significant portion of Canadians, especially in the younger demographic, renting their homes, understanding these proposed changes is essential.
The discussion revolves around three main aspects of the proposed legislation: standardizing rental agreements, incorporating rent payment history into credit scores, and addressing the issue of "renovictions" with a dedicated fund.
While transparency in rental pricing and credit score adjustments are seen as positive steps, concerns arise over potential market disruptions and unfair treatment of landlords.
The video emphasizes the need for balanced legislation that protects both tenants and landlords, ensuring a fair and functional rental market.
I almost couldn’t tell if the proposal will help tenants or landlords more, or put in policy’s that do nothing except for waste money, which this government is already very good at
This helps landlords because tenants who miss rent payments now will get it tracked on their credit
I would say to make things simple, just buy a house and use it yourself as your principal resident , no renting, no trouble , no problem, no argument.
I wish
Australia has had a tenant credit system for many years. The ones that can’t get places are often homeless for the history of not paying rent. I’m ok with that. It’s the bad ones that ruin it for the good ones. This is long over due.
These regulations seem much better for landlords, than Alberta’s current regulations. As a landlord, I’m legally not allowed to reject a tenant without a rental history. It sounds like I’ll legally be able to ask for a credit score for new tenants. This would weed out many first time renters, and new Canadians, who don’t have a credit score, or have terrible scores. It seems very harmful to tenants. So many tenants have terrible credit history, and now it will get MUCH worse, for MANY Canadian’s. Canada’s rental vacancy rate is extremely low, and the new rules will mean more Canadians won’t be able to find a place to live. Does Trudeau want to fix the vacancy rate, by putting people with bad scores, on the streets?
When I heard this news on TV, I was confused and did not quite understand. Thank you for explaining. Now I fully understand.
There are al lot of very bad renters out there … this will help landlords weed out the bad ones. If your a good tenant you have nothing to worry about. It’s the bad tenants that ruin it for the good ones. I turned my suite into a AirB&B after dealing with non paying tenants and 10’s of thousands of dollars in repairs from damages I’ll never recover. The suite was $600 a month unheard of.. the damages were more than an entire years rent. Not worth it, now the suite brings in more than triple the amount you guarantee get paid free damage insurance and I never have to worry about RTB I can keep it and maintain it in good conditions. To me it’s not the money. It’s Russian roulette renting out to people that trash a place. My last long term tenant left me with more cost in damages than I ever received in rent. There needs to be a black list for the sake of the good ones.
Imagine landlords fighting over the good ones rather than tenants bidding up in property just to get a place. The tables will turn.
Bad renters? What do you expect from them when they're living in your dumps?
You did that for money because you were so greedy. Now live with it, who else cares.
You are simplifying the situation. I am a renter and a landlord myself, paying my rent more than on time every month, I came across good and terrible landlords as well. So this is not that simple... as for the new regulations, transparency is nice, but doesn't help renters right now. The market is tough for renters and you are happy if you find a place. The credit score, I don't care about, I have an excellent credit rating and I don't see how this will help renters to get into their own home, if you don't have the money to by a one million dollar crap home in eg. Greater Vancouver area (including the surrounding cities). As long as the housing supply with affordable housing isn't available, nothing is about to change for the rental market.
@@cmdrstevemcmaru7417I agree, it’s more beneficial to landlords and does nothing to help renters move into home ownership. But the liberals are great at pretending to give a sh*t. Hopefully people are wise to their gaslighting grift and not as easily bamboozled by bs like they were in 2015. ….”Because it’s 2024!”
Sue your envy does not look well. I guess you’ll bea renter forever and from the sounds of it you may end up on the street if the history of non payment of rent impacts your credit score. Why o you have a h8 on for people who are more successful than you?
How is the government going to administer reporting of the credit history? Pay the landlord to report it? Why would the landlord do it voluntarily?
maybe big conglomerates that own many high rise rentals will do the extra paperwork but the family home that rents out a floor as a separate apartment highly unlikely. it’s just another way of the government making sure they squeeze every last tax dollar out of the landlords. it will also increase everyone’s taxes in order to build and run another unnecessary bureaucratic machine. how about making the interest on a mortgage tax deductible, that would make home ownership more affordable.
Making it more challenging to be a landlord will make less incentive to be a landlord which will mean less landlords which will mean less supply, higher costs.
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
You are right! I’ve diversified my $450K portfolio across various market with the aid of an investment coach, I have been able to generate a little bit above $830k in net profit across high dividend yield stocks, ETF and bonds.
Do you mind sharing info on the adviser who assisted you?
My CFA ’Melissa Terri Swayne’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
I just checked her out on google and I have sent her an email. I hope she gets back to me soon.
I see lots of nonsensical ideas behind this proposed Tenant Bill of Rights-
(1) Rent legislation is a provincial responsibility and the federal government will not get all provinces to agree on standardized requirements and a common data form (
2) It would be costly for taxpayers to fund a government database on previous rental charges - much of which are already accessible from public sources. I do recall the billion dollar gun registry that was scrapped by the Harper Administration
(3) tenant rent payment history records may adversely impact tenants who may have missed payments for understandable reasons.
(4) The $15 legal fund for landlord tenant disputes will at best amplify the lethargic legal process with existing provincial rent tribunals.
In summary, the elephant in the room (removal of rent controls) is not being addressed and until rent controls are removed, small investors will put their money elsewhere - not in the real estate market. And the SUPPLY SHORTAGE of residential rental properties will get bigger as the population of people looking for rental spaces increases over time.
Thank you for your clear explanation
What happens if you've paid your landlord every month, then something happens (like a disagreement) and Landlord tarnishes your credit? Then there are the nasty landlords who do not repair the plumbing/electric/etc... and the tenant decided to not pay rent (until repairs are made), that will too lead to a tarnished credit. Then, there are the nasty tenants who simply have had either ruined their credit, but kids need a roof too. There has to be more to this tenant/landlord agreement and credit score. I'm just looking from the outside. I used to be a tenant (a good one) and then bought a house; my daughter simply ran up her first credit card at 18 and had a hard time renting an apt. She's a homeowner now. I've thought about being a landlord, but, too many negatives although there are great tenants out there. Lots of questions. Lots of loopholes too, I bet.
Good point on credit score, I agree
awesome , thanks dan
Who is paying to register all this new data with the credit rating agencies ? Probably the tax-payers or the landlords. 1984.
How does knowing the rent history help the prospective tenant “negotiate with the landlord,” as JT claimed in his speech introducing this nonsense?
This is as much of a nonstarter as trying to buy groceries based on last week’s prices. Good luck with that.
NOT FAIR.some renters just rent .and don't pay.they are professional renters.
Kinda right. I’m a landlord. If I did a major Reno and upgraded a place adding many luxuries. Like in suite laundry it has but I’m just using as example … . I would hope to get more rent rather than use a rent history so I don’t think that wouldn’t work in negotiations. I’ve heard of instances where tenants were bidding up in Victoria and Langford BC just to get a place. But with a tenant credit score I would fight for a tenant and reasonably negotiate rent for the good ones hands down. As it is… every tenant is a risk. I have had chronic late payers and thrashers. My last thrasher cost more money in repairs than a whole years rent. The RTB calls it wear and tear..
Totally, i want to buy groceries at 1920 prices bwhahahah!! I want to buy a hose for 1960 prices of $8000 lol. this PM is a joke.
To be fair, he doesn't like to think about monetary policy.
1:15 passive income, can also be translated to parasitic income. At 0% interest and a good credit score with a good job. It was so easy to buy houses for the asset class, i.e. baby boomers, and others that homes became an investment commodity with derivatives and futures. Wow, this is great news for the asset on in class. Their income depends upon the suffering of the exploited class which having to pay $20-$30,000 per year to housing are almost permanently locked out. The only people buying houses now or corporate entities exploiting 30 years of neglect. Supply and demand you build houses to meet demand and prices will soften.
They just need more housing development, Canada is wasting a lot of time with some useless legislation in this space...
Again Stup-ideau is sticking his face into the domain of the provinces.
His dad took a walk in the snow. I would love for Trudeau to take a long walk off a short dock!
Informing tenants of previous rent is like going to the grocery store and asking how much each food item was selling for last, week, last month or last year....
Interesting but irrelevant.
But I agree with you sir it is not going to impact rent pricing given the market sets rents.
This policy will do nothing but confuse the issue with smoke and mirrors. It does nothing.
One who got financially broke and got medals on his credit reports.....how he will bounce back....No landlord will rent ever in his life......be ready for homeless people on the street of Toronto......and the Landlord will end up paying more tax on public disclosures. The real side of this fact is ugly.
How does the credit reporting agencies know if you are paying rent on time or not, just curious.
I’m sorry, but if I was a landlord and I didn’t like the way my “client” (the tenant) was treating my asset he’d be on his way out.
It’s a social credit scoring system
how about demoviction. that is what i am facing :(
Problem is most tenants will not be able to pay on time because it’s become so ridiculous. May I have an adverse effect but not they’re doing more of economic circumstance come on the cost of living is so ridiculous. You’re just looking for more tent cities And one last thing, are you being paid for by the Chinese government? Sorry could be valid course the Chinese government would love nothing more than to destabilize this country.
Laws are made when they are needed. There are hundreds of landlords who are disgraceful people. They make their money by buying cheap slum like buildings. It's interesting to note that many of these landlords are from outside Canada. Perhaps from 3rd world countries with very low standards. Upkeep or even basic needs is not done. In order to understand what their duty is, they cannot expect to come to Canada and make money by creating 3rd world accommodation for Canadians. We don't have dirt floors, insects and grossly unsanitary conditions. We keep ourselves clean. If we wanted to live a life like that we could move to a 3 world country and be happy as clams! Have a good look at an Asian restaurant kitchen for example. Most times you'll shake your head and walk out. The worst landlords are greedy and evil. Get more anyway they can. And we pay for inspectors to try and keep landlords in line.
pest free loc
Who cares?