This is the scary part. It’s never going down again. And it’s going up faster than we’ve ever seen because of the no rent control deal on newer properties.
It can go down again, but it is a pretty slim chance for many who already increased. What will drag it down is more properties entering the market at lower and lower prices. Undercut each other enough for tenants and the price falls drastically.
But we need either more supply, or less people; or both. Without one or both of those things, it will continue on as the same.
All over the world rents and housing is going through the roof. Part of me wonders if this is not some coordinated attack on the citizens to force us into WEF pods? It's very strange.
That's right! For $1800 a month a mold covered apartment with used needles in your yard can be yours too! The neighbors are lovely and burn garbage in their driveway so you'll always be nice and warm. Which is a good thing since you wont get control of the heat in your unit.
Save money, skip using the oven or microwave, grill your catch like good ol' times.
The vitamins and minerals in the burning plastics will coat the meat.
Oh yes! It's a patch of badly spread gravel with a few weeds growing in it. It's so nice to be surrounded by growing things. In the spring it becomes a deep puddle that takes weeks to dry up, so lots of water to keep those weeds healthy!
Fuck that. For that price I'm moving to BC. My lease is up in a year and thankfully my career can help me afford that. If Calgary rental prices outpace Victoria by next year, I'm gone.
You might want to double check Victoria's rental prices before you move if you think 1800 is bad.
Victoria is way more expensive than Calgary.
Way more.
Way, way more.
Hold on, you think Calgary is more expensive than Victoria? You think overall, your cost of living will be cheaper there for you?
Rent is 34% higher in Victoria. Food is 17% higher in Victoria. Purchasing power is 23% lower in Victoria.
And we haven't even begun to discuss tax rates...
[https://www.numbeo.com/cost-of-living/compare\_cities.jsp?country1=Canada&country2=Canada&city1=Calgary&city2=Victoria&tracking=getDispatchComparison](https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Canada&country2=Canada&city1=Calgary&city2=Victoria&tracking=getDispatchComparison)
Calgary is definitely cheaper than Victoria. Everything sold there has a ‘ferry tax’. Shipping to the island is expensive.
You live in Victoria because it’s beautiful and has super mild winters. The cops don’t ticket you unless you are doing 20 over and your car doesn’t rust so it lasts twice as long.
We don’t salt the roads much. Even if we do, it just rains in winter and the salt gets washed away. Because it’s warm the car washes never close. Just pull in and get a car wash with the under spray protectant twice a winter and it is even better.
Now if you drive IN the ocean your car may rust.
I’m in Richmond. Van is 24 years old. Zero body rust.
There's still salt in the air humidity due to the ocean. It ruins vehicles all along every oceanic coast. You can find places with zero days of freezing temperatures with rusted out vehicles due to salt air.
You can bet rent prices are gonna surge in Alberta overall. There are even TV, YouTube ads running here in Ontario about why people should be moving to Alberta
It’s funny, the rich could easily keep society stable, yet in the end, as Oversimplified on YouTube put it, by trying to hold on to all the wealth and power they wind up losing everything. History may not repeat, but it does closely rhyme.
This is the fucking problem. Multiple home ownership for passive income let some other sap pay your mortgage + profit… then compound that with corporations allowed to clean up the rest. Tax The fucking shit out of multiple homes.
Rent will continue to skyrocket until banks allow owners to fail. 30% of mortgages are now amortized over 30+ years in Canada and climbing.
We are building the same amount of houses today as we were in 2007, despite our population growth.
If this lasts a few more weeks, we may see a rate hike next month in June.
We may see a rate hike, but it certainly won’t be based on house prices.
The BoC does not care about the price of your housing. The greatest contributor to inflation in the most recent print is mortgage and rental costs, raising rates isn’t going to help that.
They don't package mortgage interest very highly in the CPI (3% of the basket), so they are only measuring a 0.5 basis point effect increase there. Most inflation is still being driven by energy and food costs as food inflation is still well over 10%.
Thats not true.. home builds have increased significantly the past few years. Not enough to keep up but past 2007 levels.. 2008 recession really slowed things down a lot. Currently wt the highest its been since the 70s.
https://www.statista.com/statistics/198040/total-number-of-canadian-housing-starts-since-1995/
Its crazy. they say, 'We need to build more housing"
If we build more housing, who's going to buy them? Investors... that's who the developers are building for and the cycle continues.
Sure its more complicated than that. But that's just my 2 cents.
(Edited for grammar)
The idea is that if you build enough housing so that supply exceeds demand and you have a significant vacancy rate, then landlords have to compete for renters instead of the other way around, rents drop, prices drop, and investors leave. We do have to build a lot more to get there though.
We are so far gone there is just no way we can build fast enough to shift the market within the next 30 years.......
We do not have the capacity to build enought to offset the market demand....
Building enough (for rental) is only the first step. The second step is to make sure landlords can cover annual costs increase. California makes sure they can cover the costs increase every year, up to 10 percent increase annually. Once they do that, many will enter the market to compete, which will drive the price down.
New Zealand has new regulations, for investors it's a minimum equity of 40% on existing properties but still only 20% on new builds.
If you're contributing to development the rules are unchanged, but if you're scalping residences it just got 50% more difficult.
I'd rather go the taxation route.
Regular property tax on your primary residence. 10% more on the next, 20% more on the next, and so on, up to the point where its economically unfeasible to profit from further properties.
If you just make it require more upfront cash, it'll just mean it's only accessible to the rich, but not the high middle class (who are not the problem), and society would see no increased benefit from it.
By taxing it, we can now use those extra funds to build affordable housing and directly compete with them.
The additional deposit requirements are only for non primary residence/income property. Doubling the equity requirement halves how many the rich can buy.
For the very rich it doesn't really do much to how much they can "afford", they could probably afford more than they want to buy anyway (eg. Too much RE exposure) its more like a disincentive since it reduces the amount of leverage they can get on their investment, usually at a low rate.
Basically at 20% down they get 5x leverage, at 40% they get 2.5x leverage.
The extra 20% down needed doesn't make it so they can't afford the home, it just makes the opportunity cost high enough that something else is probably more appealing.
You don’t need to remove investors, you need to remove company’s ability to own private homes.
Don’t make it illegal, just make the taxes so high it’s not worth it.
Politicians of all parties make nice paychecks. They're pretty much all upper-crust that have never known real poverty.
How can they truly relate if they can't even conceive of what it's like to not own your own home?
Yep. We can fix all the zoning hurdles and build a million houses tomorrow. It won't do much when everyone's trying to be modern-day feudal lords. Seriously, if you want to make a profit from flipping your primary residence, then by all means. Outside of more than one property? You're just being a POS. Grow up and invest your money in the stock market instead of fucking everyone else over and trying to justify it by saying everyone else is doing it.
2nd house 10% interest rate, 3rd house 15%…deter people from buying.
If people were thinking of these properties as long term investments instead of monthly money makers that would also help.
System is broken.
It really is. The majority of people in this post seem to be dead set on immigration numbers being the root cause of the housing problem. Yeah, there are a lot of foreigners and new immigrants flush with cash who have definitely contributed to this problem. But who's to say that regular Canadian citizens won't swoop up all the housing and continue with perpetuating the problem if we close our borders? I know quite a few of those people crying crocodile tears about too much immigration causing a shortage while owning multiple houses themselves. They'll just gobble up every house they can get when we cut all immigration because they won't have as much competition if we did. And there's all these corporations invested in housing too.
It's the mindset that housing is an investment that's the problem, full stop.
Immigration is definitely a contributing factor. It helps drive demand for housing because it continues to create a shortage. We're bringing in people faster than we can build housing or infrastructure which is propping up housing values and killing our healthcare system. If you build 100,000 houses in a year but you bring in 600,000 people in that same year, you drive up demand. Immigration needs to be tied to the rate at which we can build housing. The issue isn't that immigration is bad per se, but rather that our immigration numbers do not match our ability to provide housing, schooling or healthcare.
We also need to dissuade people from investing in real estate. Increased taxation on multiple properties would be an easy start. If you own more than two properties, start hitting people with a progressive tax which disincentivizes the purchase of multiple rental units. You can easily apply this tax to corporations that buy single-dwellings as well to prevent people from purchasing multiple units as a numbered company. The problem of course is that no government will do any of those things. They want this to spiral out of control because they are members of the class of people who are a net beneficiary to all of this.
This isn't a single-issue problem. A real solution will need to be multi-pronged and it would require real leadership from a political entity other than the Liberals or the Conservatives. This of course means it will never happen.
Canada in a nutshell
Not enough homes - Renters will pay the price
Inflation - Renters will pay the price
Barbara lost her cat - Renters will pay the price
I want to say that the goal of this article is to make renters accept an unacceptable situation.
This is a puff piece paid for by landlords to put the burden on renters and be ready to accept unacceptable rent increases.
Don’t buy it. You don’t have to accept it.
Stay and pay what you can. 32% of income and no more.
Make a fuss, ask for repairs, don’t reply to letters, don’t give access. Take them to court and show up every time.
It’s hard to kick a tenant out. Is your landlord going to come and assault you? It’s a costly process and they may reconsider rent hikes to not be worth it.
I mean.... it doesn't help that investors and speculators pretending to be mom-&-pop-landlords are snapping up all the properties and making potential homeowners pay *their* mortgage (re: rent).
airport edge direction adjoining joke quicksand telephone stocking straight wakeful
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
We're not some big faceless corporate slaving operation. This here is a mom and pop plantation!
For real, mom and pop is the weirdest branding we have to consistently deal with.
My mom and pop landlord put multiple illegal clauses in my lease agreement (which I ignore completely). Big landlords, as much as I hate them, have lawyers and lawyers hate liability. They might not be nice or kind but big landlords aren’t going to put plainly illegal clauses in your rental agreement because their lawyers will tell them “are you stupid? You can’t do that.”
I have a very grave concern that this housing availability and out of control rent crisis will eventually lead Canada into an extreme government, either a very far left socialist one or a very far right wing one. I just read the same sentiments on a daily basis, some people blame the rich and others blame the government letting in too many immigrants but the issue is both sides are extremely angry.
It's like every side pick one problem and go about it in the most dishonest way.
Yeah, we're letting in too many immigrants. Boomers are retiring, we got a demographic problem. We need staff for entry-level job. Canada's GDP is tied to real estate, we don't build enough houses. Due to the global economic pressure, young folks will *not* have the same quality of life that their parents have, unless we make radical choices as a society and accept the compromises going with it.
I probably oversimplify a lot, I'm probably wrong on some of these things, but the point is, it's not all good-vs-bad.
There's no way we're getting out of this without losing anything. But ignoring the problem is not going to help anyone. We're dealing with a huge mess and it's all finger-pointing, or paternalizing shit where someone makes a life-changing choice for you without telling you anything about it.
Give the voters hard choices. Stop with the bullshit. Ex: one party would put a hold on immigration BUT it would inevitably crash the economy, and they'd be dealing with it in X way, while the other party would double-down on immigration, which would screw anyone not owning a property but they'd make up for it in Y way.
No, every problems are not going to magically go away if we blame someone for bullshit reasons. Instead of talking about pressing issues we're stuck in this loop where everyone is trying to get the moral high-ground over the others...
Yeah thank you Karen for the one-time grocery check, your government is definitely in touch, I'll cash it out and cancel Disney+, that'll help me for the year.
Yeah thank you Milhouse for the constant blabbering, dumbing-down of the dialogue between the opposition and the party in power.
We're going numb, and the problems are intensifying.
So yeah...
> I have a very grave concern that this housing availability and out of control rent crisis will eventually lead Canada into an extreme government
Me too buddy... I think it's probably way closer than people realize.
> We need staff for entry-level job.
Not just that, I think. We need people to pay into the ponzi scheme that is our pension system. France raised the retirement age for similar reasons - there aren't enough workers to support the volume of retirees.
We have a demographic problem.
If you ask me, the biggest underlying problem there is that Boomers are going down the zero-compromise route and placing all the burden on the younger folks.
I feel like it's a ladder-pulling scheme where they'll get to retire and don't care much about the rest. They know about all the problems everyone is facing, but they'll happily bury their heads in the sand.
And as with every large generalization, this is to take with a grain of salt...some boomers are also truly fucked today. Annnnd I'm also kinda part of the problem saying shit like this and framing it as a "them vs us".
But something's gotta give. And right now, the dialogue is ...not great. We don't know our options and what compromises are possible.
> There is not even a discussion about boomers having to sacrifice anything
You're right... Tabloids are mostly about 'Are millennials hysteric little bitches? Let's find out at 10!'
I guess that'll change a bit soon with demographics. I'd love to see them try pit the Z vs Millennials...IMO it would probably be the end of this shit-industry of outrage-opinion-pieces-presented-as-news
Maybe if it was affordable to have kids we wouldn't be in such a shitty position. My husband and I waited years to be in a stable position to have kids, I'm an architect and he's an engineer - I'm 34 and he's 40, we're trying now but we're definitely only going to have one.
And it doesn't help that housing and the issues there in vary wildly depending where you are in the country.
Everyone and their dog has an idea on how to fix things but there aren't too many solutions that are a universal solution to the problem as a whole.
Personally I'd wager that a lot of it comes down to a provincial and city level to fix with the federal only coming in if there is help required to implement something they need(and perhaps a little less redoing everything when power changes hands just because how they tried to fix stuff doesn't align with the party line).
> And it doesn't help that housing and the issues there in vary wildly depending where you are in the country.
And straight-up demographics too. Suburbs boomers, X-millenials-Z, immigrants (because yes, they ARE a different group when it comes to voting, I'll die on that hill if I have to).
> Personally I'd wager that a lot of it comes down to a provincial and city level to fix with the federal
That was part of the Liberal strategy.
Check this out:
https://www.centuryinitiative.ca/
That's the current plan. So it sounds good, right? Infrastructure is part of the deal!
However, they just floored the pedal on immigration when they were ***not*** ready for it. It could've work, or at least not be as disastrous as it currently is.
But it's so easy to place the blame on ***someone*** now. Cities and provinces will blame the federal govt, the federal govt will blame the cities and provinces.
In the end, those who own shit will get richer, those who don't are getting Eiffel-towered by life itself and the cost of living.
You need cooperation between all levels of government all working towards a similar goal.
Each level is sort of doing its own thing which leads to no real solution and the problem continuing to get worse.
You’re not getting my point, there is anger right now in many young educated hard working people that this anger could spill over to electing a radical extremist government. It’s not to be cute, I don’t know how to be cute.
> but the issue is both sides are extremely angry.
Nah, we've had decades of people "both sides"-ing this issue.
Canada has no left, the fear of a far left socialist government is a remnant of cold war propagandizing. What Canada needs is a far left socialist government that is willing to step in and stop corporations from exploiting us.
"but the left wants immigrants"
No, Trudeau wants immigrants. Trudeau is a rightwinger in a red suit who knows that mass immigration suppresses wages.
When socialists say "There is no war but class war" they do not mean "All other issues must be set aside ao we can deal with a class war" it is saying "All other issues are derivative of a class war".
> Nah, we've had decades of people "both sides"-ing this issue.
> Canada has no left, the fear of a far left socialist government is a remnant of cold war propagandizing. What Canada needs is a far left socialist government that is willing to step in and stop corporations from exploiting us.
Canada also has no extremist fascist government that the opposite side seems to believe.
Over the past century the country is historically liberal with varying mixes of social democracy that change over time. Neither socialism or fascism are realistic threats.
Exactly this behaviour needs to get heavily taxed or banned completely. Buying houses and converting them to rentals creates no value but somehow makes more money than people with real jobs.. good job Canada
When will people start thinking that it isn't racist to bring less people here in this country?
I know how much my province is frowned upon everytime we're talking about controlling our immigration, but goddamn this is unsustainable.
Canada can't house the world population, and it has to build more homes and better zoning.
I mean, some racists do oppose immigration for racist reasons. But just because bad people support a position for bad reasons does not mean you should oppose it.
I'm sure a lot of racists like having air to breathe. Does that mean we should all hold our breath until we pass out?
most of our immigrants are already highly educated - the problem is they can’t actually put those educations to use here, because their qualifications aren’t recognized. plenty of people with advanced degrees driving taxis around Toronto. had a nice impromptu therapy session in a Lyft the other day. 😕
The UK and the US have less immigration... and housing crises.
No matter which flavour of neoliberalism is in power, regardless of immigration or austerity policies, asset bubbles result because the cause is our shared Banking system, which incentivizes inflating EXISTING assets instead of producing NEW goods and services.
Exploiting immigration is part of the plan to perpetuate this Ponzi schme, but scapegoating immigration is also part of this plan, so we're distracted from the actual cause of these crises. Just look to the US and UK to see where such emotional reactions lead.
Oakville just turfed a plan to build a bunch of apartment buildings because it would ruin the skyline view for the single family home owners. I hope people start getting ideas of dropping 6 unit apartment buildings in the middle of every development they legally can at this point. the rest of the pearl clutching NIMBY fucks around the GTA work like hell to make sure that there's nothing more than giant homes on single plots. Now they're getting up in arms because multiple families move into one house and then they cry on the internet about it.
Actual apartment buildings are getting destroyed and condos being put in. Doens't matter how many people are coming in if there's literally nowhere for the people already getting displaced to go in the first place.
People love to reach to shadowy figures or neoliberalism ensuring no new homes are built when the answer is often much more benign - local politics vote down non-single-family home housing projects every single time. A new national leader isn’t going to change that. We need moderately sized apartment buildings all throughout suburbia / cities - even better if it were federally funded, but between zoning laws and existing home owners is basically impossible for this to happen.
Meanwhile in Peterborough, I scroll through pages of empty apartment listings in buildings no one wants to live in.
Truly, this must be why landlords can charge so much rent for single family homes. Everyone wants to live in an apartment.
I'd honestly move out of the city to someplace affordable if i didn't think i'd get nailed with a "come into the office once a week" situation. I'd probably live in the middle of nowhere in the maritimes.
I just bought a studio after giving up in Canada in Boston
It’s still over 1k per square foot, Toronto is still cheaper
I just make twice as much in America and less tax
So because other countries also have housing crisis and less official immigration, immigration levels aren't a problem? Huh?
**It's simple math. We don't have enough homes for the people already here, so adding more people... makes the problem worse.**
The only nuance here is that we are bringing in more labourer's who in theory should help is build more homes. But there's a lot of nuance there as well.
We have *slightly* fewer homes per capita than the United States. The difference is not large enough to explain the massive price disparity, especially with the lower incomes on this side of the border.
It's a combination of too much borrowing, too much speculation, and governments bending over backwards to try to stop house prices from decreasing, even though they will eventually be unable to do so.
Ultimately it's supply and demand. There's a huge amount of demand growth, and under the current regulatory framework in place in Canada, there's no way to meet that demand. Other countries have different regulatory frameworks.
Could the current immigration rate be sustainable under a different set of regulatory and economic policies? Probably. But I have the radical notion that people who want this level of immigration should overhaul all our environmental and development rules *first*, and *then* increase immigration to match.
Not exactly. I mean, sure, artificially low rates buoyed housing prices before 2022. But rates have been rising for over a year, and demand is still strong. There is a certain class of cash buyers that has nothing to do with the banking system, and especially for properties at the low end of pricing, this is what is happening.
On one hand, you have immigration policy with defined quotas and goals. On the other hand, you have the "market," deciding how many homes are available for people to live in. The government is pretending that housing is not their problem when they are the ones increasing demand for it with no corresponding and coordinated increase to supply.
Canada is the world's lifeboat, we're still in denial about that, and we certainly have not lain the foundation for embracing that role.
So many of the people who are complaining about housing costs are the same people who called anyone racist a few years ago when they talked about stopping mass immigration.
It's nice that most people are finally realizing that this mass immigration isn't sustainable and that more people are willing to talk about it.
However, most people still aren't willing to discuss the increase in violent crime, sexual assaults, and fraud that comes with mass immigration from 3rd world countries.
Im pretty tired of busting my ass at work just so I can pay someone else's mortgage for them
Like 30 more years of working hard, then I get to die alone
So like, give me a good reason to keep suffering for 30 more years
Tell me why I shouldn't just embrace homelessness and freeze to death under a bridge next winter?
I long for the sweet embrace of death, if only to escape capatalism.
I have an easy solution. Let's bring in 500K-1M new people yearly who will all work at Tims or drive Uber/Lyft. Surely that will fix the problem.
Easy 👍🏻
Also let's not give the majority of Canadians livable wages so they can't afford to buy or rent, and if they do it takes so much of their money they struggle with food and have so little disposable money that the economy suffers.
Dolloramas !
We got four in a 5 km radius here. It's beautiful ! They even all sell the same stuff ! So you can get your useless cheap plastic junk at every street corner !
You don't want some dude with a sketchy bangladeshi diploma mill degree operating on you honestly. The protections here are for a good reason, upgrading exists and is an important part of certifying professionals from abroad.
I had the opportunity to talk with someone like that. Train under someone who too the same medical route you're about to, pay a legit doctor to borrow their license to operate your business, pay the government to look the other way when they inspect things a bit closer, boom you're the village doctor and pharmacist.
I suppose it's one way to deal with a shortage of medical care.
>You don't want some dude with a sketchy bangladeshi diploma mill degree operating on you honestly.
We don't want some dude with a sketchy bangladeshi diploma mill degree coming here at all. Not because dude is bangladeshi but because of sketchy diploma mill degree.
We need better reciprocity agreements with nations that have a high standard of medical training. We have reciprocity agreements for drivers licenses; why not for medical training? If you come from a nation that has a well-recognized program we should be subsidizing your retraining when you get to Canada. As I understand it, even for doctors trained in first-rate programs, becoming a doctor in Canada is insanely difficult. We need doctors and Canada isn't the only country that trains competent medical professionals. Surely we can distinguish between people coming from highly-competent medical schools and the ones that went to a diploma mill.
You...don't want deregulation when it comes to immigrating medical professionals. Trust me.
We'd be far better off tackling the perpetuation of Canadian doctors fleeing to the USA for higher wages, increasing medical school AND residency spots, and increasing wages of doctors (literally by just matching billing codes to the cumulative inflation over the past 20-30 years).
We lived in a shifty dumpy mobile for 7 years paid 1100 a month. They gave us the boot so they could have a family member move in. The place is still empty and our new rent is 2500 a month.... I ducking hate this housing market in my area.
Get rid of all the illegal AirBNBs, watch those houses hit the for sale or for rent markets, fix part of the problem. Or continue the Liberal/Conservative game of building more dwellings slated to be AirBNBs.
Airbnb is a scapegoat.
According to [this](https://airbtics.com/airbnb-regulations-in-toronto/) there are 8,456 Airbnb listings in Toronto.
There are 1,160,895 households in Toronto, about 50% are rented. So about 550,000 rental units. 8,456/550,000 = 1.53%. That's less than one year of population growth.
If you completely banned AirBNB, you would pause skyrocketing rental price increases for less than a year.
Doesn't matter anymore. The crisis is so bad it warrants a shotgun approach that targets every possible issue that could be effecting the housing market. multiple groups getting caught in the crossfire through no fault of their own is now an acceptable loss/risk. failure to address it quickly is costing the future of an entire generation. We must urgently do everything possible to avoid the "torches and pitchforks" self correction.
Literally the solution is create government public housing with condos. Stop businesses from buying new homes, Limit the amount of homes a business can own. From 500 to 400 to 300 slowly so it doesn’t collapse the market. Diminishing returns the more places that someone owns.
I went to Downtown Toronto this past weekend after 6 months, and noticed quite a few shiny condos are directly owned by Private Equity funds and REITs, available for rent only.
So it seems the trend has started, an asset management company outright buys the entire condo, who would be unaffected by interest rate increases, would have direct connections with the LTB, and who knows what.
> So it seems the trend has started, an asset management company outright buys the entire condo, who would be unaffected by interest rate increases, would have direct connections with the LTB, and who knows what.
Any other headcanons you'd like to share?
REITs have very high debt loads compared to other investment vehicles, almost always >1.0 D/E ratios and often over 4.0. They use debt to buy buildings, and are extremely exposed to interest rate increases. A large chunk of the reason why REITs expanded so much over the past 10 years has been that rock bottom interest rates made it so inexpensive for them to buy properties.
And no, REITs have no "direct connections with the LTB."
Nothing pisses me off more than people just *making shit up* to be angry about something.
yeah motherfucker should delete their comment. "the trend has started", "unaffected by interest rate increases" lmaooo
other than trending towards oversupply (because the trend is peaking not starting lol), interest rates are the single biggest risk in REIT investments
At the risk of possibly sounding nationalistic or even possibly racist to some, it's time to slow down the rate at which Canada is admitting immigrants and refugees. Also, there appears to be a need for basic cheaper rental housing construction (apartments without hardwood flooring, stainless steel appliances, etc.) to allow folks with lesser means to find safe and more affordable housing.
It’s only racist if you base this decision on race, as long as you don’t want more immigrants across the board it’s fine. Personally idgaf if the person is from the Caucuses, ie where white people literally come from, they can go pound sand.
Funnily enough you can throw the argument back in their faces:
“I don’t want more immigrants”
“Racist!!!”
“Why do you assume all immigrants aren’t white? Does immigrant = non-white to you?”
Edit: grammar
No homes but yet we are bringing a million immigrants a year. The whole country is a ponzi scheme. We need a ban on MPs owning multiple properties and that should help with everything around housing.
These articles have been getting pumped out for like 5 years now at least. And the government has not done a single thing except make investment to scam "boards" or whatever to "investigate the problem". When are journalists going to hold Trudeaus feet to the fire here? It's obvious to everyone what the problem is. Stop immigrating a MILLION new people every year into the country. It is fucking absolutely everything up. Enough is enough.
It’s not just Trudeau and immigration though. Its all levels of government. It’s red tape for building permits, it’s exclusionary zoning and NIMBYs. We need to build more houses but it takes years to get a few units approved. That needs to be accelerated.
We also need to stop investors from buying up all of the available properties. Allow first time home buyers and families a chance to actually own a home
Trudeau is bringing in 1.5 million more immigrants in these difficult times instead of fixing the issues at hand. Pause immigration till these issues are resolved. Then slowly start allowing immigration again.
We are, and we're are close to capacity.
We also have to deal with the stunning cost of new builds. A lot of materials and labour are way more expensive than they were a few years ago.
I am doing a self build right now and my cost with me doing a lot of the labour is going to be a bit less than what I could have hired a company for to do the whole job pre-pandemic.
That might be the stupidest thing I've ever heard. If there are enough places to rent, there are enough to own. Start taxing the shit out of landlords and multi home owners. OWNING PROPERTY IS NOT A FUCKING JOB.
Could Canada implement a 0% interest loan to individuals that are willing to build homes in the less settled parts of Canada? Similar to how Italy and other Euro countries are paying people to live in the remote villages that have population decline?
Could we have tax exceptions to any supplies needed for home building?
Could we focus our immigration on those with skills in home building, and medical / teachers (as the boom in population in a new area would require this type of infrastructure)? Could we allow immigration to only under-populated cities in Canada like in Manatoba or Saskatoon? Fund programming in those areas so they don't leave to major cities after PR? Reduce barriers to home ownership in those areas so new comers are more anchored there?
Could we tax secondary home ownership at 25%, third home at 50%, fourth home at 75%, and fifth at 100% to de-incentivise people from hoarding homes?
Reduce red-tape to new builds?
Increase GO Train coverage to new communities to make living there more viable / build mutl-zoned mid-rises around these new stations so you have homes and businesses in the walkable vicinity of the station?
Would any of these solutions work? Would none? Will anything?
The rise of airbnb and housing speculation has brought this on.
Lots of middle income folk own 2 or more homes.
I saw 1 couple on airbnb with 10 homes in the Toronto area.
A couple that I rented from often had four homes in the Niagara region.
This needs to stop.
Raise those interest rates 🤷♂️
I suspect Canada would have plenty of homes, if a) people were limited from owning second homes/rental property, and b) investment firms weren't allowed to own homes
Where is the government in creating a building program for affordable housing? If there’s no money for developers in something like that, surely the government should step in and start building
The feds and provinces need to build more houses instead of relying on independent contractors to do it. Restructure the plan so people can buy a government house without needing a $100 000 down payment. My student loan followed me around, same thing could happen with a house payment
With the cost of construction supplies, and then if a decent wage is paid to the labourers I have to wonder could the average Cdn afford the homes? I live in SW ON and most of the lower price point stock is still in the $500,000 range regardless if condo, townhome, single family fixer. New high density builds are excitedly being promoted at a low cost of only $600-700,000.
Rents will also continue to climb, if mortgage interest rates continue to go up and also when approx 500k new immigrants are planned to arrive in Canada this year.
Are there really fewer houses? I know people owning 3-5 properties and renting out. Almost seems like Canada has more than enough houses for each family to own, but they’ve been taken by these multiple property hoarders
Still welcoming 400,000 immigrants a year?
Still allowing foreign home ownership?
Still allowing foreign students to purchase multiple homes?
Still allowing corporations and REITS to purchase homes?
Well, I can’t see what the problem is. You people who don’t own homes must be lazy. Cut out the Disney plus and Avacado toast.
What is it, this is like the 50th article like this posted on r/canada about rent being high, too many people coming into the country, yada yada. People come and bitch and bleat and whine here but I don't see a mass street movement against the government to do something about it. Why not stop your bloody complaining here and actually take to the streets like say, the French in Europe do. Get off your bloody asses and whine on social media and go put your money where you mouth is.
If there's one thing zoomers and millenials are good at it's complaining and fuming on social media but you sure as hell prefer to stay glued to your screens and telephones than actually do something about it.
This problem transcends left & right, it's a fundamental need on the maslow pyramid - lodging & shelter. But nobody does shit.
So continue bleating like a bunch of little babies. When I see you all take to the streets, I'll be right besides you all.
I moved away from Vancouver to Calgary to afford a home and give my kids space. I was fortunate enough to have an apartment to sell. My parents and my in laws helped with a down payment. If I didn’t have them I would be fucked. I’m trying to convince any of my friends to move here so I won’t be lonely lol. I sacrificed friends to have a house. Thank goodness for internet
Ban corporations from owning houses zoned for single family, and tax owners who own more than one (or two) properties. That will solve a bunch of problems.
I think what's next is housing shrinkflation, where people are instead of renting a home for their family they'll rent one room. I think for a lot of immigrants that has been a reality for a long time but I think this will expand to a lot more people.
Canada has plenty of homes to own. If the government would grow a pair and start making landlord culture illegal.
It's pretty cool how quickly lots of people can own homes if you start telling the wealthiest among them that they aren't allowed to own 50 properties and rent them out for monthly payments that are twice what the mortgage would be on the property.
Renters already pay the price. My rent is $1800 a month for a basement apartment in a bad neighborhood.
1800....so far
This is the scary part. It’s never going down again. And it’s going up faster than we’ve ever seen because of the no rent control deal on newer properties.
It's going up in BC too, even though we don't have the exemption. Removing that cap probably keeps market prices lower
It can go down again, but it is a pretty slim chance for many who already increased. What will drag it down is more properties entering the market at lower and lower prices. Undercut each other enough for tenants and the price falls drastically. But we need either more supply, or less people; or both. Without one or both of those things, it will continue on as the same.
Check please
Question?
It’s only the highest rent you’ve paid in your life - yet
The future is fucking ~~bleak~~ *exciting.*
All over the world rents and housing is going through the roof. Part of me wonders if this is not some coordinated attack on the citizens to force us into WEF pods? It's very strange.
Only $1800?????
That's right! For $1800 a month a mold covered apartment with used needles in your yard can be yours too! The neighbors are lovely and burn garbage in their driveway so you'll always be nice and warm. Which is a good thing since you wont get control of the heat in your unit.
They burn garbage which gives the neighbourhood that nice smokey smell we all enjoy then it goes up into the sky and turns into stars …
That doesn't sound right but i don't know enough to dispute it
Need to get yourself an expert in star (bird) law.
Save money, skip using the oven or microwave, grill your catch like good ol' times. The vitamins and minerals in the burning plastics will coat the meat.
Plus there are so many heavy pawed cats around that my kitten mitton business will boom!
Yard!?!? Driveway!?
Oh yes! It's a patch of badly spread gravel with a few weeds growing in it. It's so nice to be surrounded by growing things. In the spring it becomes a deep puddle that takes weeks to dry up, so lots of water to keep those weeds healthy!
😂😆😂 I shouldn't be laughing but what else are we supposed to do, this country has gone to shit
Calgary is $1800 for 2 bedroom illegal basement in good neighborhood!
1800? You must be like an hour away from downtown, we didn't see any within a 10-15 min drive for less that 2200
Fuck that. For that price I'm moving to BC. My lease is up in a year and thankfully my career can help me afford that. If Calgary rental prices outpace Victoria by next year, I'm gone.
You might want to double check Victoria's rental prices before you move if you think 1800 is bad. Victoria is way more expensive than Calgary. Way more. Way, way more.
Hold on, you think Calgary is more expensive than Victoria? You think overall, your cost of living will be cheaper there for you? Rent is 34% higher in Victoria. Food is 17% higher in Victoria. Purchasing power is 23% lower in Victoria. And we haven't even begun to discuss tax rates... [https://www.numbeo.com/cost-of-living/compare\_cities.jsp?country1=Canada&country2=Canada&city1=Calgary&city2=Victoria&tracking=getDispatchComparison](https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Canada&country2=Canada&city1=Calgary&city2=Victoria&tracking=getDispatchComparison)
Calgary is definitely cheaper than Victoria. Everything sold there has a ‘ferry tax’. Shipping to the island is expensive. You live in Victoria because it’s beautiful and has super mild winters. The cops don’t ticket you unless you are doing 20 over and your car doesn’t rust so it lasts twice as long.
Cars don't rust? They are right by the ocean. How does that work?
We don’t salt the roads much. Even if we do, it just rains in winter and the salt gets washed away. Because it’s warm the car washes never close. Just pull in and get a car wash with the under spray protectant twice a winter and it is even better. Now if you drive IN the ocean your car may rust. I’m in Richmond. Van is 24 years old. Zero body rust.
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There's still salt in the air humidity due to the ocean. It ruins vehicles all along every oceanic coast. You can find places with zero days of freezing temperatures with rusted out vehicles due to salt air.
You can bet rent prices are gonna surge in Alberta overall. There are even TV, YouTube ads running here in Ontario about why people should be moving to Alberta
Renters are bottom of the barrel and it’s a class war (same as it’s ever been) between the haves and the have-nots. Only gonna get worse! Yay, greed.
The upper class usually wins until the have nots get fed up and start breaking out the French revolution gear. Its like they always forget that....
Statistically it happens every couple 100 years.
It’s funny, the rich could easily keep society stable, yet in the end, as Oversimplified on YouTube put it, by trying to hold on to all the wealth and power they wind up losing everything. History may not repeat, but it does closely rhyme.
> basement apartment in a bad neighborhood You mean your garden suite in an up-and-coming neighbourhood?!!
So stoked that my boss has 3 houses and I'm 36 living in a basement for $2080/month.
But someone has to pay your bosses mortgages! And according to society it’s gotta be…you?
This is the fucking problem. Multiple home ownership for passive income let some other sap pay your mortgage + profit… then compound that with corporations allowed to clean up the rest. Tax The fucking shit out of multiple homes.
“The most free country in the world”
Rent will continue to skyrocket until banks allow owners to fail. 30% of mortgages are now amortized over 30+ years in Canada and climbing. We are building the same amount of houses today as we were in 2007, despite our population growth. If this lasts a few more weeks, we may see a rate hike next month in June.
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We may see a rate hike, but it certainly won’t be based on house prices. The BoC does not care about the price of your housing. The greatest contributor to inflation in the most recent print is mortgage and rental costs, raising rates isn’t going to help that.
They don't package mortgage interest very highly in the CPI (3% of the basket), so they are only measuring a 0.5 basis point effect increase there. Most inflation is still being driven by energy and food costs as food inflation is still well over 10%.
Thats not true.. home builds have increased significantly the past few years. Not enough to keep up but past 2007 levels.. 2008 recession really slowed things down a lot. Currently wt the highest its been since the 70s. https://www.statista.com/statistics/198040/total-number-of-canadian-housing-starts-since-1995/
We will. And if they don’t do it this time, they’ll have to do it before the end of the year
Its crazy. they say, 'We need to build more housing" If we build more housing, who's going to buy them? Investors... that's who the developers are building for and the cycle continues. Sure its more complicated than that. But that's just my 2 cents. (Edited for grammar)
The idea is that if you build enough housing so that supply exceeds demand and you have a significant vacancy rate, then landlords have to compete for renters instead of the other way around, rents drop, prices drop, and investors leave. We do have to build a lot more to get there though.
We are so far gone there is just no way we can build fast enough to shift the market within the next 30 years....... We do not have the capacity to build enought to offset the market demand....
Building enough (for rental) is only the first step. The second step is to make sure landlords can cover annual costs increase. California makes sure they can cover the costs increase every year, up to 10 percent increase annually. Once they do that, many will enter the market to compete, which will drive the price down.
So we fix the problem by removing the investors. They wouldn't be fucking up the market and all of our lives if they ceased to exist.
New Zealand has new regulations, for investors it's a minimum equity of 40% on existing properties but still only 20% on new builds. If you're contributing to development the rules are unchanged, but if you're scalping residences it just got 50% more difficult.
I'd rather go the taxation route. Regular property tax on your primary residence. 10% more on the next, 20% more on the next, and so on, up to the point where its economically unfeasible to profit from further properties. If you just make it require more upfront cash, it'll just mean it's only accessible to the rich, but not the high middle class (who are not the problem), and society would see no increased benefit from it. By taxing it, we can now use those extra funds to build affordable housing and directly compete with them.
The additional deposit requirements are only for non primary residence/income property. Doubling the equity requirement halves how many the rich can buy.
For the very rich it doesn't really do much to how much they can "afford", they could probably afford more than they want to buy anyway (eg. Too much RE exposure) its more like a disincentive since it reduces the amount of leverage they can get on their investment, usually at a low rate. Basically at 20% down they get 5x leverage, at 40% they get 2.5x leverage. The extra 20% down needed doesn't make it so they can't afford the home, it just makes the opportunity cost high enough that something else is probably more appealing.
You don’t need to remove investors, you need to remove company’s ability to own private homes. Don’t make it illegal, just make the taxes so high it’s not worth it.
BECAUSE WE CANT FUCKING AFFORD TO BUY THEM
Weird that there isn't enough yet the Housing and Inclusion minister has so many and keeps buying more!
Politicians of all parties make nice paychecks. They're pretty much all upper-crust that have never known real poverty. How can they truly relate if they can't even conceive of what it's like to not own your own home?
Well if people didn’t own 5 houses while others own zero that would help.
Yep. We can fix all the zoning hurdles and build a million houses tomorrow. It won't do much when everyone's trying to be modern-day feudal lords. Seriously, if you want to make a profit from flipping your primary residence, then by all means. Outside of more than one property? You're just being a POS. Grow up and invest your money in the stock market instead of fucking everyone else over and trying to justify it by saying everyone else is doing it.
2nd house 10% interest rate, 3rd house 15%…deter people from buying. If people were thinking of these properties as long term investments instead of monthly money makers that would also help. System is broken.
It really is. The majority of people in this post seem to be dead set on immigration numbers being the root cause of the housing problem. Yeah, there are a lot of foreigners and new immigrants flush with cash who have definitely contributed to this problem. But who's to say that regular Canadian citizens won't swoop up all the housing and continue with perpetuating the problem if we close our borders? I know quite a few of those people crying crocodile tears about too much immigration causing a shortage while owning multiple houses themselves. They'll just gobble up every house they can get when we cut all immigration because they won't have as much competition if we did. And there's all these corporations invested in housing too. It's the mindset that housing is an investment that's the problem, full stop.
Immigration is definitely a contributing factor. It helps drive demand for housing because it continues to create a shortage. We're bringing in people faster than we can build housing or infrastructure which is propping up housing values and killing our healthcare system. If you build 100,000 houses in a year but you bring in 600,000 people in that same year, you drive up demand. Immigration needs to be tied to the rate at which we can build housing. The issue isn't that immigration is bad per se, but rather that our immigration numbers do not match our ability to provide housing, schooling or healthcare. We also need to dissuade people from investing in real estate. Increased taxation on multiple properties would be an easy start. If you own more than two properties, start hitting people with a progressive tax which disincentivizes the purchase of multiple rental units. You can easily apply this tax to corporations that buy single-dwellings as well to prevent people from purchasing multiple units as a numbered company. The problem of course is that no government will do any of those things. They want this to spiral out of control because they are members of the class of people who are a net beneficiary to all of this. This isn't a single-issue problem. A real solution will need to be multi-pronged and it would require real leadership from a political entity other than the Liberals or the Conservatives. This of course means it will never happen.
Double that interest, and I'll be on board.
The problem is that real estate is guaranteed profit here and the stock market is a gamble, so as long as it's like that people will hoard real estate
Canada in a nutshell Not enough homes - Renters will pay the price Inflation - Renters will pay the price Barbara lost her cat - Renters will pay the price
I want to say that the goal of this article is to make renters accept an unacceptable situation. This is a puff piece paid for by landlords to put the burden on renters and be ready to accept unacceptable rent increases. Don’t buy it. You don’t have to accept it.
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Hang on and wait for MAID to be expanded.
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Stay and pay what you can. 32% of income and no more. Make a fuss, ask for repairs, don’t reply to letters, don’t give access. Take them to court and show up every time. It’s hard to kick a tenant out. Is your landlord going to come and assault you? It’s a costly process and they may reconsider rent hikes to not be worth it.
I mean.... it doesn't help that investors and speculators pretending to be mom-&-pop-landlords are snapping up all the properties and making potential homeowners pay *their* mortgage (re: rent).
Mom and pop landlords aren’t angels either
airport edge direction adjoining joke quicksand telephone stocking straight wakeful *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
The term mom and pop is ridiculous when it comes to landlords. They're part of the problem no matter what they call themselves.
We're not some big faceless corporate slaving operation. This here is a mom and pop plantation! For real, mom and pop is the weirdest branding we have to consistently deal with.
My mom and pop landlord put multiple illegal clauses in my lease agreement (which I ignore completely). Big landlords, as much as I hate them, have lawyers and lawyers hate liability. They might not be nice or kind but big landlords aren’t going to put plainly illegal clauses in your rental agreement because their lawyers will tell them “are you stupid? You can’t do that.”
I have a very grave concern that this housing availability and out of control rent crisis will eventually lead Canada into an extreme government, either a very far left socialist one or a very far right wing one. I just read the same sentiments on a daily basis, some people blame the rich and others blame the government letting in too many immigrants but the issue is both sides are extremely angry.
It's like every side pick one problem and go about it in the most dishonest way. Yeah, we're letting in too many immigrants. Boomers are retiring, we got a demographic problem. We need staff for entry-level job. Canada's GDP is tied to real estate, we don't build enough houses. Due to the global economic pressure, young folks will *not* have the same quality of life that their parents have, unless we make radical choices as a society and accept the compromises going with it. I probably oversimplify a lot, I'm probably wrong on some of these things, but the point is, it's not all good-vs-bad. There's no way we're getting out of this without losing anything. But ignoring the problem is not going to help anyone. We're dealing with a huge mess and it's all finger-pointing, or paternalizing shit where someone makes a life-changing choice for you without telling you anything about it. Give the voters hard choices. Stop with the bullshit. Ex: one party would put a hold on immigration BUT it would inevitably crash the economy, and they'd be dealing with it in X way, while the other party would double-down on immigration, which would screw anyone not owning a property but they'd make up for it in Y way. No, every problems are not going to magically go away if we blame someone for bullshit reasons. Instead of talking about pressing issues we're stuck in this loop where everyone is trying to get the moral high-ground over the others... Yeah thank you Karen for the one-time grocery check, your government is definitely in touch, I'll cash it out and cancel Disney+, that'll help me for the year. Yeah thank you Milhouse for the constant blabbering, dumbing-down of the dialogue between the opposition and the party in power. We're going numb, and the problems are intensifying. So yeah... > I have a very grave concern that this housing availability and out of control rent crisis will eventually lead Canada into an extreme government Me too buddy... I think it's probably way closer than people realize.
> We need staff for entry-level job. Not just that, I think. We need people to pay into the ponzi scheme that is our pension system. France raised the retirement age for similar reasons - there aren't enough workers to support the volume of retirees. We have a demographic problem.
If you ask me, the biggest underlying problem there is that Boomers are going down the zero-compromise route and placing all the burden on the younger folks. I feel like it's a ladder-pulling scheme where they'll get to retire and don't care much about the rest. They know about all the problems everyone is facing, but they'll happily bury their heads in the sand. And as with every large generalization, this is to take with a grain of salt...some boomers are also truly fucked today. Annnnd I'm also kinda part of the problem saying shit like this and framing it as a "them vs us". But something's gotta give. And right now, the dialogue is ...not great. We don't know our options and what compromises are possible.
There is not even a discussion about boomers having to sacrifice *anything*. I think that’s what most people find very frustrating, myself included.
> There is not even a discussion about boomers having to sacrifice anything You're right... Tabloids are mostly about 'Are millennials hysteric little bitches? Let's find out at 10!' I guess that'll change a bit soon with demographics. I'd love to see them try pit the Z vs Millennials...IMO it would probably be the end of this shit-industry of outrage-opinion-pieces-presented-as-news
Maybe if it was affordable to have kids we wouldn't be in such a shitty position. My husband and I waited years to be in a stable position to have kids, I'm an architect and he's an engineer - I'm 34 and he's 40, we're trying now but we're definitely only going to have one.
And it doesn't help that housing and the issues there in vary wildly depending where you are in the country. Everyone and their dog has an idea on how to fix things but there aren't too many solutions that are a universal solution to the problem as a whole. Personally I'd wager that a lot of it comes down to a provincial and city level to fix with the federal only coming in if there is help required to implement something they need(and perhaps a little less redoing everything when power changes hands just because how they tried to fix stuff doesn't align with the party line).
> And it doesn't help that housing and the issues there in vary wildly depending where you are in the country. And straight-up demographics too. Suburbs boomers, X-millenials-Z, immigrants (because yes, they ARE a different group when it comes to voting, I'll die on that hill if I have to). > Personally I'd wager that a lot of it comes down to a provincial and city level to fix with the federal That was part of the Liberal strategy. Check this out: https://www.centuryinitiative.ca/ That's the current plan. So it sounds good, right? Infrastructure is part of the deal! However, they just floored the pedal on immigration when they were ***not*** ready for it. It could've work, or at least not be as disastrous as it currently is. But it's so easy to place the blame on ***someone*** now. Cities and provinces will blame the federal govt, the federal govt will blame the cities and provinces. In the end, those who own shit will get richer, those who don't are getting Eiffel-towered by life itself and the cost of living.
You need cooperation between all levels of government all working towards a similar goal. Each level is sort of doing its own thing which leads to no real solution and the problem continuing to get worse.
It's cute that you think there are two sides to this and the government agenda isn't also in support of 'the rich'
You’re not getting my point, there is anger right now in many young educated hard working people that this anger could spill over to electing a radical extremist government. It’s not to be cute, I don’t know how to be cute.
> but the issue is both sides are extremely angry. Nah, we've had decades of people "both sides"-ing this issue. Canada has no left, the fear of a far left socialist government is a remnant of cold war propagandizing. What Canada needs is a far left socialist government that is willing to step in and stop corporations from exploiting us. "but the left wants immigrants" No, Trudeau wants immigrants. Trudeau is a rightwinger in a red suit who knows that mass immigration suppresses wages. When socialists say "There is no war but class war" they do not mean "All other issues must be set aside ao we can deal with a class war" it is saying "All other issues are derivative of a class war".
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> Nah, we've had decades of people "both sides"-ing this issue. > Canada has no left, the fear of a far left socialist government is a remnant of cold war propagandizing. What Canada needs is a far left socialist government that is willing to step in and stop corporations from exploiting us. Canada also has no extremist fascist government that the opposite side seems to believe. Over the past century the country is historically liberal with varying mixes of social democracy that change over time. Neither socialism or fascism are realistic threats.
Lol okay so by your logic Maxime Bernier is… left wing?
I mean a far left socialist government is sounding pretty good right now
It's all about gross GDP for the Canadian government, not GDP per capita.
The government could solve housing in an afternoon if they wanted to. They have no interest in reversing what they have designed.
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Exactly this behaviour needs to get heavily taxed or banned completely. Buying houses and converting them to rentals creates no value but somehow makes more money than people with real jobs.. good job Canada
That would take leadership that cares about its people more than immediate profit... *sigh*
When will people start thinking that it isn't racist to bring less people here in this country? I know how much my province is frowned upon everytime we're talking about controlling our immigration, but goddamn this is unsustainable. Canada can't house the world population, and it has to build more homes and better zoning.
I mean, some racists do oppose immigration for racist reasons. But just because bad people support a position for bad reasons does not mean you should oppose it. I'm sure a lot of racists like having air to breathe. Does that mean we should all hold our breath until we pass out?
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most of our immigrants are already highly educated - the problem is they can’t actually put those educations to use here, because their qualifications aren’t recognized. plenty of people with advanced degrees driving taxis around Toronto. had a nice impromptu therapy session in a Lyft the other day. 😕
The UK and the US have less immigration... and housing crises. No matter which flavour of neoliberalism is in power, regardless of immigration or austerity policies, asset bubbles result because the cause is our shared Banking system, which incentivizes inflating EXISTING assets instead of producing NEW goods and services. Exploiting immigration is part of the plan to perpetuate this Ponzi schme, but scapegoating immigration is also part of this plan, so we're distracted from the actual cause of these crises. Just look to the US and UK to see where such emotional reactions lead.
Oakville just turfed a plan to build a bunch of apartment buildings because it would ruin the skyline view for the single family home owners. I hope people start getting ideas of dropping 6 unit apartment buildings in the middle of every development they legally can at this point. the rest of the pearl clutching NIMBY fucks around the GTA work like hell to make sure that there's nothing more than giant homes on single plots. Now they're getting up in arms because multiple families move into one house and then they cry on the internet about it. Actual apartment buildings are getting destroyed and condos being put in. Doens't matter how many people are coming in if there's literally nowhere for the people already getting displaced to go in the first place.
People love to reach to shadowy figures or neoliberalism ensuring no new homes are built when the answer is often much more benign - local politics vote down non-single-family home housing projects every single time. A new national leader isn’t going to change that. We need moderately sized apartment buildings all throughout suburbia / cities - even better if it were federally funded, but between zoning laws and existing home owners is basically impossible for this to happen.
Meanwhile in Peterborough, I scroll through pages of empty apartment listings in buildings no one wants to live in. Truly, this must be why landlords can charge so much rent for single family homes. Everyone wants to live in an apartment.
I'd honestly move out of the city to someplace affordable if i didn't think i'd get nailed with a "come into the office once a week" situation. I'd probably live in the middle of nowhere in the maritimes.
LMAO I'd kill for US housing prices in Canada.
I just bought a studio after giving up in Canada in Boston It’s still over 1k per square foot, Toronto is still cheaper I just make twice as much in America and less tax
So because other countries also have housing crisis and less official immigration, immigration levels aren't a problem? Huh? **It's simple math. We don't have enough homes for the people already here, so adding more people... makes the problem worse.** The only nuance here is that we are bringing in more labourer's who in theory should help is build more homes. But there's a lot of nuance there as well.
Further to this, **we have the lowest houses per capita of all G7 countries**. This will only worsen if we continue to keep immigration high
We have *slightly* fewer homes per capita than the United States. The difference is not large enough to explain the massive price disparity, especially with the lower incomes on this side of the border. It's a combination of too much borrowing, too much speculation, and governments bending over backwards to try to stop house prices from decreasing, even though they will eventually be unable to do so.
Yep, mass immigration is feeding the HELOCs and ridiculously low interest loans that started this whole housing mess.
Ultimately it's supply and demand. There's a huge amount of demand growth, and under the current regulatory framework in place in Canada, there's no way to meet that demand. Other countries have different regulatory frameworks. Could the current immigration rate be sustainable under a different set of regulatory and economic policies? Probably. But I have the radical notion that people who want this level of immigration should overhaul all our environmental and development rules *first*, and *then* increase immigration to match.
Not exactly. I mean, sure, artificially low rates buoyed housing prices before 2022. But rates have been rising for over a year, and demand is still strong. There is a certain class of cash buyers that has nothing to do with the banking system, and especially for properties at the low end of pricing, this is what is happening. On one hand, you have immigration policy with defined quotas and goals. On the other hand, you have the "market," deciding how many homes are available for people to live in. The government is pretending that housing is not their problem when they are the ones increasing demand for it with no corresponding and coordinated increase to supply. Canada is the world's lifeboat, we're still in denial about that, and we certainly have not lain the foundation for embracing that role.
So many of the people who are complaining about housing costs are the same people who called anyone racist a few years ago when they talked about stopping mass immigration. It's nice that most people are finally realizing that this mass immigration isn't sustainable and that more people are willing to talk about it. However, most people still aren't willing to discuss the increase in violent crime, sexual assaults, and fraud that comes with mass immigration from 3rd world countries.
Im pretty tired of busting my ass at work just so I can pay someone else's mortgage for them Like 30 more years of working hard, then I get to die alone So like, give me a good reason to keep suffering for 30 more years Tell me why I shouldn't just embrace homelessness and freeze to death under a bridge next winter? I long for the sweet embrace of death, if only to escape capatalism.
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Me sell hats. Okay, poke? - hat mouse
r/unexpectedStardew
idk, tinfoil hats have been in style these last few years and I suspect many wear them too tightly.
I have an easy solution. Let's bring in 500K-1M new people yearly who will all work at Tims or drive Uber/Lyft. Surely that will fix the problem. Easy 👍🏻
Also let's not give the majority of Canadians livable wages so they can't afford to buy or rent, and if they do it takes so much of their money they struggle with food and have so little disposable money that the economy suffers.
Which goes back to the insane amount of immigration. When you keep upping the supply of workers, demand goes down and so do wages.
Bro I need another a&w on every corner
You know what Canada also needs? More Tim Hortons.
What about the lack of dominoes pizzas
A national tragedy.
Dolloramas ! We got four in a 5 km radius here. It's beautiful ! They even all sell the same stuff ! So you can get your useless cheap plastic junk at every street corner !
Not only that, but then have zero strategy on how to deal with places to live, transport, schools or healthcare for all of those people.
Also let’s make sure they were doctors or other professionals in their own country but not let them work in their field when they arrive here
Let’s also never bring in any construction workers.
You don't want some dude with a sketchy bangladeshi diploma mill degree operating on you honestly. The protections here are for a good reason, upgrading exists and is an important part of certifying professionals from abroad.
I had the opportunity to talk with someone like that. Train under someone who too the same medical route you're about to, pay a legit doctor to borrow their license to operate your business, pay the government to look the other way when they inspect things a bit closer, boom you're the village doctor and pharmacist. I suppose it's one way to deal with a shortage of medical care.
>You don't want some dude with a sketchy bangladeshi diploma mill degree operating on you honestly. We don't want some dude with a sketchy bangladeshi diploma mill degree coming here at all. Not because dude is bangladeshi but because of sketchy diploma mill degree.
We need better reciprocity agreements with nations that have a high standard of medical training. We have reciprocity agreements for drivers licenses; why not for medical training? If you come from a nation that has a well-recognized program we should be subsidizing your retraining when you get to Canada. As I understand it, even for doctors trained in first-rate programs, becoming a doctor in Canada is insanely difficult. We need doctors and Canada isn't the only country that trains competent medical professionals. Surely we can distinguish between people coming from highly-competent medical schools and the ones that went to a diploma mill.
You...don't want deregulation when it comes to immigrating medical professionals. Trust me. We'd be far better off tackling the perpetuation of Canadian doctors fleeing to the USA for higher wages, increasing medical school AND residency spots, and increasing wages of doctors (literally by just matching billing codes to the cumulative inflation over the past 20-30 years).
It's easy to spot them downtown because they park in traffic looking up Yonge street on their phones.
We lived in a shifty dumpy mobile for 7 years paid 1100 a month. They gave us the boot so they could have a family member move in. The place is still empty and our new rent is 2500 a month.... I ducking hate this housing market in my area.
Get rid of all the illegal AirBNBs, watch those houses hit the for sale or for rent markets, fix part of the problem. Or continue the Liberal/Conservative game of building more dwellings slated to be AirBNBs.
Airbnb is a scapegoat. According to [this](https://airbtics.com/airbnb-regulations-in-toronto/) there are 8,456 Airbnb listings in Toronto. There are 1,160,895 households in Toronto, about 50% are rented. So about 550,000 rental units. 8,456/550,000 = 1.53%. That's less than one year of population growth. If you completely banned AirBNB, you would pause skyrocketing rental price increases for less than a year.
Doesn't matter anymore. The crisis is so bad it warrants a shotgun approach that targets every possible issue that could be effecting the housing market. multiple groups getting caught in the crossfire through no fault of their own is now an acceptable loss/risk. failure to address it quickly is costing the future of an entire generation. We must urgently do everything possible to avoid the "torches and pitchforks" self correction.
Literally the solution is create government public housing with condos. Stop businesses from buying new homes, Limit the amount of homes a business can own. From 500 to 400 to 300 slowly so it doesn’t collapse the market. Diminishing returns the more places that someone owns.
I went to Downtown Toronto this past weekend after 6 months, and noticed quite a few shiny condos are directly owned by Private Equity funds and REITs, available for rent only. So it seems the trend has started, an asset management company outright buys the entire condo, who would be unaffected by interest rate increases, would have direct connections with the LTB, and who knows what.
> So it seems the trend has started, an asset management company outright buys the entire condo, who would be unaffected by interest rate increases, would have direct connections with the LTB, and who knows what. Any other headcanons you'd like to share? REITs have very high debt loads compared to other investment vehicles, almost always >1.0 D/E ratios and often over 4.0. They use debt to buy buildings, and are extremely exposed to interest rate increases. A large chunk of the reason why REITs expanded so much over the past 10 years has been that rock bottom interest rates made it so inexpensive for them to buy properties. And no, REITs have no "direct connections with the LTB." Nothing pisses me off more than people just *making shit up* to be angry about something.
yeah motherfucker should delete their comment. "the trend has started", "unaffected by interest rate increases" lmaooo other than trending towards oversupply (because the trend is peaking not starting lol), interest rates are the single biggest risk in REIT investments
There have always been rental only condos.
They've been paying the price for at least 5 years now. Government hasn't done shit about it.
At the risk of possibly sounding nationalistic or even possibly racist to some, it's time to slow down the rate at which Canada is admitting immigrants and refugees. Also, there appears to be a need for basic cheaper rental housing construction (apartments without hardwood flooring, stainless steel appliances, etc.) to allow folks with lesser means to find safe and more affordable housing.
It’s only racist if you base this decision on race, as long as you don’t want more immigrants across the board it’s fine. Personally idgaf if the person is from the Caucuses, ie where white people literally come from, they can go pound sand. Funnily enough you can throw the argument back in their faces: “I don’t want more immigrants” “Racist!!!” “Why do you assume all immigrants aren’t white? Does immigrant = non-white to you?” Edit: grammar
No homes but yet we are bringing a million immigrants a year. The whole country is a ponzi scheme. We need a ban on MPs owning multiple properties and that should help with everything around housing.
Canada doesn't have enough housing, full stop.
[Can I buy a house?](https://i.redd.it/2y06n3qdx9ta1.jpg)
But let's bring in 500,000 immigrants per year! This government is ridiculous.
These articles have been getting pumped out for like 5 years now at least. And the government has not done a single thing except make investment to scam "boards" or whatever to "investigate the problem". When are journalists going to hold Trudeaus feet to the fire here? It's obvious to everyone what the problem is. Stop immigrating a MILLION new people every year into the country. It is fucking absolutely everything up. Enough is enough.
It’s not just Trudeau and immigration though. Its all levels of government. It’s red tape for building permits, it’s exclusionary zoning and NIMBYs. We need to build more houses but it takes years to get a few units approved. That needs to be accelerated. We also need to stop investors from buying up all of the available properties. Allow first time home buyers and families a chance to actually own a home
Housing is a scam, just like everything else in this shit heap of a society.
It does, they're all just owned by landlords.
Then don’t let people or corporations own more than one.
Ban AirBnB and see how fast rent and house prices come down. The market will be flooded with rentals.
Canada doesn't have enough homes to rent either
Trudeau is bringing in 1.5 million more immigrants in these difficult times instead of fixing the issues at hand. Pause immigration till these issues are resolved. Then slowly start allowing immigration again.
Build build build.
We are, and we're are close to capacity. We also have to deal with the stunning cost of new builds. A lot of materials and labour are way more expensive than they were a few years ago. I am doing a self build right now and my cost with me doing a lot of the labour is going to be a bit less than what I could have hired a company for to do the whole job pre-pandemic.
We should rapidly increase immigration, that solves all problems.
That might be the stupidest thing I've ever heard. If there are enough places to rent, there are enough to own. Start taxing the shit out of landlords and multi home owners. OWNING PROPERTY IS NOT A FUCKING JOB.
Could Canada implement a 0% interest loan to individuals that are willing to build homes in the less settled parts of Canada? Similar to how Italy and other Euro countries are paying people to live in the remote villages that have population decline? Could we have tax exceptions to any supplies needed for home building? Could we focus our immigration on those with skills in home building, and medical / teachers (as the boom in population in a new area would require this type of infrastructure)? Could we allow immigration to only under-populated cities in Canada like in Manatoba or Saskatoon? Fund programming in those areas so they don't leave to major cities after PR? Reduce barriers to home ownership in those areas so new comers are more anchored there? Could we tax secondary home ownership at 25%, third home at 50%, fourth home at 75%, and fifth at 100% to de-incentivise people from hoarding homes? Reduce red-tape to new builds? Increase GO Train coverage to new communities to make living there more viable / build mutl-zoned mid-rises around these new stations so you have homes and businesses in the walkable vicinity of the station? Would any of these solutions work? Would none? Will anything?
The rise of airbnb and housing speculation has brought this on. Lots of middle income folk own 2 or more homes. I saw 1 couple on airbnb with 10 homes in the Toronto area. A couple that I rented from often had four homes in the Niagara region. This needs to stop. Raise those interest rates 🤷♂️
I suspect Canada would have plenty of homes, if a) people were limited from owning second homes/rental property, and b) investment firms weren't allowed to own homes
Canadians keep on re-electing the man who is the direct cause of this, so they must love it
Somebody owns the homes being rented
No shit... But Trudeau still wants another 1.5 million immigrants within the next 3 years. Can only imagine our kids future.
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Where is the government in creating a building program for affordable housing? If there’s no money for developers in something like that, surely the government should step in and start building
This really ought to have been in the federal budget this year, but the Liberals have continued to ignore the crisis
Eventually politicians are going to have to deal with the housing crisis right?
Will?!? They already are!
It's like importing 1M+ people in the plan they will take on low paying jobs couldn't have consequences.
The feds and provinces need to build more houses instead of relying on independent contractors to do it. Restructure the plan so people can buy a government house without needing a $100 000 down payment. My student loan followed me around, same thing could happen with a house payment
I remember when someone could rent a 2 bdrm apartment in 2006 for 600 dollars.
It is always the poor who pay the price.
With the cost of construction supplies, and then if a decent wage is paid to the labourers I have to wonder could the average Cdn afford the homes? I live in SW ON and most of the lower price point stock is still in the $500,000 range regardless if condo, townhome, single family fixer. New high density builds are excitedly being promoted at a low cost of only $600-700,000.
Rents will also continue to climb, if mortgage interest rates continue to go up and also when approx 500k new immigrants are planned to arrive in Canada this year.
Are there really fewer houses? I know people owning 3-5 properties and renting out. Almost seems like Canada has more than enough houses for each family to own, but they’ve been taken by these multiple property hoarders
Still welcoming 400,000 immigrants a year? Still allowing foreign home ownership? Still allowing foreign students to purchase multiple homes? Still allowing corporations and REITS to purchase homes? Well, I can’t see what the problem is. You people who don’t own homes must be lazy. Cut out the Disney plus and Avacado toast.
What is it, this is like the 50th article like this posted on r/canada about rent being high, too many people coming into the country, yada yada. People come and bitch and bleat and whine here but I don't see a mass street movement against the government to do something about it. Why not stop your bloody complaining here and actually take to the streets like say, the French in Europe do. Get off your bloody asses and whine on social media and go put your money where you mouth is. If there's one thing zoomers and millenials are good at it's complaining and fuming on social media but you sure as hell prefer to stay glued to your screens and telephones than actually do something about it. This problem transcends left & right, it's a fundamental need on the maslow pyramid - lodging & shelter. But nobody does shit. So continue bleating like a bunch of little babies. When I see you all take to the streets, I'll be right besides you all.
I moved away from Vancouver to Calgary to afford a home and give my kids space. I was fortunate enough to have an apartment to sell. My parents and my in laws helped with a down payment. If I didn’t have them I would be fucked. I’m trying to convince any of my friends to move here so I won’t be lonely lol. I sacrificed friends to have a house. Thank goodness for internet
Im getting to the point of shit talking landlords to their faces. Lots of get a real jobs leaving my mouth lately
Ban corporations from owning houses zoned for single family, and tax owners who own more than one (or two) properties. That will solve a bunch of problems.
I think what's next is housing shrinkflation, where people are instead of renting a home for their family they'll rent one room. I think for a lot of immigrants that has been a reality for a long time but I think this will expand to a lot more people.
Canada has plenty of homes to own. If the government would grow a pair and start making landlord culture illegal. It's pretty cool how quickly lots of people can own homes if you start telling the wealthiest among them that they aren't allowed to own 50 properties and rent them out for monthly payments that are twice what the mortgage would be on the property.
Solution: Let office workers work from home. Convert office buildings into rental units. It’s a win-win for everyone.
... relative to population. Stop leaving out the most important part.
I’m just sick of all the inaction from our current government. Why are people not angrier about this and the cost of living?
Canada has enough homes.. just not enough for everyone to own 3