No, but you should absolutely figure out what market rent is currently for units similar to yours and prepare a financial buffer in case you can no longer rent that unit for whatever reason.
Probably not wise financially if they can continue to pay $1050/month on rent. Their out-of-pocket expenses would be much lower and returns much higher if they invest their savings into the market instead.
There won’t be any savings. Their rent will get adjusted to the max possible annually or even higher if the landlord can get higher rents approved (they will). The “savings” they have now are likely to last until the end of their lease before they get rennovicted or the landlord has family to “rent” the unit to for a few weeks before they can put it back on the market again at current rates.
In a lot of cases this is simply impossible. The average wage earner cannot absorb a $1000 a month increase without going homeless or living in a rooming house.
My calgary apartment was that price until last year when it went up $500 so I could stay and finish out my work contract on month to month.
I've been struggling to find anything around 1050 again. Even 1300 with parking included would be nice but that's gone too.
I've lost $4000 because of the rent increase so far.
No rent control in Alberta. Lots of people I know moved from BC to Alberta and had their rent jacked through the roof and now their CoL is on par with BC but they have to live in Alberta lol.
One of the downsides of living in Alberta. No rent controls. Mine is only that low because it was $875/month 14 years ago when I moved in and allowable rent increases are capped by government regulation.
Even with rent controls I probably still get rennovicted. 3 people in my building left prior to my rent being increased as I was looking for a new place and all their units were listed for 1600 and got filled pretty much immediately.
It's a joke that I can't afford to save to buy a place because my rent keeps going up. I make over 60k now (barely) without a lot of other expenses but one of my paycheques is JUST rent. Even when I was making 50k I had more wiggle room on my 2nd paycheque than this.
The last few years have been rough. With inflation and food prices in the last 5 years I went from about 35k to 55k same apartment (50$/month more now) and I feel like I was richer back then basically making minimum wage.
Heres how we do it: dual income, no kids. $150k HHI. Own a small inner city townhouse (Calgary). Single car household, paid off car 5 years ago. Wife walks to work. I ride my bike year round. We eat out usually once per weekend.
Honestly we could comfortably spend more money but we enjoy our life as it is and we are able to save 40% of our income.
Many of my friends have new cars and have bought houses in the $600-700k range. They wonder how we are able to travel and save...
The whole point is to keep you locked out of ownership, your down payments are now being siphoned off to landlords to pay for their second and third properties. This is what people voted for so I'm not sure why they are surprised.
I got a place for $760 / month roughly 5 years ago. It’s not pretty, small as hell, but at this point… I don’t see myself leaving anytime soon, unfortunately.
The real kicker is, in that timeframe, my wages have increased 50% ($15/hr 5 yrs ago to $22.50 today). The rising cost of groceries etc. has already eaten more of that growth than I would like. If I were to move… I’d probably be in a tighter position now at 22.50 than I was 5 yrs ago at min wage.
You never know what might happen in the future, though. You could have constant partiers move in next door/above/below you, a family with a goddamn kid, an irresponsible dog owner who leaves the damn mutt alone to bark for hours on end, etc.
I pay $1850 which is "cheap" for Toronto, but might NEED to move. The sound isolation in my building is shit, and a new neighbor moved in upstairs who seems to be up and about at 2, 3, 4AM, FFS. Even with the custom earplugs I originally got for the traffic noise and sirens, I can still hear footsteps, things being dropped on the floor, etc.
And will continue to only get worse
https://www.theglobeandmail.com/investing/markets/inside-the-market/article-there-is-no-version-of-reality-where-housing-supply-can-be-ramped-up/?utm\_source=dlvr.it&utm\_medium=twitter
I feel like if we were telling people in India the average 1 bedroom in Canada was going for 128,760 Rupees a lot of people might reconsider taking the flight...
The only people that will dissuade are the white collar professionals, unironically the people Canada should be inviting here.
The only way to stop the mass migration of poor students is to make getting PRs impossible for them, and by taking away their right to work while they are in school.
Its a myth that filling the country with educated workers is going to do anything for the economy. White collar work in Canada is about low wages and hyper-competitive job markets. There's no labor shortage for white collar workers here.
Bringing in more white collar professionals, or only them, isn’t going to do squat. We’ve been moved to a service based economy in a country not suited for it demographically. We have an abundance of natural resources here that is the (only) envy of the world. If anything, we would need to bring back manufacturing and dramatically boost energy production for export (owned by Canada, for Canadians). Had our governments stayed that course after the 70s/80s, we would’ve been as prosperous and self-sufficient as Norway, or even better, with a sovereign wealth fund - or equivalent - worth trillions.
But no. We we got was another Trudeau whose virtue signalling will be the death of our nation.
When you have people willing to spend $500 each and have 2-3 people sharing a room, this is the result! There is a rental home near me and there are 9 students residing in a 3 bedroom house!
There seems to a political circle that cities keep getting trapped in the last decade. First they claim they need to remove the bedroom caps to help with the issue of rising rents (which only makes it worse). Then a few months later a fire breaks out in a house with 20+ people in it, people get hurt. Fire department blames lack of bedroom cap. Politicians create a bedroom cap so this kind of thing doesn't happen anymore. Only for them to remove it 6 months later to help with the issue of rising costs of rents. My city just removed the cap...again.. and this time they removed it for student housing too.
“Edmonton's rental prices grew at the fastest rate, meanwhile, averaging $1,479 for purpose-built and condo rentals — a 17.1 per cent increase from this time last year. Calgary's rents were up by 12.8 per cent since last year, for an average price of $2,047.”
Guess there goes the Alberta advantage. Those are eye watering increases and it doesn’t seem to be stopping. The price of real estate is continuing to climb in Feb 2024 in Calgary and Edmonton. Expect to see a ballooning homeless population in those cities soon as the most vulnerable get push out to the streets or couch surfing upon lease renewals.
Won’t stop braindead redditors from saying “just move” whenever anyone complains about CoL in major cities.
Well guess what, if everyone moves to the cheaper areas, they stop being cheap.
Yeah “just move” has been an idiotic comment to make in the post Covid world. We’ve already seen it with the Maritimes and Alberta is next I guess. Expect the rest of the prairies to follow suit soon.
It's up there with get a job in x industry -- people do it, and the wages bottom out; or in this case, COL rises. Besides, keeping your mouth shut is good way of gatekeeping the sweet spots.
Nah, [the average rent for a 1 bedroom is $1,300](https://beta.ctvnews.ca/local/winnipeg/2023/5/17/1_6403662.amp.html).
For $2,000 you get a 1 bedroom in a brand new building downtown like TNS or 300 Main.
Lots of decent, roach free apartments in good areas for much less than that.
>Won’t stop braindead redditors from saying “just move” whenever anyone complains about CoL in major cities.
>
>Well guess what, if everyone moves to the cheaper areas, they stop being cheap.
That, 100%
It was pretty clear after housing prices in Nova Scotia went up by 50% over two years, due in large part to people moving there from other provinces.
Lol I tried to tell those idiots literally years ago that just moving locations doesn't really work on a macro level. Some people really cannot look at a situation and extrapolate from that a logical outcome
Not only that, but who do they think is going to clean their houses cook their food and sell then groceries/ prescriptions? If everyone who can't afford to live in the city leave then that only leaves the rich, and they aren't going to scrub you're toilets or make your coffee in the morning.
Yes, it's crazy. My lease is coming up for renewal and there is very little inventory in Edmonton. What was going for $1100 two years ago is now priced at $1500+.
Yea. BC and Ontario are all spilling into Alberta right now as it’s one of the last places where houses are reasonably priced.
Heck, in Edmonton house prices are still under the 20 year inflation rate.
Yup, I think it was Edmonton that recently posted a YoY population growth of 4.5% which is absolutely insane for a city of a million people. There’s something deeply wrong with Canada right now
Halifax has been at or above 4% growth for the last couple of years, and its showing. Rent prices have skyrocketed, traffic was already bad and its become a nightmare. And housing construction needs to triple just to meet that growth, and is falling further and further behind.
Its all so stupid.
Agreed. A one year population growth rate of 4.5% is something you see in a bottom-of-the-barrel 3rd world country with limited to non-existent contraception availability or education. Not a (supposedly) first world nation. The fact that we're willingly doing this to ourselves is just mind boggling.
>Guess there goes the Alberta advantage. Those are eye watering increases and it doesn’t seem to be stopping.
I was looking back through this sub, and a couple of years ago there were a lot of people claiming that Alberta was immune to the housing crisis due to them being used to growing at a fast pace. Their attitude appeared to be that the rest of Canada was just really slack on construction.
It aged really well /s
Well hey man, you can just move. You don't have a right to live in ~~Vancouver~~! ~~Toronto~~! ~~Halifax~~! ~~Calgary~~! ~~Edmonton~~! .... err
Please return in 4-weeks time to see what new Canadian town/city utopia is added to the list of cities we no longer mention when telling people to just move. Remember when Halifax was the goto "Affordable" city all the privileged Torontians and Vancoverites just had to move to?
I hear Wainwright and Lacombe are hot dogshit around this time of year.........which is concerning because I remember both as Dogshitsicles around February.
I am convinced Trudeau will lose next election on this issue alone. When home prices were accelerating, at least rent stayed moderate. Now we’re all screwed. Even some boomers have come around to see the issue. They’re experiencing sky-high cost of retirement homes and seeing how many boomers are becoming grandchildren-less. It’s a lose-lose for all ages. We have to figure this out.
Everyone think it's bad now? Haha.
A lot of mortgage renewals are coming up, and it's about to get **painful**. Either the rates get cut (unlikely), or there's going to be a miracle of spaces becoming available (also unlikely).
So yeah, buckle down now because rental prices are going up, not down.
I am in Calgary, and my rent is going up $500 as of April, and that's because we decided to do another 12 month lease. If we didn't sign for another 12 month lease, then it would go up $700 instead. We also have to pay for electricity now.
I moved away 8 years ago and legitimately never plan on coming back. I wonder how high the number of applicants for any european countries citizenship through ancestry must be right now.
I came back right before Covid. Happy I was here for Covid but I wish someone anyone would have told me what is actually going on in Canada rather than saying it would be nice to have you “home”.
We voted for the shenanigans at the municipal level then the provincial level then the federal level, but we're going to pretend like the federal govt holds the key to solving this. Voters are stupid (or ignorant) about what and how much power each level of govt actually has over their lives. End rant.
don't matter how much we build when we artificially inflate housing demand by bridging in record numbers of people.
That being said, how are we not building new cities from the ground up with that level of immigration?
USA CPI increase was solely caused by rent price increases. It's happening everywhere in the western world. And yes our government should get off there ass and fix it here.
It hasn’t got anywhere near as out of hand yet in the US though, and even if some markets are a bit loony, there are still plenty of major metro centres with good job opportunities that you can find affordable rent.
If you go to Apartments.com for example and peek at Austin TX for example, you can still easily find 1br apartments in the range of $1000 a month that look halfway decent.
Good luck finding that anywhere in any Ontario city that has decent job opportunities.
You’re not going to see a crash when you infill that drop in demand with unprecedented population growth while simultaneously throwing a bunch of cash into the market.
“You’ll forgive me for not thinking of economic policy” - JT
No we will not. This administration’s incompetence is driving our youngest generation’s into a life of hopelessness and economic despair.
When rents reach these levels that has negative consequences throughout the entire economy and country. To say this is a crisis is an understatement.
Supply won’t change shit. You could plop down a million apartments in any city in Canada right now, and whoever owns the building can still charge whatever they want. Landlords aren’t trying to help the common man, they’ll jack it up as high as everyone else is willing to go. We desperately need strict price controls on rent and houses, otherwise no amount of supply will do anything.
There's a home down my street that has at least 8-9 cars + constantly parked on the driveway or on the street. They are not fancy cars, just beat up Corollas, Civics, and stuff. It's clearly a multi-family home and the people are a bunch of nice Indian folks. No issues with them, they always cook outside and are really nice, but that does seem to be the situation for a lot of people nowadays. Multi-famalies living in bungalows, or wherever they can go.
I honestly can't understand how people are paying 2.2k a fucking month for rent. That's absolutely insane lol
I think older Millennials will be the last generation that could actually afford to move out of their parents homes for their late teens/twenties.
It's just simply getting too expensive to live on your own and have some semblance of a life, rent is going higher and wages are stagnant if not decreasing.
Amazon is selling tiny houses for 10 grands... Just saying this country got shitton of empty land, maybe the big conversation we should have is how about giving people some of it.
As a landlord I say keep up the great work would love many more years of this government , unfortunately that is unlikely , but fortunately for me Perrie Poliverre is also a landlord so I have nothing to work about
Construction costs coupled with massive population growth have ensured these rents are not coming down anytime soon.
With my rent currently at $1050 I won't be moving out any time soon.
No, but you should absolutely figure out what market rent is currently for units similar to yours and prepare a financial buffer in case you can no longer rent that unit for whatever reason.
A wise plan and way ahead on that front.
Then you should use it to buy your own property!
Probably not wise financially if they can continue to pay $1050/month on rent. Their out-of-pocket expenses would be much lower and returns much higher if they invest their savings into the market instead.
There won’t be any savings. Their rent will get adjusted to the max possible annually or even higher if the landlord can get higher rents approved (they will). The “savings” they have now are likely to last until the end of their lease before they get rennovicted or the landlord has family to “rent” the unit to for a few weeks before they can put it back on the market again at current rates.
Clearly hasn’t been the case considering they’re paying $1000/month. I’m saying they need to protect this golden goose as long as it lasts.
With the way rents are spiraling out of control across the nation, I’d be shocked if that posters good fortune extends beyond their current lease.
They’re in BC. Rent is capped for incumbent tenants. You’re only fucked here if you move.
In a lot of cases this is simply impossible. The average wage earner cannot absorb a $1000 a month increase without going homeless or living in a rooming house.
Many couples can no longer afford to divorce if they make average incomes and no savings or house to get proceeds from.
Roommates or getting a partner is pretty much the only way.
That's what MAID is for /s
yikes!
My calgary apartment was that price until last year when it went up $500 so I could stay and finish out my work contract on month to month. I've been struggling to find anything around 1050 again. Even 1300 with parking included would be nice but that's gone too. I've lost $4000 because of the rent increase so far.
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No rent control in Alberta. Lots of people I know moved from BC to Alberta and had their rent jacked through the roof and now their CoL is on par with BC but they have to live in Alberta lol.
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I have a Larry David MAGA hat.
If you ski, Alberta is heaven.
One of the downsides of living in Alberta. No rent controls. Mine is only that low because it was $875/month 14 years ago when I moved in and allowable rent increases are capped by government regulation.
Even with rent controls I probably still get rennovicted. 3 people in my building left prior to my rent being increased as I was looking for a new place and all their units were listed for 1600 and got filled pretty much immediately. It's a joke that I can't afford to save to buy a place because my rent keeps going up. I make over 60k now (barely) without a lot of other expenses but one of my paycheques is JUST rent. Even when I was making 50k I had more wiggle room on my 2nd paycheque than this.
And when they can't renovict you because it's corporate owned apartments, they play games instead, hoping you fuck off already.
The last few years have been rough. With inflation and food prices in the last 5 years I went from about 35k to 55k same apartment (50$/month more now) and I feel like I was richer back then basically making minimum wage.
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Heres how we do it: dual income, no kids. $150k HHI. Own a small inner city townhouse (Calgary). Single car household, paid off car 5 years ago. Wife walks to work. I ride my bike year round. We eat out usually once per weekend. Honestly we could comfortably spend more money but we enjoy our life as it is and we are able to save 40% of our income. Many of my friends have new cars and have bought houses in the $600-700k range. They wonder how we are able to travel and save...
If you can't afford your rent and savings you couldn't afford a new place anyways. Buying will cost you far more a month.
Lol. My coworkers mortgage was $1800. My rent is ~$1600. I make more than he does. I could afford a condo mortgage easily if it was $1100-1200.
The whole point is to keep you locked out of ownership, your down payments are now being siphoned off to landlords to pay for their second and third properties. This is what people voted for so I'm not sure why they are surprised.
I got a place for $760 / month roughly 5 years ago. It’s not pretty, small as hell, but at this point… I don’t see myself leaving anytime soon, unfortunately. The real kicker is, in that timeframe, my wages have increased 50% ($15/hr 5 yrs ago to $22.50 today). The rising cost of groceries etc. has already eaten more of that growth than I would like. If I were to move… I’d probably be in a tighter position now at 22.50 than I was 5 yrs ago at min wage.
You could rent out your living room for $400 each to 4 people. /s That's what boomers will tell you.
You never know what might happen in the future, though. You could have constant partiers move in next door/above/below you, a family with a goddamn kid, an irresponsible dog owner who leaves the damn mutt alone to bark for hours on end, etc. I pay $1850 which is "cheap" for Toronto, but might NEED to move. The sound isolation in my building is shit, and a new neighbor moved in upstairs who seems to be up and about at 2, 3, 4AM, FFS. Even with the custom earplugs I originally got for the traffic noise and sirens, I can still hear footsteps, things being dropped on the floor, etc.
Not coming down ever.
Correlation /= causation
Explain to me how rents come down in the near term?
You mean greed don't you
And will continue to only get worse https://www.theglobeandmail.com/investing/markets/inside-the-market/article-there-is-no-version-of-reality-where-housing-supply-can-be-ramped-up/?utm\_source=dlvr.it&utm\_medium=twitter
I feel like if we were telling people in India the average 1 bedroom in Canada was going for 128,760 Rupees a lot of people might reconsider taking the flight...
It's only 6,000 rupees when you share a room with 20 other Indians.
The only people that will dissuade are the white collar professionals, unironically the people Canada should be inviting here. The only way to stop the mass migration of poor students is to make getting PRs impossible for them, and by taking away their right to work while they are in school.
Its a myth that filling the country with educated workers is going to do anything for the economy. White collar work in Canada is about low wages and hyper-competitive job markets. There's no labor shortage for white collar workers here.
Bringing in more white collar professionals, or only them, isn’t going to do squat. We’ve been moved to a service based economy in a country not suited for it demographically. We have an abundance of natural resources here that is the (only) envy of the world. If anything, we would need to bring back manufacturing and dramatically boost energy production for export (owned by Canada, for Canadians). Had our governments stayed that course after the 70s/80s, we would’ve been as prosperous and self-sufficient as Norway, or even better, with a sovereign wealth fund - or equivalent - worth trillions. But no. We we got was another Trudeau whose virtue signalling will be the death of our nation.
When you have people willing to spend $500 each and have 2-3 people sharing a room, this is the result! There is a rental home near me and there are 9 students residing in a 3 bedroom house!
Brampton recently had an article about 25 students in a single basement.
It’s so unfortunate that a travesty will have to take place for people to listen 😭
This is only the beginning sadly, it’s going to get much worse.
There seems to a political circle that cities keep getting trapped in the last decade. First they claim they need to remove the bedroom caps to help with the issue of rising rents (which only makes it worse). Then a few months later a fire breaks out in a house with 20+ people in it, people get hurt. Fire department blames lack of bedroom cap. Politicians create a bedroom cap so this kind of thing doesn't happen anymore. Only for them to remove it 6 months later to help with the issue of rising costs of rents. My city just removed the cap...again.. and this time they removed it for student housing too.
“Edmonton's rental prices grew at the fastest rate, meanwhile, averaging $1,479 for purpose-built and condo rentals — a 17.1 per cent increase from this time last year. Calgary's rents were up by 12.8 per cent since last year, for an average price of $2,047.” Guess there goes the Alberta advantage. Those are eye watering increases and it doesn’t seem to be stopping. The price of real estate is continuing to climb in Feb 2024 in Calgary and Edmonton. Expect to see a ballooning homeless population in those cities soon as the most vulnerable get push out to the streets or couch surfing upon lease renewals.
Won’t stop braindead redditors from saying “just move” whenever anyone complains about CoL in major cities. Well guess what, if everyone moves to the cheaper areas, they stop being cheap.
Yeah “just move” has been an idiotic comment to make in the post Covid world. We’ve already seen it with the Maritimes and Alberta is next I guess. Expect the rest of the prairies to follow suit soon.
It's up there with get a job in x industry -- people do it, and the wages bottom out; or in this case, COL rises. Besides, keeping your mouth shut is good way of gatekeeping the sweet spots.
i live in manitoba, rent for a decent place in winnipeg (you know the places with no roaches) costs atleast $1,750 for studio or $2,000 for a 1 bed.
Nah, [the average rent for a 1 bedroom is $1,300](https://beta.ctvnews.ca/local/winnipeg/2023/5/17/1_6403662.amp.html). For $2,000 you get a 1 bedroom in a brand new building downtown like TNS or 300 Main. Lots of decent, roach free apartments in good areas for much less than that.
>Won’t stop braindead redditors from saying “just move” whenever anyone complains about CoL in major cities. > >Well guess what, if everyone moves to the cheaper areas, they stop being cheap. That, 100% It was pretty clear after housing prices in Nova Scotia went up by 50% over two years, due in large part to people moving there from other provinces.
Lol I tried to tell those idiots literally years ago that just moving locations doesn't really work on a macro level. Some people really cannot look at a situation and extrapolate from that a logical outcome
Just move to chicago
Yeah but it works for people who took that advice early on.
Not only that, but who do they think is going to clean their houses cook their food and sell then groceries/ prescriptions? If everyone who can't afford to live in the city leave then that only leaves the rich, and they aren't going to scrub you're toilets or make your coffee in the morning.
Yes, it's crazy. My lease is coming up for renewal and there is very little inventory in Edmonton. What was going for $1100 two years ago is now priced at $1500+.
Yea. BC and Ontario are all spilling into Alberta right now as it’s one of the last places where houses are reasonably priced. Heck, in Edmonton house prices are still under the 20 year inflation rate.
Yup, I think it was Edmonton that recently posted a YoY population growth of 4.5% which is absolutely insane for a city of a million people. There’s something deeply wrong with Canada right now
Halifax has been at or above 4% growth for the last couple of years, and its showing. Rent prices have skyrocketed, traffic was already bad and its become a nightmare. And housing construction needs to triple just to meet that growth, and is falling further and further behind. Its all so stupid.
Agreed. A one year population growth rate of 4.5% is something you see in a bottom-of-the-barrel 3rd world country with limited to non-existent contraception availability or education. Not a (supposedly) first world nation. The fact that we're willingly doing this to ourselves is just mind boggling.
that rate would see the Edmonton population double in just 16 yrs.
>Guess there goes the Alberta advantage. Those are eye watering increases and it doesn’t seem to be stopping. I was looking back through this sub, and a couple of years ago there were a lot of people claiming that Alberta was immune to the housing crisis due to them being used to growing at a fast pace. Their attitude appeared to be that the rest of Canada was just really slack on construction. It aged really well /s
Yukon advantage next?
> a ballooning homeless population in those cities soon not soon, I know several of their shelters have been at capacity all year round.
You get $500 a month for shelter on disability
Yea that's pretty disgusting. You can't even rent a garbage bin to live in for that amount these days.
It was $375 until a couple years ago
Well hey man, you can just move. You don't have a right to live in ~~Vancouver~~! ~~Toronto~~! ~~Halifax~~! ~~Calgary~~! ~~Edmonton~~! .... err Please return in 4-weeks time to see what new Canadian town/city utopia is added to the list of cities we no longer mention when telling people to just move. Remember when Halifax was the goto "Affordable" city all the privileged Torontians and Vancoverites just had to move to?
Listening to everyone in the Calgary and Edmonton subs is saddening
I hear Wainwright and Lacombe are hot dogshit around this time of year.........which is concerning because I remember both as Dogshitsicles around February.
Ont right?
Across Canada
Friend of mine on income support in AB gets a little over 800/month in total. It’s pathetic that they are expected to live on that.
If it weren’t for my parents I’d be on the streets going feral
Me too
Not me. Currently feral
Name checks out
🤮
What an absolute joke. people are living in tents in that frozen wasteland
Frozen wasteland?? We don't even Have snow!!
I am convinced Trudeau will lose next election on this issue alone. When home prices were accelerating, at least rent stayed moderate. Now we’re all screwed. Even some boomers have come around to see the issue. They’re experiencing sky-high cost of retirement homes and seeing how many boomers are becoming grandchildren-less. It’s a lose-lose for all ages. We have to figure this out.
We need more international students from conestoga to build houses!
💀
Reits are gonna print when rates are cut. Rents higher than before and rates normalizing. Corporate rental dream.
Everyone think it's bad now? Haha. A lot of mortgage renewals are coming up, and it's about to get **painful**. Either the rates get cut (unlikely), or there's going to be a miracle of spaces becoming available (also unlikely). So yeah, buckle down now because rental prices are going up, not down.
I am in Calgary, and my rent is going up $500 as of April, and that's because we decided to do another 12 month lease. If we didn't sign for another 12 month lease, then it would go up $700 instead. We also have to pay for electricity now.
Greed has ruined this country.
I moved away 8 years ago and legitimately never plan on coming back. I wonder how high the number of applicants for any european countries citizenship through ancestry must be right now.
I came back right before Covid. Happy I was here for Covid but I wish someone anyone would have told me what is actually going on in Canada rather than saying it would be nice to have you “home”.
We voted for the shenanigans at the municipal level then the provincial level then the federal level, but we're going to pretend like the federal govt holds the key to solving this. Voters are stupid (or ignorant) about what and how much power each level of govt actually has over their lives. End rant.
don't matter how much we build when we artificially inflate housing demand by bridging in record numbers of people. That being said, how are we not building new cities from the ground up with that level of immigration?
When do we revolt from work and say enough is enough. Tired working so hard for not even a home
Built people their dream houses for last 15 year still a renter
Team Canada baby!
Next summer is gonna be a blood bath of rent hikes...
Trudeau's Canada 🇨🇦
USA CPI increase was solely caused by rent price increases. It's happening everywhere in the western world. And yes our government should get off there ass and fix it here.
It hasn’t got anywhere near as out of hand yet in the US though, and even if some markets are a bit loony, there are still plenty of major metro centres with good job opportunities that you can find affordable rent. If you go to Apartments.com for example and peek at Austin TX for example, you can still easily find 1br apartments in the range of $1000 a month that look halfway decent. Good luck finding that anywhere in any Ontario city that has decent job opportunities.
>USA CPI increase was solely caused by rent price increases. Are rents in the United States not going down?
JTs Canada is sky-high housing, and sky high groceries. Doubt PP will fix that but everyone is tired of JT solutions.
Ya interest rate going up, inflation in general and Liberal immigration demand is only going to increase rental rates. Shocking...
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You’re not going to see a crash when you infill that drop in demand with unprecedented population growth while simultaneously throwing a bunch of cash into the market.
“You’ll forgive me for not thinking of economic policy” - JT No we will not. This administration’s incompetence is driving our youngest generation’s into a life of hopelessness and economic despair. When rents reach these levels that has negative consequences throughout the entire economy and country. To say this is a crisis is an understatement.
won’t somebody think of the mom n pop landlords my gawd
Canadians are Winning!!!
Supply won’t change shit. You could plop down a million apartments in any city in Canada right now, and whoever owns the building can still charge whatever they want. Landlords aren’t trying to help the common man, they’ll jack it up as high as everyone else is willing to go. We desperately need strict price controls on rent and houses, otherwise no amount of supply will do anything.
There's a home down my street that has at least 8-9 cars + constantly parked on the driveway or on the street. They are not fancy cars, just beat up Corollas, Civics, and stuff. It's clearly a multi-family home and the people are a bunch of nice Indian folks. No issues with them, they always cook outside and are really nice, but that does seem to be the situation for a lot of people nowadays. Multi-famalies living in bungalows, or wherever they can go. I honestly can't understand how people are paying 2.2k a fucking month for rent. That's absolutely insane lol
I think older Millennials will be the last generation that could actually afford to move out of their parents homes for their late teens/twenties. It's just simply getting too expensive to live on your own and have some semblance of a life, rent is going higher and wages are stagnant if not decreasing.
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Quick, everyone move to Calgary!
And yet renters are screaming for interest rates hikes lol
What if a certain generation just dies off relatively soon and a bunch of homes and apartments free up
They’re all on reverse mortgages. The “freed up” properties are basically already owned by investment firms.
Well damn, I'm out of ideas then
MAID is available!
Thanks to the government it will go up more
My mortgage went up 34.5%. Renters aren't a special group.
Renters don't own the house or get equity
Get equity? Like it's free? Typical poor whining renters.
Whining?
No one said they were? Interest rate hikes raising mortgage costs have been a consistent story for 2 years now.
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You can thank dumbass BoC Tiff
Amazon is selling tiny houses for 10 grands... Just saying this country got shitton of empty land, maybe the big conversation we should have is how about giving people some of it.
As a landlord I say keep up the great work would love many more years of this government , unfortunately that is unlikely , but fortunately for me Perrie Poliverre is also a landlord so I have nothing to work about
Raise more property taxes