Danison says that at the height of the pandemic, vacancies were relatively high in major urban centres as renters sought more space and moved farther afield.“Now they’re coming back. So the smaller properties, the 800-square-foot properties in some of the highrises, the rents are starting to really rise on those. We’ve seen one-bedrooms go up quite a bit,” Danison says.
While affordability in the ownership market is mainly a pain point for higher-income households, Dugan worries that the surge in rent for low-income Canadians could push the housing system to its breaking point. “I think we’re in for a little bit more pain. I don’t see rental rates going down any time in the near future.”Affordability concerns for renters come at a time when the cost of living is surging across most line items in the household budget.
and, in most part, people fleeing cities that had insane Covid lock-downs.
Renting market is highly corrupt and deregulated. Most cities have 4 or 5 reality corps that own 90% of the rentals and increase prices together indepedent of demand and upkeep cost.
This is all orchestrated to remove money from the economy. This is a recession being caused by central bank to usher in “great reset”. The only money people have additionally will go towards huge mortgage payments, thus causing unprecedented %% of layoffs.
People can't afford to buy a home so they are renting which gives landlords the ability to gouge families looking to rent.
So in BC we have the residential tenancy act where rents can be increased once a year (1.5% for this year)….unless you are a scumbag landlord like mine who tried to illegally increase by 10% and now put property up for sale🙄 BCRentContol Dave_Eby
Foreign landlords...our government urged communist china to buy our land, which they did...bigtime ! Need proof ? Drive down along the beach, look for a pure black building with the huge letters CCP ( Chinese communist party) in white and really small letters restaurant.
ConsumerSOS Huge numbers of off-shore buyers & corporations purchased rental properties in Canada. If our area is any indication, they’re having trouble getting the rental prices they’re asking. This could lead to smaller landlords liquidating houses at a loss when they can’t afford them.
ConsumerSOS Inflation affecting the rental industry. Real estate market stabilizing.
Trudeau is what's going on
People can put what ever price they want on THEIR OWN property.
Huge recession coming. All disposable income will go to housing leaving no spend on discretionary items. They better know what they are doing.
So homes are cheaper but interest rates are higher. Same payment but less equity. Makes no sense either. Tiff is pissing into the wind.
ConsumerSOS Pure and simple greed! Rent shouldn't be the equivalent of a mortgage payment especially those charging $900 + for a single room with shared accommodations!
The BofC has no idea what they are doing.
The world's freest economy solved its housing crisis. 90% of its population own their homes... even though property prices are 30% higher than Toronto My thread on how that country increased home ownership
Yeah it's easy. Landlords are leeching off of people who don't have the means to buy property. They have the downpayments but can't afford the interest on their loan so they try to put that on those who already can't afford to own a home.
What's the worst that can happen by increasing the wealth gap?
The Housing Bubble has popped TheBubbleBubble Have you been seeing the news on this here in BC?
Asset inflation
Money printer went brrrrrrrr last year
Duh…unaffordable homes (still) and increasing interest rates are floating an already tight rental market due to the new generation of permanent renters. Demand= high prices.
I wonder who is to blame.