There’s a century home on Water Street in Peterborough that was, until recently, an affordable place to rent — about $1,000 apiece for a three-bedroom or a four-bedroom unit.
, the Star took a closer look at how the business has been operating in Ontario — interviewing tenants, homeowners who’ve sold to Core subsidiaries, realtors, housing experts and representatives of the company, while examining sale records for the more than 80 homes purchased by subsidiaries so far. “When these investors are making profits it’s coming out of the pockets of renters,” said Paul Armstrong, a housing advocate in Peterborough.When Core disclosed its plans for the Canadian market last June, the reaction was immediate and explosive.
By analyzing roughly 20 online rental listings for post-renovation Core properties, the Star found many had been listed for more than the local average rent for a similarly sized unit — with some Core units more expensive than the average found among the usually higher price for new listings. But John Pasalis, president of the real estate brokerage Realosophy, worries about the U.S. model creeping into the Canadian market, and what it means for ordinary families.In Kingston, a house in Rideau Heights offers insights into Core’s approach.
Recently, Avanew’s Facebook page showed the lower level two-bedroom offered for $1,799 a month. For the main level three-bedroom, the company asked $2,399. Among prices for newly listed units in Peterborough, rentals.ca found between January and April this year the average two bedroom, including non-basement units, had an asking price of $2,106, and the average three-bedroom cost $2,350.
He says there’s lots of student housing in Peterborough, but the market is tight in terms of house rentals for families.
'There are more than a million empty homes in Canada and on any given night at least 35,000 Canadians are homeless.'
it's called capitalism...this Blue Machine country....
The best cure for high prices is high prices This applies to almost everything in economics because increased supply enters the picture and prices go back down. Except in broken markets In real estate the supply is restricted by broken development rules so expect higher prices
And loblawco for making record profits during a global Pandemic?
If we are increasing supply of housing And people cannot afford the down payment What is stopping Companies that scoop up housing, from beating everyone to the punch?