Demovictions are on the rise in Toronto. Some fear they'll make the rental market worse for everyone

  • 📰 CBCToronto
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 61%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

As Toronto renters feel the squeeze of a competitive market with prices that won’t stop climbing, some in the city are sounding the alarm about a practice they say is displacing them while temporarily taking affordable units off the market: demovictions.

Megan Kee, an organizer with the advocacy group No Demovictions, says the threat of her building being destroyed has put her goals of starting a family on pause.

"Demolishing this very limited part of the housing system is going to displace a huge number of renters who have nowhere else to go, especially because we have historically low rental vacancy rates," she said. "Thousands of tenants displaced by demovictions will now be competing for housing in an already tight rental market, [which] will impact affordability for everybody.

According to provincial legislation, if a tenant is being evicted from a building with five or more units, the developer needs to give them three months' rent or offer them another unit that the tenant is OK with. For condo rentals, which Blackwell says is becoming the most likely housing options for many downtown tenants who might be displaced, average rent reports released by the CMHC and Toronto Regional Real Estate Board in January 2023 provide different figures.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 51. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Most actively traded companies on the Toronto Stock ExchangeTORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange: Toronto Stock Exchange (19,177.18, down 364.09 points): Toronto-Dominion Bank (The). (TSX:TD). Finance. Down $1.42, or 1.7 per cent, to $80.41 on 16.
Source: SooToday - 🏆 8. / 85 Read more »