HOUSING WILL BE KEY IN BUDGET 2024. FOR NDP, THAT MEANS RENOVICTION REFORM
Ahead of what’s expected to be a tight federal budget next month, the NDP is calling for a rental protection fund to stop renovictions as part of what the party is coining its “budget demands.” But there’s no word on what such a proposal could cost, or whether it can fit into what Finance Minister Chrystia Freeland and others have stressed is a “constrained” fiscal environment. “If we see rents continue to rise the way they are, and if we can continue to see affordable homes being sold off to...
read moreRENT UP 10.5% NATIONWIDE BUT STAGNANT IN MANY ONTARIO MARKETS, INCLUDING HAMILTON AND OSHAWA
The average asking rent for all property types in Canada increased 10.5 per cent annually to $2,193 per month, the fastest annual growth since September 2023 according to Rentals.ca and Urbanation’s latest National Rent Report. Compared to February 2022, just before the onset of interest rate increases by the Bank of Canada, average asking rents in Canada have increased by 21 per cent, translating to a $384 per month increase nation-wide. “The rapid rate of rent growth in Canada is...
read moreCOVID MADE HOUSING UNAFFORDABILITY “CONTAGIOUS”
Our recently released Rental Market Report (PDF) attracted significant attention. It underscores what Canadians have been experiencing for the past several years — there simply is not enough affordable housing in most areas of the country. Canada is facing the lowest national vacancy rate since the 1980s at 1.5% and a sharp increase in rents of 8%. This is well above the historical average of 2.8%. These numbers are very concerning and paint a sobering picture of our current reality. Even in a...
read moreQUEBEC ADOPTS BILL RESTRICTING LEASE TRANSFERS, OFTEN USED TO LIMIT RENT INCREASES
The Quebec government adopted a controversial housing bill Wednesday that will restrict a popular tool tenants have used for years to limit rent increases. The new law will allow landlords to reject lease transfers for any reason. Previously they had to show they had serious concerns about the new tenant, such as their ability to pay or problematic behaviour. The transfer of leases allowed new tenants to benefit from the existing rent and prevented landlords from jacking up the price, but...
read moreB.C. TO FUND NEW INCOME-TESTED RENTAL HOUSING ON PUBLIC LAND
The provincial government says it will spend $950 million and provide $2 billion in low-cost financing to have thousands of rental homes built on under-used public land, which would then be provided to middle-income earners living in those communities. The announcement is the latest under the province’s Homes for People program, which was announced last April and promised a multi-pronged approach to supply new types of housing in the province, combat rampant speculation and address the...
read moreBANK OF CANADA BELIEVES INTEREST RATES NEED MORE TIME TO WORK, MINUTES REVEAL
The Bank of Canada believes current interest rates are high enough to bring inflation under control, but will not contemplate cutting them until it is convinced price stability has been restored. The central bank left its key overnight interest rate at five per cent last month and central bankers are now weighing how much longer it will have to be maintained at that level, according to a summary of the deliberations that led to the Jan. 24 hold decision. Still, with core inflation of around...
read morePROTESTORS TAKE TO MONTREAL’S STREETS TO OPPOSE QUEBEC HOUSING BILL
Protesters gathered in the Montreal neighbourhood of La Petite-Patrie on Saturday afternoon to voice their opposition to Quebec’s Bill 31 and the province’s housing minister. If adopted, the housing bill would allow landlords to reject any request for a lease transfer — which some tenants see as a way of limiting rent increases — without specifying why, and then cancel the lease. “Tenants in Quebec are suffocating,” said Cédric Dussault, spokesperson for Regroupement...
read moreBRAMPTON PAUSES LICENSING PILOT AFTER PUSHBACK FROM LANDLORDS
The City of Brampton has paused its recently implemented landlord licensing pilot program, which had come into effect earlier this month. The city said the “temporary” pause is due to concerns raised by those affected by the two-year program, which requires landlords in five electoral wards to register some types of rental properties with the city. “We heard you and we’re making enhancements. Applications required under the two-year pilot program are suspended as the city reviews and...
read moreFEDS ANNOUNCE TWO-YEAR CAP ON INTERNATIONAL STUDENT ADMISSIONS
New visas for international students will be slashed by more than one-third this year as the federal government tries to slow a rapid increase in temporary residents that has put immense pressure on Canada’s housing system. Immigration Minister Marc Miller announced the temporary cap on new student visas at a cabinet retreat in Montreal on Monday. Affordability and housing are top items on the agenda, with a growing focus on the role record immigration has been playing in both. Miller said the...
read moreONTARIO’S RENTAL SUBSIDY CAN VARY BY HUNDREDS OF DOLLARS, DEPENDING ON YOUR MUNICIPALITY
The quirky design of Ontario’s portable rent subsidy means tenants with the same income and monthly rent may receive hundreds of dollars more or less a month depending on which municipality they live in. The Canada-Ontario Housing Benefit (COHB) provides eligible low-income households that aren’t living in social housing with a monthly amount to help with rental costs. Unlike other housing benefits, the COHB, which was introduced in 2020, is tied to the household – rather than the rental unit...
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