AS MORE IMMIGRANTS MAKE SASK. HOME, PRESSURE ON THE RENTAL MARKET IS HURTING AFFORDABILITY
Shafqat Nabi and Aisha Jamal say that in their short time in the city, they have found Saskatoon to be a very welcoming place — but not its rental market. The couple and their twin daughters moved to Saskatoon from Qatar last month. They also visited the city last summer, and they say rents have really jumped since then. “I definitely feel there is a jump of almost 20 per cent in terms of rent, and there are a lesser number of houses available at this point of time,” Nabi said....
read moreSTATISTICS CANADA SAYS ECONOMY GREW AT 1.7% ANNUALIZED RATE IN Q1
The Canadian economy expanded less than expected in the first quarter, with weak inventory growth offsetting strong consumption gains, prompting traders to boost bets on the Bank of Canada cutting rates as early as next week. Gross domestic product in the first quarter expanded at a 1.7 per cent annualized pace, Statistics Canada reported Friday in Ottawa. That’s slower than a Bloomberg survey median estimate of 2.2 per cent and the Bank of Canada’s forecast of 2.8 per cent. The statistics...
read moreMANITOBA PLANS NEW RULES FOR RENT INCREASES AND INCENTIVES FOR NEW HOUSING
Some Manitoba landlords may have a harder time raising rents above inflation and could be ordered to phase-in increases over years if a bill introduced Thursday by the Manitoba government becomes law. The bill would set down conditions for landlords who want to raise rents above the annual provincial guideline, which is tied to inflation. Currently, landlords can apply to a residential tenancies director for a higher rent increase for any reason and make their argument. The bill would limit...
read moreLARGE HALIFAX LANDLORDS REPORT DOUBLE-DIGIT OPERATING INCOME GROWTH IN FIRST QUARTER OF 2024
Two landlords owning thousands of apartments in Halifax have reported strong growth for the first three months of 2024 in net operating income, or revenues after subtracting the expenses of operating a building. In its latest public financial reports released last week, Killam Apartment REIT reported about $15.24 million in net operating income for its Halifax apartments — an increase of nearly 12 per cent versus last year. Meanwhile, CAPREIT reported a nearly 14 per cent increase to about...
read moreKINGSTON CITY COUNCIL LOOKS AT NEW PLAN TO IMPROVE LOCAL RENTAL MARKET
Kingston city council is set to discuss a new plan aimed at improving the city’s rental market and opening up affordable rental units across town. The Rental Housing Community Improvement Plan is a new approach that city officials are hoping to take in order to address the local housing crisis. Outlined in a report that will be tabled to council on Tuesday, the plan includes offering tax grants and exemptions to vacant property owners in order to incentivize them to build multi-unit...
read moreA GROUP OF TENANTS HAVE BEEN ON A RENT STRIKE FOR A YEAR AND SAY THERE’S NO RESOLUTION IN SIGHT
Dozens of Dozens of tenants of Toronto’s Thorncliffe Park area have now been withholding their rent for one year, and it’s unclear when the dispute will end. Last May, approximately 100 households at 71, 75, and 79 Thorncliffe Park Dr. launched a rent strike after they said that their landlord refused to withdraw applications for an above-guideline rent increase. Starlight Investments, which co-owns the buildings in question with the Public Sector Pension Investment Board (PSP...
read moreRENTAL MARKET SPURRING MONTREAL HOUSING CONSTRUCTION
The Montreal housing market has seen a sharp increase in rental construction versus single-family homes, driven by simple economics. According to CMHC market analyst Francis Cortellino, it’s a trend that has been ongoing for 20 years. “Not a lot of land is available, and land is expensive, so there’s not a lot of single-family homes being started,” he said. Add to this factors like tough zoning regulations where municipalities purposely “want to increase density.” There is also less family...
read moreLANDLORD IN THUNDER BAY, ON. WHO SAID HE’S OWED $11K IN RENT CALLS FOR LTB CHANGES
Anshul Jain says he hasn’t received a single payment from two tenants at his rental property in Thunder Bay, Ont., but is most upset about the unpredictability he faces with the Landlord and Tenant Board (LTB). Jain is a physiotherapist at a long-term care home in the northwestern Ontario city. He and his wife purchased a rental property at the end of July 2023 in hopes of earning additional income. They inherited the previous owner’s tenants and he said while there have been no...
read moreELIGIBLE LOW-INCOME RENTERS TO GET ONE-TIME $430 BENEFIT, B.C. GOVERNMENT ANNOUNCES
Low-income B.C. seniors and families already enrolled in one of two rental support programs will soon receive a one-time benefit, the province announced Tuesday. Housing Minister Ravi Kahlon announced the $430 payment will be given to seniors and families who are supported through the Shelter Aid for Elderly Renters, or SAFER, program as well as those getting a subsidy through the Rental Assistance Program. “We know that seniors are facing real challenges,” Kahlon said during a...
read moreTRUDEAU’S OUT-OF-CONTROL IMMIGRATION HURTING JOBS AND HOUSING
Canada’s out-of-control immigration numbers are not only having a negative impact on housing, they are now hurting the employment situation. In the same week that Prime Minister Justin Trudeau said that we are bringing in people faster than we can absorb them in the housing market, Statistics Canada issued a warning on jobs. The March unemployment rate stood at 6.1%, a full point higher than the 5.1% recorded in March of 2023. According to StatsCan, we are bringing in people faster than we are...
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