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Rental Rates

RENT CONTROL IS BAD FOR RENTERS, BUT GOOD FOR POLITICIANS

Posted in Housing, Newsworthy, Rent Control, Rental Rates

RENT CONTROL IS BAD FOR RENTERS, BUT GOOD FOR POLITICIANS

Rent Control as a Means of Buying Votes Ontario’s modern history of rent control legislation began during the 1975 election campaign, when it was actively promoted by the New Democratic Party (NDP). This was the stagflation era, and the NDP conveniently ignored Canadian monetary policy as a major contributing factor to price inflation—7.8 percent in 1973, 11 percent in 1974, 10.7 percent in 1975—including higher rents, preferring instead to talk about “horror stories of individuals and bad...

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RENTAL RATES IN TORONTO, VANCOUVER TANK FASTER THAN ANYWHERE EXCEPT SAN FRANCISCO

Posted in Coronavirus, Housing, Industry Trends, Newsworthy, Rental Rates

RENTAL RATES IN TORONTO, VANCOUVER TANK FASTER THAN ANYWHERE EXCEPT SAN FRANCISCO

With the COVID-19 pandemic shifting where people live and work, the next few years could be tough ones for landlords in Canada’s largest cities. But they could be better for some of the country’s long-struggling secondary cities ― and for renters, who might finally find a good deal on housing after years of soaring prices. Rental rates in Canada’s largest cities are cratering. With millions more Canadians working from home, post-secondary students taking online classes and immigration to...

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WALL STREET’S NEW SUBURBAN SUBDIVISION IS FULL OF RENTERS

Posted in Affordable Housing, Coronavirus, Housing, Industry Trends, Newsworthy, Rental Rates

WALL STREET’S NEW SUBURBAN SUBDIVISION IS FULL OF RENTERS

Wall Street won big buying up homes during the foreclosure crisis and renting them out. Now, it’s headed back to the suburbs in hopes of scoring again. With the pandemic driving demand for larger living spaces, institutional investors are pouring money into single-family rentals. In addition to buying houses on the open market, they’re bankrolling subdivisions — inventing a new kind of suburban living that’s easier to afford, but where the financial benefits of homeownership go to Wall...

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TORONTO LOOKS AT FORCING NEW CONDO DEVELOPERS TO DEDICATE 10% OF RESIDENTIAL SPACE TO AFFORDABLE HOUSING

Posted in Affordable Housing, Development, Housing, Industry Trends, Legislation, Rental Rates

TORONTO LOOKS AT FORCING NEW CONDO DEVELOPERS TO DEDICATE 10% OF RESIDENTIAL SPACE TO AFFORDABLE HOUSING

Toronto’s chief planner is proposing new condominium developments in parts of the city be required to dedicate 10 per cent of their space to affordable rentals or owned homes and be guaranteed affordable for 99 years. Under the proposal, to be presented to a committee meeting on Tuesday, any condo development above a certain size in “strong market” areas of the city — including much of the old city and North Toronto, southwest Scarborough and Scarborough Town Centre, Don Mills, York Mills and...

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PEEL LOAN PROGRAM FOR SECOND UNIT AND BASEMENT RENOVATIONS LOOKS TO CREATE AFFORDABLE HOUSING

Posted in Affordable Housing, Development, Finance, Housing, Industry Trends, Newsworthy, Rental Rates, Suite Renovations

PEEL LOAN PROGRAM FOR SECOND UNIT AND BASEMENT RENOVATIONS LOOKS TO CREATE AFFORDABLE HOUSING

The Region of Peel announced it will be launching their ‘My Home Second Unit’ renovation pilot program in October 2020 to help residents repair their existing “illegal” or unregistered basements and second units. The program approved in February 2020 following a motion moved by Regional Councillor Gurpreet Singh Dhillon, was delayed due to the Covid-19 pandemic. The program will allow eligible homeowners to secure a 10-year interest-free loan to upgrade and renovate their existing unregistered...

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RENTAL HOUSING AND EVICTIONS

Posted in Affordable Housing, CMHC, Housing, Industry Trends, Newsworthy, Rental Rates, Vacancy Rates

RENTAL HOUSING AND EVICTIONS

The Globe and Mail, in partnership with Canada Mortgage and Housing Corporation (CMHC) hosted a virtual event on September 16 to discuss the path forward for Canada’s rental housing market. Here are some of the highlights from the discussion: Rentals are key to affordable housing CMHC has set a goal to provide all Canadians with housing they can afford by 2030, said Romy Bowers, senior vice-president of client solutions with CMHC. In cities such as Toronto and Vancouver home ownership is less...

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TORONTO TENANTS RENT INCREASES AFTER $100 GIFT CARDS HANDED OUT FOR LOCKDOWN HARDSHIPS

Posted in Coronavirus, Newsworthy, Rent Control, Rental Rates

TORONTO TENANTS RENT INCREASES AFTER $100 GIFT CARDS HANDED OUT FOR LOCKDOWN HARDSHIPS

Early in the COVID-19 lockdown, a Toronto apartment rental company was praised for offering $100 grocery gift cards to tenants and donating funds to local charities. In addition to the generous donations, Greenrock Real Estate Advisors also offered flexible rent payments when many laid-off residents worried about making April 1 rent payments. So it came as a surprise when some Greenrock tenants in 40 and 50 Alexander Street and 55 Maitland Street learned they owed a lump sum of more than...

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RENTAL SECTOR NAVIGATES PERILOUS TIMES

Posted in Coronavirus, Housing, Industry Trends, Newsworthy, Rent Control, Rental Rates, Vacancy Rates

RENTAL SECTOR NAVIGATES PERILOUS TIMES

It’s been a year fraught with uncertainty and challenges for landlords and tenants, and it’s far from over. The data has yet to come in on the exact vacancy rates, or the number of tenants who haven’t been able to pay rent since the pandemic began. And the landscape changes yet again as government lifts a ban on evictions and rent increases. As of Sept. 1, landlords were able to evict tenants for failure to pay rent. And on Dec. 1, the freeze on rent increases will be lifted, which means many...

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STEEP INCREASES STIR UP CALLS FOR RENT CONTROL IN NOVA SCOTIA

Posted in CMHC, Industry Trends, Rent Control, Rental Rates

STEEP INCREASES STIR UP CALLS FOR RENT CONTROL IN NOVA SCOTIA

Amber Lane’s living expenses jumped on Sept. 1. She wasn’t shocked when her landlord slipped a notice of rent increase under her door about four months ago. The cost of her two-bedroom apartment in north-end Halifax has risen several times over the past 11 years, but until this year, the changes had been incremental. “I do understand that the cost of living does go up, but before it was always reasonable, say $25, $50 a year.” At the start of this month, her rent...

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BRITISH COLUMBIA 2020 AND 2021 RENT INCREASES: WHAT YOU NEED TO KNOW

Posted in Bylaws / Regulations, Coronavirus, Industry Trends, Media Releases, Newsworthy, Rent Control, Rental Rates

BRITISH COLUMBIA 2020 AND 2021 RENT INCREASES: WHAT YOU NEED TO KNOW

2020 Rent Increase: 2.6% 2021 Rent Increase: 1.4% 2020 Rent Increases Rent Increase Notices served in December 2019 would have had an effective date of April 1, 2020. In late March there was a Ministerial Order which delayed these increases and any future increases to the end of the Provincial State of Emergency. Through a change to the Residential Tenancy Regulations, this new effective date was changed from the end of State of Emergency to December 1, 2020. This change means that any rent...

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