Canada's landlords now asking a record-breaking average of $2,078 per month: rental report

Here's your reminder that Ontario expects disabled people to live on 13k a year.

There is such a big divide between homeowners and renters. The average mortgage is 12.5years in, meaning payments are based on home prices from 2010, when canadian homes were 300k on average. That means that homeowners probably pay on average, 1200 a month while renters are paying double that amount. Younger generations are fucked.

What we need to do is de-incentivize the commodification of housing entirely. Really make it unprofitable to deal in homes while passing the risk for your "investment" on to the people you're exploiting.

I'm talking about an outright ban on all corporations, foreign and domestic, from owning single family homes — corporations need offices, not homes, and shell corporations and LLCs don't even need those. Give a one year grace period, then tax all rental income collected from single-family homes at 100%. Maybe fine them each year too until they shape up.

I'm talking about regulating rental prices on short-term rentals, and capping the annual income allowed from short-term rental units to a value indexed against minimum wage (or preferably the area's living wage, determined not by any level of government itself but by valid third party organizations).

I'm talking an annual federal tax on properties not occupied full time by the owner or their immediate blood relative. Parent, sibling, or child. Something insane, maybe 400-800% of the home's property tax. Multiply it exponentially for each hoarded home. Throw in an exception for a second home if it's far enough from the first (people who own cottages aren't the problem, and shouldn't be penalised). But only for the second home — nobody needs two or three or four "vacation homes".

That's how we force land-rich boomers out of the housing "market" and get homes into the hands of people who need them, who should have a right to stable housing, who are currently being blocked from the market by vampiric land leeches.

That's substantially more than my mortgage payment.

Landlords should be outlawed. They provide no service to society, only harm

Conservative premiers across the country have abolished rent control and created a situation where the wealthy have several income properties ruining everything. Liberals are totally cool with it too. Tax domestic speculators. Encourage public housing at federal and provincial levels. Never vote Conservative.

How are people not just breaking into the empty places and just living rent free? Like Canada is probably as cold as here and I would die in the winter if I didn't have a home.

Seriously, who tf are they renting to? There aren't that many rich people.

It’s crazy how most of my friends are paying more for their 3 bedrooms apartment than I pay for my 5 bedrooms plus basement single home. That includes all expenses for a home owner except renovations budget. The landlords are probably abusing with skyrocket profits.

Millenials and GenX are going to live on the street in their old age.

BoC keeps raising rates so it's obvious that home owners have to raise their rental prices too. How else are they going to get more money out of their investments? Everyone's fucked unless you're rich.

“…asking”

Fuck off.

Sorry.

Fucking hell my salary isn't even enough to cover 3/4ths of that rent. Pure insanity

2078? Fucking bargoon. Paying 2200 for a one bedroom in Surrey BC.

I will never rent long term ever again, thank God I bought a house.

Dead country

Same thing happening here in Oregon. Homeless people are everywhere.

This is the best summary I could come up with:

This coincides with a 1.8 per cent rise in average asking rents in Canada from June, representing the most substantial month-over-month growth observed in the past eight months.

These include post-secondary students rushing to secure leases before the fall term, a notable increase in the population, and a slowdown in home-buying activities, largely attributed to the Bank of Canada's decision to raise interest rates.

Data shows that in July, the average asking rents for purpose-built and condominium apartments broke the $2,000 threshold for the first time, settling at $2,008.

Analyzing the data regionally, Alberta continued to lead the provinces in annual rent growth for purpose-built and condominium apartments for the third consecutive month in July.

The report shows that Quebec maintained its position as the second-highest province for annual rent growth in the country for the second consecutive month, with an increase of 13.7 per cent.

recorded average asking rents for purpose-built and condominiums at $3,114, achieving the fastest annual growth rate in the country at an impressive 32.1 per cent in July.

The original article contains 1,006 words, the summary contains 173 words. Saved 83%. I'm a bot and I'm open source!

How many rooms is that and how much percentage of the average wage would that be?