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Canada's landlords now asking a record-breaking average of $2,078 per month: rental report (www.ctvnews.ca)
submitted 2 years ago by to c/canada@lemmy.ca
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According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.

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[–] 81 points 2 years ago (2 children)

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.

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  • [+] 65 points 2 years ago* (last edited 5 months ago) (1 child)
    [removed by mod]
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  • [+] -61 points 2 years ago* (last edited 2 years ago) (4 children)

    Mostly millennials and GenX. It's easy to blame boomers but they aren't the ones buying most of the houses.

    Edit: looks like this hit close to home with the "muh boomers are the root cause of all evil" crowd. This is your reminder that the youngest boomers are now 60 years old. You're also out of your mind if you think homeowners aged 35 to 59 wouldn't scream bloody murder if the government somehow managed to suppress home prices.

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  • [+] 45 points 2 years ago (3 children)
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  • [–] 25 points 2 years ago

    Approximately 40% of MPs are landlords.

    Approximately 20% of Ontario MPPs are landlords.

    More information for the provincial politicians.

    Who knows how many politicians at the municipal level are landlords.

    Politicians have a clear, genuine interest to continue the system as is, so they can continue to make money off this. Add in the fact, that home ownership is considered the sacred cow of the investments and nothing can happen to that investment.

    Guess what? People lose money on investments on all the time.

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  • [–] 32 points 2 years ago

    I'm an older millenial and me and my cohort didn't have property in 2010. Took us to ~2015 to start having enough cash. Now I see people saying "that is rent is double my mortgage payment"! Not mine. Mine is still higher. Can't wait to have to re-sign with the higher interest rate.

    Not a "boo hoo, my life is hard" thing, I see what side of the rift I managed to get on, but it's not totally rosy either for us late movers.

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  • [–] 0 points 2 years ago (1 child)

    I'm in the 35-59 year old bracket and desperately want home prices to drop. I've done everything our parent's generation said to do to succeed and the goalposts move faster than I can make money.

    When two adults making low six figures can't qualify for an average home, something is deeply deeply broken in this country.

    The shitty part is there's no one in government who gives half a shit about it to actually do something.

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  • [–] 26 points 2 years ago (1 child)

    My landlord pays 1200$ for her mortgage and I pay 1000$ fir renting the mold infested basement !

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  • [–] 7 points 2 years ago (3 children)

    In the last year my mortgage has ballooned by over 1k a month from 1600$ to 2700$. In that same period my basement tenant has seen her rent increase 0$.

    Why? Because mortgage rates and affording my house are not her problem. That's the responsibility I assumed when I bought the house. I don't intend to raise her rent now or any time in the future.

    Sadly, I keep being painted with the same brush as all the other quite frankly shitty people that call themselves landlords.

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  • [–] 1 point 2 years ago

    I dont think you can be seen as a very bad landlord like the scum some are if you rent your basement in a fare manner. I believe owning multiple homes to rent them AND get a return on your "investment" when you sell them due to crazy inflation since all the homes are owned by the same groups makes them bad. I don't know your situation so I don't judge... Yet. lol.

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  • [–] 1 point 2 years ago

    When you sell that house, what percentage of the sale will you be offering to your tenant? Their income has been helping to build your equity, and mitigating your financial burdens after all.

    Being "one of the good ones" only counts for so much when the very nature of what you're doing is exploitive.

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  • [–] 0 points 2 years ago (1 child)

    Yes, because landlords as a very base idea should not exist. Sure you're being a "good" landlord, but the concept itself is having other people pay for the thing you own, while they get nothing of that investment.

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  • [–] 4 points 2 years ago (4 children)

    The idea that landlords shouldn't exist is one of the most ignorant and thoughtless rage memes going around right now. There are many many many situations where people need to rent rather than purchase, and without landlords there is no renting.

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  • [–] 1 point 2 years ago (1 child)

    Rentals can (and should!) exist without landlords.

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  • [–] 1 point 2 years ago

    Someone has to own the building genius. That person is the landord. The only alternative to having a corporation or individual as the landlord, is having the government or a coop as a landlord. There is a place for those, but sorry I'm not for communism, that can't be the only option as otherwise we run into the well known problems with communism, no competition leads to shit quality, which is generally what you get from government run housing.

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  • [–] -1 points 2 years ago

    The fact is if we seized all the rental property from landlords tomorrow it would only improve the situation in this country.

    Landlords contribute nothing to the economy. They exist only to take money, make a passive income by doing pretty much nothing. Lmao, I guess they have to call a plumber every now and then, or post an ad on Kijiji

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