Real Estate

How renting in Toronto has become a total nightmare

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  • Nov 13th, 2017 8:17 am
[OP]
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Oct 5, 2015
55 posts
36 upvotes

How renting in Toronto has become a total nightmare

http://business.financialpost.com/real- ... 4cb580beb5

How renting in Toronto has become a total nightmare


Trying to find an apartment in Toronto is a lot like online dating, only more demoralizing

Ask Kin Lau. Normally, landlords would be swiping right on him. He’s got a perfect credit score and a good job. But last week he drove 40 minutes to check out a one-bedroom —only to discover another suitor had snapped it up first.

“Do people just not go to see the place before renting?” said Lau, a 25-year-old accountant.

Landlords Can Be Cruel

Renting in Toronto is the hardest it’s ever been. Home prices have doubled since 2008, so buying is out of reach for many people. That’s pushed Toronto rents to record highs, approaching those in hipster Brooklyn and tony London. Potential tenants are so desperate they’re driving the streets looking for rentals and creating web profiles, similar to dating bios, to attract landlords. And prices are likely to keep rising given new laws that builders say discourage construction.”I can’t take clients with mediocre credit anymore, because landlords don’t even look at them,” said Conrad Rygier, a broker at Keller Williams Realty Inc. “I’ve seen a lot of frustration. Downtown is just absolute craziness.”

Investors, lenders and Canadians looking for places to live are wondering how much longer the home-price boom can last. Although values have fallen 17 per cent since March, compared with a 3 per cent gain in the same period last year, the average price of a detached home in Toronto is still near a record at $1.39 million.
257 replies
Deal Addict
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Sep 8, 2007
4817 posts
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Way Out of GTA
Keep treating landlords in GTA like dirt, dragging them before tribunals, capping rent increases, little power to evict bad tenants and more people (like me) will get out of the landlord game...the article is the end result.

We can see the agenda even in this article "landlords can be cruel". WTF?. How about a few stories about how bad tenants have left places? Maybe balance things out or are the papers once again trying to highlight a few terrible Grinch landlords so a new round of anti landlord laws get passed?
Member
Mar 20, 2017
232 posts
249 upvotes
Nothing to be surprised here. Hidden inflation exists.
If money do not flow into house prices, it flows into rental prices instead. You can redirect hidden inflation, but you can't defeat it.

I currently choose only super high-quality tenants. No risks at all.
Only perfect credit/tenancy history with no issues, only available funds for 1+ year on bank account, only good employment, and psychological behavior observations too during applying.
That is my reaction to rent control. Government wanna create problems, I completely reject even small possibility of problems then. Those who are not perfect tenants should thank government for being in desperate situation.
What about accepting not perfect applicants? Not until they resign themselves for +30%+ premium for my risks.

And percentage of applicants who finally confirm their intentions is like 90%, all time high.
I could not even dream about it 3 months ago when my price was considered too high by me and by some applicants.
Rented two rooms in just 3 days of advertising and visits....

Why would anyone bother in current market to deal with low-quality or unknown quality applicants? Like in this article, a couple wants a place for $825/month and they expected landlords to email them.
They are new in Canada, not even arrived yet. Are they crazy to expect it? and for 825/month hard to find even a room where landlord would accept a couple. They simply need to adjust their expectations to market.
[OP]
Newbie
Oct 5, 2015
55 posts
36 upvotes
GalvToronto wrote:
Aug 7th, 2017 5:50 pm
Nothing to be surprised here. Hidden inflation exists.
If money do not flow into house prices, it flows into rental prices instead. You can redirect hidden inflation, but you can't defeat it.

I currently choose only super high-quality tenants. No risks at all.
Only perfect credit/tenancy history with no issues, only available funds for 1+ year on bank account, only good employment, and psychological behavior observations too during applying.
That is my reaction to rent control. Government wanna create problems, I completely reject even small possibility of problems then. Those who are not perfect tenants should thank government for being in desperate situation.
What about accepting not perfect applicants? Not until they resign themselves for +30%+ premium for my risks.

And percentage of applicants who finally confirm their intentions is like 90%, all time high.
I could not even dream about it 3 months ago when my price was considered too high by me and by some applicants.
Rented two rooms in just 3 days of advertising and visits....

Why would anyone bother in current market to deal with low-quality or unknown quality applicants? Like in this article, a couple wants a place for $825/month and they expected landlords to email them.
They are new in Canada, not even arrived yet. Are they crazy to expect it? and for 825/month hard to find even a room where landlord would accept a couple. They simply need to adjust their expectations to market.
As a renter, I do not blame landlords like you for making it hard on us, but I really hate the rent control and stupid cooling measures that the liberal governments put in place, especially Wynn and Souza who put our lives into so much despair. How can one expect to have spotless credit and reputation when is new to Canada? It is impossible to afford any rental place in downtown core now with average salary in Toronto, this has become a crazy shitty situation
Deal Addict
Feb 9, 2009
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bluedrg11 wrote:
Aug 7th, 2017 7:21 pm
As a renter, I do not blame landlords like you for making it hard on us, but I really hate the rent control and stupid cooling measures that the liberal governments put in place, especially Wynn and Souza who put our lives into so much despair. How can one expect to have spotless credit and reputation when is new to Canada? It is impossible to afford any rental place in downtown core now with average salary in Toronto, this has become a crazy shitty situation
Yep it was said Wynne put rent control literally at the last minute without any consultations -- her popularity was going downhill and just a way to try to win votes.

It is definitely backfiring for sure, especially with some landlords who exited.

If the Cons come in next year I hope they make it a little more balanced for landlords and this could bring more landlords to the fold.

Include things like damage deposit and easier to evict tenants who dont pay rent/always pay late. Also eliminate rent control or make it somewhat more reasonable (inflation + 2%) and get rid of things like paying tenants one months rent if you want to sell the place -- stupid and ridiculous.
Member
Mar 20, 2017
232 posts
249 upvotes
bluedrg11 wrote:
Aug 7th, 2017 7:21 pm
As a renter, I do not blame landlords like you for making it hard on us, but I really hate the rent control and stupid cooling measures that the liberal governments put in place, especially Wynn and Souza who put our lives into so much despair. How can one expect to have spotless credit and reputation when is new to Canada? It is impossible to afford any rental place in downtown core now with average salary in Toronto, this has become a crazy shitty situation
Yes, sorry man, but Wynne literally forced you to pay extra from your own pocket for those renters who are living for free and using RTA as a cover.
Moreover, to be honest - it is a very small part of all tenants who behave like this, but premium for risks that landlords currently put on you are much bigger.
It just was very stupid government action that should be cancelled to help everyone live happier life.
[OP]
Newbie
Oct 5, 2015
55 posts
36 upvotes
GalvToronto wrote:
Aug 7th, 2017 7:44 pm
Yes, sorry man, but Wynne literally forced you to pay extra from your own pocket for those renters who are living for free and using RTA as a cover.
Moreover, to be honest - it is a very small part of all tenants who behave like this, but premium for risks that landlords currently put on you are much bigger.
It just was very stupid government action that should be cancelled to help everyone live happier life.
What can we do? People like us who always pay rent on time and keep the unit clean ended up paying the premium for black sheeps who do not pay rent, are we living in a communist country?
Sr. Member
Jan 14, 2009
824 posts
293 upvotes
Vancouver, BC
bluedrg11 wrote:
Aug 7th, 2017 9:04 pm
What can we do? People like us who always pay rent on time and keep the unit clean ended up paying the premium for black sheeps who do not pay rent, are we living in a communist country?
Not yet but we will soon since we keep voting in pseudosocialists thinking it would help lol.
Member
User avatar
Oct 19, 2016
411 posts
136 upvotes
Toronto
As home prices gone up, people cannot afford the homes...

And now due to government new rules.. people that can afford, dont want to buy homes either.. they choosing to rent.. now we have a crazy rental market..

bluedrg11 wrote:
Aug 7th, 2017 9:04 pm
What can we do? People like us who always pay rent on time and keep the unit clean ended up paying the premium for black sheeps who do not pay rent, are we living in a communist country?
Deal Addict
Jul 14, 2002
1034 posts
338 upvotes
mrtrump wrote:
Aug 7th, 2017 9:35 pm
As home prices gone up, people cannot afford the homes...

And now due to government new rules.. people that can afford, dont want to buy homes either.. they choosing to rent.. now we have a crazy rental market..
odd situation with home prices coming down and rental prices increasing.
but rents have been lagging prices for a long time, so it's probably just establishing an equilibrium between the two.
Deal Fanatic
Dec 11, 2008
7506 posts
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dantey wrote:
Aug 7th, 2017 10:43 pm
odd situation with home prices coming down and rental prices increasing.
but rents have been lagging prices for a long time, so it's probably just establishing an equilibrium between the two.
Probably. If people are seeing "average" home prices drop a few thousand a month, people start thinking that renting is cheaper because when they do want to buy, prices are dropping faster than monthly rental costs vs owning.
Deal Addict
Feb 22, 2011
1888 posts
1702 upvotes
Toronto
This is what happens when the government makes knee jerk reaction policies to sensationalist head lines. At the end of the day those struggling to get by will be hurt the most all because liberals wanted to look like they were helping. I've always voted Liberal but these recent changes are making me think they care more about their perception than making meaningful change. It's not even that complicated, they need to increase supply, that's all there is to it. With immigration now at 300k and talks of increasing it to 450k they really need to address this.
Member
Jul 16, 2006
313 posts
143 upvotes
Now there is more emphasis for the Landlord to find the highest quality renter.
Sr. Member
May 6, 2015
597 posts
137 upvotes
Unionville, ON
Why not go to the local councilors for help like before? Oh wait, you did, and they caused this mess instead of minding their own business. A few were unhappy about greedy landlords and the media fed on their "Bad luck". Don't stir the hornets nest and expect not to get stung. I would never want to be landlord b/c of so many tenant horror stories, but there are more decent landlords than douchey ones. Same applies to tenants however, when you as an owner a forced with legislation on what to charge someone or whether you can get your house back if the tenant is to be evicted, how can you not expect backfire? So many "laws" favour the tenants that landlords are either forced to no longer be landlords or protect their investments by hiking prices.
Sr. Member
Dec 23, 2010
686 posts
243 upvotes
Ottawa
I honestly think Wynne has a brain tumor affecting her ability to govern. Why she decided to implement a policy that discourages construction of new units is beyond me. What she should have done:

1) Vacancy tax.

2) Sell more land for development to builders

3) Decrease taxes for landlords and builders

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