Real Estate

The Ford government removed rent control on new units. A year later tenants are reporting double-digit increases

  • Last Updated:
  • Nov 26th, 2019 12:07 am
Penalty Box
Aug 11, 2005
4175 posts
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I don’t get how rent has increased? Most people I know are paying the same rent as a few years ago, not even a. Inflation increase. Why would we want to move when Rent is controlled and the landlord is so scared of having no occupants that they don’t even want to raise rent?
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Sr. Member
Jul 8, 2017
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Luckyinfil wrote: I don’t get how rent has increased? Most people I know are paying the same rent as a few years ago, not even a. Inflation increase. Why would we want to move when Rent is controlled and the landlord is so scared of having no occupants that they don’t even want to raise rent?
Now you are stuck with the same landlord for the rest of you life because once you moved you rent will be 20% higher, this contradict to the advice your give on the other thread about "Mobility" LOL!
Penalty Box
Aug 11, 2005
4175 posts
1410 upvotes
Silver1234 wrote: Now you are stuck with the same landlord for the rest of you life because once you moved you rent will be 20% higher, this contradict to the advice you give on the other thread about "Mobility" LOL!
My career is established now lol I ain’t moving unless I become upper management making half a million salary.
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Sr. Member
Jul 8, 2017
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Luckyinfil wrote: My career is established now lol I ain’t moving unless I become upper management making half a million salary.
More like 500K in Japanese yen I. 500K in CAD? I don't think so, your post clearly reflect what class of a person you belong to.
Penalty Box
Aug 11, 2005
4175 posts
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Silver1234 wrote: More like 500K in Japanese yen I. 500K in CAD? I don't think so, your post clearly reflect what class of a person you belong to.
500k usd
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Deal Addict
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Jul 8, 2010
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Not to worry, our politicians can anytime get inpired from Corbyn... Hopefully, he goes to history bin next month....
Force landlords to sell homes to tenants at a "fair" price as determined by Labour
Deal Addict
Dec 4, 2016
1797 posts
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Luckyinfil wrote: I don’t get how rent has increased? Most people I know are paying the same rent as a few years ago, not even a. Inflation increase. Why would we want to move when Rent is controlled and the landlord is so scared of having no occupants that they don’t even want to raise rent?
I'm not aware of any landlords who are scared of having no occupants, at least not in Ottawa/GTA. Most landlords are scared of being stuck with a bad tenant, or at least a mediocre tenant paying below market rent. I still don't understand why all the residential REITs keep building apartments in Ottawa. They're the true sitting ducks for any activists looking for an oppressor.
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Oct 7, 2007
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mazerbeaner wrote: Last time they went so socialist they lost party status, worst result in history. As dense as they are I think they will probably not go full NDP again, no one goes full NDP.
As I understand it, there is only one provincial NDP left standing.
Newbie
Jul 5, 2018
44 posts
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Luckyinfil wrote: I don’t get how rent has increased? Most people I know are paying the same rent as a few years ago, not even a. Inflation increase. Why would we want to move when Rent is controlled and the landlord is so scared of having no occupants that they don’t even want to raise rent?
lol. The rent on my Harbour Plaza unit in 2017 was $2150. 2018 $2300. 2019 $2450. All tenants found thru MLS in under 10 days. Multiple offers and apps every time. I get to choose the pick of the litter.

Rent def not up tho.
Penalty Box
Aug 11, 2005
4175 posts
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Sennzy wrote: lol. The rent on my Harbour Plaza unit in 2017 was $2150. 2018 $2300. 2019 $2450. All tenants found thru MLS in under 10 days. Multiple offers and apps every time. I get to choose the pick of the litter.

Rent def not up tho.
So a very small subset are affected? Do you have any stats on how many of all renters are affected? If your going to claim that the majority are affected at least provide some stats. Jeez
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Deal Fanatic
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Jul 14, 2008
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Luckyinfil wrote: So a very small subset are affected? Do you have any stats on how many of all renters are affected? If your going to claim that the majority are affected at least provide some stats. Jeez
Are you suggesting only a small subset of tenants are affected? I didn't realize all of a sudden it's a tenant's paradise when it suits your argument de jour? lol

New tenants are complaining of steep rises to rental rates. Existing tenants are lamenting their state of not being able to move they are afraid to move, or forced to bring in roommates to get by.

It's nearly literally a shit show for tenants at the moment and you're wondering what all the fuss is about? lol

Believe you me, it's not the landlords who are "scared". Look at the recent Continuum REIT IPO that was bought out by a private firm before going public. IIRC, most of their holdings were in Toronto and Hamilton, and not upper scale apartments either (purpose built rentals, low income, etc), and they saw massive upward potential in rental rates, even to the point of offering a measly 2% yield. Yet it was scooped up before anyone had a chance. Does that resemble behavior of landlords who are "scared"?
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Dec 4, 2016
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onlineharvest wrote: Are you suggesting only a small subset of tenants are affected? I didn't realize all of a sudden it's a tenant's paradise when it suits your argument de jour? lol

New tenants are complaining of steep rises to rental rates. Existing tenants are lamenting their state of not being able to move they are afraid to move, or forced to bring in roommates to get by.

It's nearly literally a shit show for tenants at the moment and you're wondering what all the fuss is about? lol

Believe you me, it's not the landlords who are "scared". Look at the recent Continuum REIT IPO that was bought out by a private firm before going public. IIRC, most of their holdings were in Toronto and Hamilton, and not upper scale apartments either (purpose built rentals, low income, etc), and they saw massive upward potential in rental rates, even to the point of offering a measly 2% yield. Yet it was scooped up before anyone had a chance. Does that resemble behavior of landlords who are "scared"?
I do wonder what the private firm is trying to do with these apartments. Kicking out existing tenants and doing something more lucrative with either land or building is not a trivial task. I hope they know what they're doing.
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Jul 14, 2008
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And FYI, the yearly renter turnover rate across the country is roughly 19-20%, but I believe it's below the national average in Toronto.

It is true that some people are in an enviable position with below market rates, but to bank on that trend considering the avenues landlords have to evict you is not something I would count on indefinitely. Owner occupied claims have sky rocketed, and if landlords are expected to run their investment property as a business (as they should), they won't stomach being in the red for long.

It's a can that has been kicked down the road for some, but it will eventually affect you. Either from a lack of mobility, or realizing a much higher rate if you do (which has a compound effect, higher for you to leave, and higher for the next tenant who takes over your unit).
Last edited by onlineharvest on Nov 25th, 2019 1:59 pm, edited 3 times in total.
Newbie
Jul 5, 2018
44 posts
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Luckyinfil wrote: So a very small subset are affected? Do you have any stats on how many of all renters are affected? If your going to claim that the majority are affected at least provide some stats. Jeez
I reply with a real example. You cite "most people I know"

The only thing Im claiming is my real life example of a rental unit. The complete opposite of your hearsay nonsense.
Deal Fanatic
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Jul 14, 2008
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BlueSolstice wrote: I do wonder what the private firm is trying to do with these apartments. Kicking out existing tenants and doing something more lucrative with either land or building is not a trivial task. I hope they know what they're doing.
Yeah, same. With this, and Minto before, our appetite as investors is certainly there. Perhaps they see a very low vacancy rate and calculated the expected turnover (resetting the clock), and thought it was worthwhile. Or they have other plans.

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