It’s no secret to renters that the market for apartments in some of this country’s major capital cities is out of control. Vancouver and Toronto both have absurdly expensive rent and many renters are feeling the pain and struggle of trying to live in these cities. However, one city that is not seeing an increase in rent is Manitoba’s capital, Winnipeg. The city is seeing a very modest rent increase of 1.5%, something that barely even needs mentioning. The renting market is stable and calm in Winnipeg, something that other renters in the country are becoming envious of.
In one of Toronto’s neighbourhoods, the trendy downtown Liberty Village, the rent increase is starting to become astronomical. Over the past year, tenants in this part of the city have seen their rent increase by as much as double. For many, this is something that they cannot handle and they are being forced to look elsewhere for rent. This mostly leads to living outside the city and having to commute in, something that many people aren’t comfortable or able to do.
Vancouver’s market isn’t much better. With many people being forced out of the city into the surrounding neighbourhoods, things do not look much better across the country for renters.
The rent situation is looking grim for many across the country.
Many renters are pinning the blame of high rent on their landlords. Many of them see the cynicism of their landlords. Why have a renter paying $1000 a month when you can have a new renter paying $1200 a month? This is the feeling of many renters in some of the country’s major cities.
Many landlords are defending the rent increases by citing the municipalities rising taxes. They say that when the city increases the taxes they charge property owners, they have to increase rent as well to keep up with the city’s demands.
To help combat the rising rent increases, the Ontario government and the Vancouver government have implemented different methods that are intended to combat the housing situation and make it better for renters.
In Vancouver, an empty house tax is being implemented for homes across the city. Since there is an issue in the city of foreign investors purchasing property in the city and then leaving the homes vacant, the city has deemed it a problem worthy of its own solution. Homeowners who own an empty home are charged a tax for their empty homes. This intends to encourage them to rent their property to local renters.
Meanwhile, the Ontario government is trying to curb the rising rent problem with regulations and rent caps on just what landlords can do year after year. They aim to stop the problem of landlords squeezing out renters by increasing rent.
With the renting market in two of the country’s most major cities skyrocketing, the situation isn’t looking good for renters. All hope isn’t lost, if Winnipeg is any indication, rent isn’t skyrocketing anywhere else.