According to Rentals.ca and real estate research firm Urbanation, the Canadian market continued its upward trajectory with data suggesting a monthly increase of 1.5 per cent from August, and an annual surge of 11.1 per cent.
Experiencing double-digit year-over-year growth, the annual rate of rent inflation surged to its highest point in nine months, stated the report.
The report’s metrics are based on new listings, not what existing tenants are paying per month.
In terms of rental types, one-bedroom units recorded the fastest annual growth in asking rents, soaring by 15.5 per cent, reaching an average of $1,905.
Politicians have no interest in fixing this because politicians are landlords. Yes, even the NDP. It will never be fixed within our current political system. We can either continue around and around in our current, useless, reformist approach… or we can de-commodify and then nationalize housing.
Join a communist cell near you!
I once ran the numbers, and it turned out that even if all my other bills are quadrupled, if my rent alone is halved in return, I’d come out vastly on top. How come one bill come out to more than double of all my other bills combined?
I think that the government isn’t moving aggressively on this file because if they did, there would be a massive correction and many landlords would go bankrupt. It would be political suicide.
I think what they are hoping for is that the correction will happen organically and gradually so that they are not blamed for the fallout and so that the impact is diminished. The problem is, I don’t think that people can hold out and regardless, there will be some pain for all groups. The damage is already done, and fixing this will be painful.
If the government could step in and just build housing instead of adopting neoliberal bullshit, that would be great thanks.
