dbd33

Ahem, I don't live in any of those suburban housing projects, Shelburne, Dundalk, Oakville, Brampton, do nothing for me. I think once you've gone out past High Park you may as well live on a farm. Nonetheless, people do live in those places, even in Barrie, because that's how one buys a house. Of course people have to drive to the GO train, which seems misery to me, but they do it; that's how Mississauga, Oakville, and places even further out, got populated.

Shard

And that can't be a good thing. Rent controlled accomodation doesn't work well in the private sector (sans government subsidy). If the government were to fund more housebuilding (some kind of public-private partnership model for fairness) that might lead to a more balanced housing market.

I'm not sure if Albertan's can stull mail their keys back, I seem to recall some change in legislation. If only AC was here to advise.

dbd33

What happened to AC?

BristolUK

It is if you're one of all those moving here from Ontario.

scrubbedexpat091

All you have to do is look at BC and how messed up our rental market is to realize rent control isn't and doesn't work.

Rent control was put in back in the 1970's and guess what happened? Investment into rentals stopped and very little rental units were built over the next 30 years leading to the massive shortage in rental units and rents skyrocketing.

Rent control in the private market is a flawed concept that does more harm than good.

Rent control does work when the government is providing the housing, but doesn't work for the private market at all. But federal government in the 80's and through the 90's and early 2000's largely didn't invest into social housing, downloaded the costs onto provinces who didn't have the money needed, so provinces cut back on social housing as well, and in some cases provinces sold social housing to private enterprises who then tore them down and never rebuilt them.

BC for example to fix the backlog will need to build 70.000 units, and on average another 7,000 units would need to be built per year for 10 years to meet growth in demand in both market and non-market rental units.


Rent control at least in the form we have in BC does not lead to rental security, it doesn't lead to long term ability to stay in the same rental unit, the fact is so little rental units have been built, most renters these days end up in condos owned by an investor who isn't in it for the long term, a couple years, prices rise, they sell, new owners want to move in, tenant has to move out, rinse and repeat, this is the reality of renters today.

Maybe back in the 1970's when rent control started and there was large amounts of dedicated rental units it provided housing security, but it doesn't today.

Rent control is largely why almost no rental apartment buildings were built from the 1980's into the 2010's leading to massive shortage of rentals we see today in BC.

And guess what happens now to the older 4 story affordable apartment buildings? They are being bought then town down by developers to build high rise expensive condos, displacing renters who are unlikely to find anything comparable rent and will see their housing costs skyrocket over night.

Our rent is 1,350 not lets say we had to move because the landlord wants to sell the unit, and new owners want to live in the unit, but now rents in the area have increased $400-$500 a month since we moved in, so now our rent is $1,850 a month, but our income remains the same, this is what renters face, rent control only protects you if you can stay in the unit your in, which is more and more difficult by the year.


Comments here often lead to me believe many haven't rented in BC before or at least haven't rented recently and don't understand the reality of renters.


Us moving into BC Housing will bring us more security, it's still not guaranteed, all it takes is a new party to gain power, say BC Liberals and they could cut budget and sell social housing to developers again as they did when in power last, but it will at least be more stable than market housing no doubt there, but it does take 6+ years for people to get into these units, and as market rents increase, more people become eligible for social housing which increases demand for it.

scrubbedexpat091

Most Canadian's wont even make a 6 figure salary in a year let alone be able to save 6 figures... That is beyond realistic for majority of Canadians.

dbd33

If that's a reference to me then, no, I haven't rented in BC. But,

1. rent controls work the same way everywhere, BC isn't special.
2. I am in constant contact with someone puzzling over continuing to pay $1500 rent in BC or to shell out just under 3,000,000 for a similar property. It's not a simple choice.

dbd33

So, most Canadians can't buy a house in Vancouver or Toronto, most British people can't buy in Camden Town, most Americans can't buy in NYC, most Indians can't buy in Bangalore. That's just the way of the world. Many of them don't want to anyway.

CanadaJimmy

When it stretches out to the entire metro area, it's kind of an unfair comparison. Most Brits might not be able to afford Camden, but can probably afford a London Suburb, or a city/town with a rail link to London within 45mins-60mins, but even communities distant from Vancouver like Chilliwack are now crossing the $ 1million mark and some of the towns in the BC interior are expensive too.

scrubbedexpat091

Rent control only works if a place has dedicated rental apartments where people can stay long term, this is something BC does not have, renters often cannot stay in their unit for decades, and this is only way rental control is of any benefit, if your a renter and finding you have to move every 2 or 3 years, rent control does nothing to help you.

Rent control only helps if you as a renter can stay in your rental long term, this isn't the reality for most renters these days.

scrubbedexpat091

This. Not sure why people have a hard time understanding it's no longer a Vancouver only problem, the burbs are no better, and living in Chilliwack and commuting is both expensive in $ and time and once you add in the time lost driving, parking costs in Vancouver, higher insurance, gas, wear and tear on the car, may not be any better financially commuting that distance.

When small towns in the interior are 300,000-400,000 for a house in a town with no real employment possibilities there is an issue which is reality all over the interior.

Even Campbell River is fairly expensive, look at Squamish, went from blue collar affordable small town, to bedroom community of commuters pushing locals out, you can rent cheaper in Vancouver now than Squamish....

dbd33

It's not a Vancouver only problem. It's just that Vancouver is like everywhere else. Someone who can't buy in London probably can't buy in Brighton, New Jersey is hardly cheaper than NYC and then there are the property taxes. Poor people can't buy houses in most locations.

A million dollars is no longer a lot of money for a house because two people each earning 125 can get an insured mortgage for 750 and lots of people make 125. I did hear today though of someone who fell pregnant and could no longer compete at work in Vancouver, she bought a house in Campbell River for 375, less than three years pay. I don't know anything about Campbell River but if she's in Vancouver I don't think she's much to give up by moving.

Something that's become much more common since Covid is working remotely into the US. Earning in US dollars while living in Canada, something I did for many years, certainly kicks up the purchasing power. At least it does until everyone else is doing it too.

dbd33

The relevance of rent control is that it takes buyers out of the housing market, slowing the demand. If someone has to move after three years then they're had two years of low rent to save and can reconsider buying when evicted, in the short term, they're not buying and so not pushing up prices.

bats

"Dictionary.com has summed up “OK boomer” as “a viral internet slang phrase used, often in a humorous or ironic manner, to call out or dismiss out-of-touch or close-minded opinions associated with the Baby Boomer generation and older people more generally.”

just in case anyone was wondering.

Shard

Option #1 ($1500 rent) ! Very simple choice.