Toronto Renters Forum

General => General Discussion => Topic started by: KatieS on July 25, 2022, 12:48:22 pm

Title: "Canada's biggest city challenged to confront its 'renoviction' problem"
Post by: KatieS on July 25, 2022, 12:48:22 pm

From the Financial Post:  Canada's biggest city challenged to confront its 'renoviction' problem


“rents in Ontario are increasing at the fastest year-over-year pace since the late 1980s, according to Statistics Canada data. Rent jumped 5.4 per cent in June from a year earlier, slower than the 5.6-per-cent gain posted in May, but otherwise the biggest increase since the fall of 1989.”

“‘REITS have caused our city to become commoditized,’ Toronto councillor Mike Layton said during a debate on Bond’s report on July 22, referring to real-estate investment trusts. ‘The door is wide open for ‘renovictions’ and we need to shut it. When the rent doubles, it’s a huge loss for our city,’ Layton continued.”

“In Ontario, landlord applications to evict tenants for reasons other than failing to pay rent increased by nearly 100 per cent between 2014 and 2020, while applications to raise rent on current tenants beyond what’s allowed under rent control rules rose by nearly 40 per cent, according to data from the Landlord and Tenant Board.”



https://financialpost.com/real-estate/the-renoviction-debate-comes-to-toronto-as-officials-call-for-stronger-rent-protections/wcm/9dc287e8-81fc-45ee-8d64-49d685c020e9/amp/ (https://financialpost.com/real-estate/the-renoviction-debate-comes-to-toronto-as-officials-call-for-stronger-rent-protections/wcm/9dc287e8-81fc-45ee-8d64-49d685c020e9/amp/)