Housing is expected to be a campaign issue in the lead-up to the Oct. 21 federal election, with Ottawa promising earlier this year to make home-buying more affordable for millennials.
To date, would-be homeowners have faced rising interest rates and higher mortgage costs due to new stress tests. But renters’ futures are equally if not more glum, with higher rents as well as an increase in so-called “renovictions,” according to a report from Rentals.ca. Renovictions occur when landlords evict tenants, undertake renovations, then put the suite back on the market for significantly more money.
Unfortunately, tougher rent-control rules haven’t protected renters but has led to owners selling their rental properties, thus contributing to a spike in rental rates in cities across the country, reports Daily Hive. Vancouver will see rents rise seven percent, Ottawa nine percent and Toronto 11 percent. Nationally, rents will increase six percent. ◊