You must have just loved folk like me then. In the past, though not always done, I have at times pointed out towards the homeless that some units are totally empty and wouldn't be getting filled anytime soon. Hint hint, wink wink, nudge nudge; don't forget to take the copper.
Prices aren't coming down cause land lords haven't been pinched enough with lack of immigrants to take the spots. It will take time for them to realize realize reduction is better then no rent at all.
Note: the way that many Eastern European countries managed housing was building thousands of very plain but useable apartment buildings.
To bad the Canadian government NUKED the CMHC in the 90's. The current crop of scumbags are all invested in the real-estate market so there is zero chance of our government building apartments again.
Getting rid of the CMHC was one of the ways that Reagan, Thatcher and Mulroney moved government influence out of the government-business-labour arrangement that had helped share prosperity after WWII. Starting with those 3 politicians, business got its way more and more, including developers, who basically build whatever gets them the most money fastest with the least red tape.
From looking at rentals, more than half of them are effectively garbage because they were optimized for students. Kitchens in the basement, tiny rooms without space... When you visit properties that look good, so many have been destroyed because they packed in so many people.
It's going to take a while for these units to be renovated so they're livable as SFHs again.
In the mean time, if the gov were to actually stop bringing in as many students, let them all leave, encourage a bigger population decline than the tiny numbers getting posted... rents would crash. And that would be good.
But they don't want that - they're going to slowly bring it down (but not all the way, of course) to protect the landlords who exploited everyone. In the mean time, the young waste their financial lives waiting because the price declines are so slow. They need to rip the bandaid off.
Landlords won't lower rent even if there's a shortage of tenants.
I've worked in building management before. In situations where there's too many vacant units they will only list a few to force renters to compete.
Sucks to be them. guess I’ll lower my rent price by $50 and fill up my units so they don’t sit empty and we default on the loan.
You must have just loved folk like me then. In the past, though not always done, I have at times pointed out towards the homeless that some units are totally empty and wouldn't be getting filled anytime soon. Hint hint, wink wink, nudge nudge; don't forget to take the copper.
Prices aren't coming down cause land lords haven't been pinched enough with lack of immigrants to take the spots. It will take time for them to realize realize reduction is better then no rent at all.
The change in vacancy rate was only from 2.2% to 3.1% (so less than a percent). Here’s hoping more rental units come available soon.
Note: the way that many Eastern European countries managed housing was building thousands of very plain but useable apartment buildings.
To bad the Canadian government NUKED the CMHC in the 90's. The current crop of scumbags are all invested in the real-estate market so there is zero chance of our government building apartments again.
Getting rid of the CMHC was one of the ways that Reagan, Thatcher and Mulroney moved government influence out of the government-business-labour arrangement that had helped share prosperity after WWII. Starting with those 3 politicians, business got its way more and more, including developers, who basically build whatever gets them the most money fastest with the least red tape.
From looking at rentals, more than half of them are effectively garbage because they were optimized for students. Kitchens in the basement, tiny rooms without space... When you visit properties that look good, so many have been destroyed because they packed in so many people.
It's going to take a while for these units to be renovated so they're livable as SFHs again.
In the mean time, if the gov were to actually stop bringing in as many students, let them all leave, encourage a bigger population decline than the tiny numbers getting posted... rents would crash. And that would be good.
But they don't want that - they're going to slowly bring it down (but not all the way, of course) to protect the landlords who exploited everyone. In the mean time, the young waste their financial lives waiting because the price declines are so slow. They need to rip the bandaid off.