With rents continuing to climb and REITs posting continued profits, it's easy to blame the real estate investment trusts, but economists disagree.
Boardwalk Real Estate Investment Trust reported strong results for 2023. The company is reporting occupancy at 99 per cent, rising profits and declining expenses. As Carolyn Kury de Castillo reports, economists say don’t blame companies for making money off rising rents; blame municipal rules.Nikhil Kulkharni likes where he lives in Calgary’s Beltline, but he’s looking for a new home now that his rent is going up.
According to report to investors in 2023 Boardwalk had a profit of $666.1 million and that February shows a preliminary occupancy of 98.8 per cent. “If I blame it on immigrants, then everybody feels better about themselves. People feel better about themselves because you don’t want to tell the voter that you’re responsible for this,” Lander said.
“The big problem right now is insufficient supply of rental accommodation. So if we start blaming the companies that provides accommodation every time they make profit, I think we’re likely to make the supply problems even worse,”
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