Landlords take advantage of market conditions to push rent unjustifiably high, making life in Toronto unbearably unaffordable for families who rent. They do it because they can. Opinion by Ricardo Tranjan
New data on Canada’s rental market confirms what Toronto tenants already knew: moving to a new place means spending more on rent. The data also clearly points to the culprit: landlords who hike rents by an average of 29 per cent between tenancies, consistently driving up rents and making the city unaffordable for working families.
Moving to a larger unit to make room for more family members is even more costly: $8,000 a year, on average, for going from a one-bedroom to a two-bedroom unit, and nearly $16,000 a year, on average, for upgrading from a two-bedroom to a unit with three or more bedrooms. While the CMHC data is new, these findings are not surprising. They echo the stories we hear every day about tenants feeling that their only option is staying put.
How is it that lettuce selling for $5.99 is national news but landlords hiking up rents by 29 per cent in broad daylight is a passing comment in news stories about housing affordability?
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