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Thereâs an awkward problem in Canadaâs affordable housing strategy.
Even as it builds more units, the number of homes available at a price the working poor can afford keeps shrinking.
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In fact, say researchers, if trends in the market continue as expected, Canada is losing four units in the private market for every one publicly subsidized unit the federal government helps build. They fear the pandemic is only making that worse, that instability in the market has sped up consolidation, increasing the reach of the large investment trusts behind this trend.
Elise Stolte: Housing for all efforts going backward very, very quickly in face of mounting private pressure calgaryherald.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from calgaryherald.com Daily Mail and Mail on Sunday newspapers.
More and more landlords are hiking rents above the yearly limit in Toronto
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Despite the fact that there are rules restricting how much the rent for many properties in Ontario can be increased each year, there are still ways that landlords can jack prices up even more under certain circumstances and in Toronto, they ve been doing so more than ever in recent years.
If the Landlord and Tenant Board approves their application for an above guideline rent increase (AGI), a building owner can hike rent more than the amount that the provincial government sets each year based on the provincial Consumer Price Index, which takes into account economic factors like inflation.
Above-guideline rent increases in Toronto up 250 per cent in six years: report
Corporate landlords are responsible for 84 per cent of all above-guideline rent increases in Toronto, according to RenovictionsTO By Julia Mastroianni
Justin Wei / Unsplash
The number of applications for above-guideline rent increases (AGI) between 2019 and 2020 was two and half times than in 2012 to 2013 in both Ontario and Toronto, according to a new report.
On Wednesday, RenovictionsTO released data that found there were 296 AGI applications in the 2012-2013 fiscal year in Ontario, versus 758 in from 2019-2020.
In Toronto during the same period, the number went up from 117 to 294.
AGIs refer to rent increases that surpass the provincially mandated yearly percentage limit on rent increases. Usually, that amount hovers around two per cent, though currently the Ontario government implemented a rent freeze at 2020 levels for 2021.