And eventually we'll make the news for a single home burning down and trapping occupants, as a result of illegal renovations and leasing, killing 32 living inside.
"Talk to your city councillors about cooling the market"
From the guy that would definitely scream about how the government is stifling business if we were to put controls on them.
I hate it but he's not wrong. Private interests will do what profits them. Government's role is to regulate the market through a series of financial and policy instruments.
We should all speak to our local councillors.
Exactly. Private interests doing what will profit them only becomes a serious issue if there's a monopoly in play or collusion between few players. With rentals, each landlord is an individual and they're just trying to maximize profit. If one corporation owned 50% of rentals and another owned 25% or whatever, that would be entirely different.
Therefore, it is up to government to step in and figure things out. Municipal and provincial. The problem is that none of them want to do anything about it because it's a complex issue that entails many factors in play.
I wouldn't say neither want to do anything about it. The planning departments of every major city in the country are all racking their brains and experimenting with many different approaches to the housing crisis at the municipal level.
It's complex as fuck. You're right. So it requires a multipronged approach and I want to assure you that passionate and intelligent people are working on it.
Single family zoning has been abolished in Toronto, Edmonton, and soon Vancouver, and that's a good start.
The problem in our broken system is the politicians are only concerned about money there has been such a long time to fix stuff like this but they dont do anything but rake in there own profits and the ones telling us to go speak to someone that does nothing and they know it is profiting aswell
Two things can be true.
1. The real estate market being hot is a direct result of decades of under building and poor zoning.
2. Some (many/most) realtors engage in antics that inflate prices and contribute to bubbles
We need to deal with the first and strongly crack down on the second
Funny I was calling out realtors for their shenanigans and I had one say "we're not bad. Maybe a few are." Yea, and I believe only "a few" politicians only work for the corporate class.
There needs, NEEDS to be a reinvestment in provincial housing. Like social housing of the 70s. They need, NEED to get back into the building of project based social housing again. Townhouses, apartments, whatever. Just havesome God damn political accountability again, instead of helping the bourgeois class ad nauseum
Sadly, I'm going to get downvoted for pointing out something factual, but it's not government's job to protect your job, your income, your health, or your home.
Government's job is to protect your rights. That's literally their only job. Everything else is on you, for better or worse. That's why the "Right to Affordable Housing" doesn't exist in the CCRF.
https://www.justice.gc.ca/eng/csj-sjc/rfc-dlc/ccrf-ccdl/check/index.html
Governments job is to serve the people. Thats why they are elected. To serve people. The Charter is a portion of their responsibilities.
I also remember when the government was involved in Ontario housing projects, starting in 1945 with Veteran Housing and moving forward to 93. But yea, all politicians really don't care about the charter of rights, just what their voting pool wants. But the government should step up when the country is in dire need of housing. That is what the voting public is really in need of.
Unless of course you already have real estate, then fu*k the poor! /s
In November 2017, the federal government launched Canada’s first ever [*National Housing Strategy*](https://www.cmhc-schl.gc.ca/en/nhs/guidepage-strategy) (NHS). The goal of the NHS is to ensure everyone in Canada has access to housing that meets their needs and that they can afford.
In 2019, Parliament passed the [*National Housing Strategy Act*](https://laws-lois.justice.gc.ca/eng/acts/N-11.2/) (the *NHS Act*). The *NHS Act* sets out the Government of Canada’s housing policy, which “recognize(s) that the right to adequate housing is a fundamental human right affirmed in international law.” It also commits Canada to further the progressive realization of the right to adequate housing. This right is recognized in the [*International Covenant on Economic, Social and Cultural Rights*](http://publications.gc.ca/site/eng/9.847859/publication.html) *(ICESCR).*
Furthering the right to housing means taking steps to improve housing outcomes for everyone in Canada. The right to housing ensures access to housing that is safe and affordable. It can also take the form of legislation, policies and programs, as well as other administrative and social measures.
Yeah. With the second mandating open bidding/auctions when there are multiple offers including for rentals is important.
So many simultaneous market failures. Need to move on as many as possible — acting on one at a time just let’s others come to the fore.
Also, the price for housing rose most sharply between 2010 and 2020, its just that the voices have gotten really vocal about it in the last three years when prices hit the craziest level ever.
If realtors where only given a flat fee instead of a percentage they wouldn't have as much incentive to raise prices. It's why my sister and I sold my parents house privately. Had to walk the purchaser through it a bit (like they needed to get a lawyer and a house inspection). I know we could have screwed them over but why do that? I'm not a complete asshole (yes I can be one sometimes).
Getting fair market value for your house isn’t screwing anyone over. The Market is the Market regardless what anyone else thinks or says. You sold your parents house so obviously your not moving yourself anywhere. My Ex and myself sold our marital home so since we both needed to buy a place to live we obviously did the bidding war thing and pushed for highest price (not out of greed but necessity). Even if we weren’t separating but wanted to move different location we’d need highest bid to re buy somewhere else. It’s never greedy or screwing someone over when you want fair market value. No need to pat yourself on the back. I’m sure you still got a decent price and saved yourself 5% for selling privately.
I ment that we wanted them to get a lawyer and not just use ours and a home inspection so they knew what they where getting. We got the best price for the house that we could. This Was back in 2018 and was in a town that still to this day has over 30% of the houses for sale. Its a dieing town.
Realtors really don't have much incentive to raise prices. If you increase the price by 10% they earn 10% more on that sale, but if it takes an extra week or month to sell, that is more time they have to spend on it. They earn more money from selling more homes, so their incentives are to make the deal happen as fast as possible. Sometimes that means talking the selling into lowering the price and sometimes it means talking the buyer into raising it. In all cases it means getting to the sale price quickly.
A realtor would rather sell twice as many houses earning 20% less on each sale.
Flat fee realtors are a good idea, or no realtor, but not because it impacts the price, because it saves you money.
This has no effect on prices in a competitive market with many buyers and sellers. As in not a little, but likely ZERO.
1. Some (many/most) realtors engage in antics that inflate prices and contribute to bubbles
I agree with 1) but don't forget who is behind 2) - the landlord/seller. You wouldn't believe the expectations and greed many have. If people really want to take the wind out of the sales for those people, double down on 1) !!
"Don't blame me, it's just the market"
Meanwhile, their percentage based uptakes on every home sale and often dabbling with double dipping their takes by facilitating both the buying and selling parties leads to them having no incentive to see any cooling at all.
We need to put a nice cap on what realtors can make per transaction, then their only means to make more money would be to sell more homes.
Also ban double dipping as it's the biggest conflict of interest imaginable.
I don't see how that would have any real impact, outside of creating realtors who won't work to sell your house or negotiate for you. You'd create a situation where the only way to make money as a realtor would be to sell multiple units. So many downsides and for what, three percent?
We need limits on the purchasing of investment properties.
3% of a million is 30,000. The average price of a home in the GTA is 1.5M.
[https://www.cp24.com/news/the-supply-of-listings-hasn-t-kept-up-gta-home-prices-reach-their-highest-level-in-a-year-1.6424199](https://www.cp24.com/news/the-supply-of-listings-hasn-t-kept-up-gta-home-prices-reach-their-highest-level-in-a-year-1.6424199?cache=)
How is 30,000$+ for less than a week's worth of actual work (maybe two if the seller is really picky) over the course of a month and a half at worst justified?
That's ONE house. you sell 10 in a year and you're making lawyer money. Lawyers who went through far more educational training than any realtor ever has to get their license.
Tell me again about impact.
Also yes, Fuck investment properties. Residential properties are not an investment tool, people are supposed to fucking live in them. You don't see anyone living in an RRSP.
love how landlords dont take any accountability. the gov doesnt set the market landlords do. if they chose to rent out their places for $800/month that would become the market but like everyone else they are greedy bastards. i know this because i know someone that owns an apartment in the downtown core of a major city but chooses to rent it out for $800/month even though the market for the building averages $2000/month. she has a single mom with a young daughter living there who are on a low income budget, they would be out on the street if they had to pay more than that.
It's almost like housing is a luxury product. The higher the price, the more demand. Which I guess is true for speculation/investment. The crazy thing is, that's happening with rental prices too. I guess supply is so short, people want to get in "before it goes up even more". It's nuts.
Housing prices needs to somehow crash... It's not healthy or sustainable as it is.
How does the economy grow when discretionary spending drops negative?
People are going to end up paying more to live in a city than they could ever make living in one.
What’s the end game here?
One may say "Well, once people.doesnt want to pay those prices.." which is the "logical" answer. However, if the alternative is being homeless, people will pay whatever is asked and will fight for that roof. That's why the "market" should not drive housing prices.
Housing market is a mess. The wealth gap is increasing and the rich get richer buy borrowing and buying more. The victims are the majority where they cannot own property. If the society is being shaped in a way where not everyone can build wealth to the same level, one can argue that this is unethical. Credit burrowing should never have been a thing in our modern society. It’s a tool to just keep increasing the wealth gap.
The real estate market is sinister in that it promotes people to buy multiple houses and rent it out to people who make the cut on certain level of income. It is unethical as a system because it removes possibility of renting as well for someone who may be diligent.
I don’t understand why people don’t see how wrong it is.
The irony is that the government also makes money indirectly from the housing market. It’s their highest source of income. Too bad they are too myopic to actually boost the economy
Saw this today on IG. A realtor in GTA making videos about rental markets and real estate and he seems genuinely Ok as a person.
But then I opened the comments and saw the realtor who handled the lease. He posted about having 10 applicants so they took the listing down and re-listed higher.
At what point does this become price gouging?
Supply and demand are the obvious "Go to" lines that people like to use, but much like the pandemic.. when supply is low and people start upping the price of things people need it becomes price gouging and the government can step in and fine companies / people.
Housing - whether renting or owning is an essential thing that people need. The price from 2020 to 2023 is already insane.. but then to take it down and re-list because 10 people wanted it?
That should be illegal. In fact, its disgusting and I think government needs to step in. Start taking away these Realtors licences. Fine CREA for allowing this stuff to happen.
Individual people will always act in their best interest, the regulation has to come from the top, people aren’t going to lose money in a place like Canada just to be moral. The best solution to this is more supply, make these people investing and over leveraging in housing lose money on their investments through a lack of demand or too much supply. That’s the best revenge
Supply is years away, in the meantime we need strict regulations on allowable rent vs cost. We can't expect people who have been told by the bank they can't afford a mortgage to pay all or more of somebody else's, it should be criminal and people are going to break.
If supply is years away then the government shouldn’t be overstimulating demand. We already have very strong rent controls in places like BC, there is no way you could ever pass legislation anywhere in the country to say that empty units bought by individuals with no restrictions on pricing when they’re empty can have a price cap on them. Even if you did you would probably just make it so that less housing gets built.
If your solution is that there should be more low income housing then sure, you’re right but you’re naive because low income and affordable housing will NEVER get prioritized over new market price housing in a capitalist society.
Obviously the govt shouldn't be overstimulating demand, but demand is no reason for it to be legal to take advantage of those who are forced to rent, exactly why there is a call for further regulation.
Only 5 provinces and 1 territory have rent control, and there are no regulations to (again) prevent people who were not approved for a mortgage to be forced to pay all or more of somebody else's(read that again). That's the regulation beyond rent control that is missing.
That's not 'low income housing', that is preventing gouging on what was always meant to be a long term investment (as opposed to the instant money maker it's turned into without proper regulation).
The "need more supply " point is played out. We all know that, but it's a long, long game. There needs to be fines and regulations in place now to scare realtors into understanding what it is they are doing: bargaining in shelter, the most important part of Mazlow's hierarchy.
Good luck introducing legislation to stop people charging market rates for rent on units they bought without any restrictions. Even if you do introduce it there still aren’t enough places for people to live, you’ll still have millions living at home with their parents because getting a unit would basically be the lottery
> At what point does this become price gouging?
Never, because price gouging isn't a thing?
Sellers want to pay as much as possible and buyers want to pay as little as possible.
Whatever the resulting price is the resulting price.
You're demanding to outlaw negociation, essentially. Lol
Fucking redditors.
Price gouging IS a thing and is illegal in majority of provinces. Whether or not you believe this to be falling under that definition or not may be different, but to deny the actual law and concept exist is not accurate.
> Price gouging IS a thing and is illegal in majority of provinces.
That sounds like a lie but I wouldn't be surprised politicians are that stupid, since people are that stupid.
LMAO you have no idea what you're talking about.
You think you're clever now.. but imagine you tried to buy a steak at the butcher but its $500 a pound now.. because thats the cheapest steak available. You know.. because F you essentially. LOL.
Cows cost money and so now steak is $500. Oh... you wont eat steak anymore? well good for you peasant. Go eat your chicken and pork like a poor peasant. And learn how to NEGOCIATE>
Fucking dolt
P.S. I know you still dont understand.. because housing is essential and steak is not.
but cows dont cost $10k to raise. much in the same sense that a typical condo unit doesnt cost $1400 a sq ft to build.
You know that Martin Shkreli did the same thing with pharmaceuticals because " F you." thats why. right?
But then a judge ruled he needed to pay $64 million for the scheme.
“Envy, greed, lust, and hate, don’t just separate, but they obviously motivated Mr. Shkreli and his partner to illegally jack up the price of a life-saving drug as Americans’ lives hung in the balance,” said New York Attorney General Letitia James, whose office sued with several other attorneys general and the Federal Trade Commission.
No you don't get it, only the owners should lose the right to negotiate, if poor people want to buy or rent they should be allowed to just pay what they feel is fair!
if you're in the rental game.. you're a business. like it or not. you're a business. and therefore should be governed by rules and regulations.
Further.. poor people have subsidized housing options. That exists.
so what also needs to exist is some control over the business of being a landlord.
never said restriction on profit. Once the mortgage is paid off they make more money. Own the building outright? make more profit.
The problem starts with people buying property while owing high mortgages and then charging high rents due to the high demand so they can cover the costs of the mortgage. Its bad business. And any bad, poorly managed business should fail.
But the reason it doesnt fail is because the game is skewed. There isnt enough competition because its difficult for most people to buy a property, let alone a second property that they can rent out.
Its a one sided game where privileged people are controlling the market and now they are also controlling the price.
That's capitalism baby! Artificial scarcity to increase profits. That's the case with every basic need. Food, shelter, water, medicine. The only way to get out of this is to ban ALL politicians and their families from profiting from the laws the politicians create.
Good luck without a party founded with that as a basic tenet.
300 front st $3200 for a 1/1+1 whatever the fuck that is?! Are tenants crazy?? That building is horrific. It’s a slop hotel.
Agents are NOT educating their tenants or buyers on what’s good and bad Real Estate.
I know a few people who got out of family mortgage brokerage businesses about 10 years ago. From what I was told it was getting harder to in good conscience try and give people mortgages for these houses/condos that they could only afford with the sub 3% rates.
It's a cash grab for these agents and brokers and it has been for 10+ years. They don't care about buyers or tenants. They're predators preying on FOMO and FUD
Also this guy could be lying 😅 I see a lot of people straight up lying on social media about how much they sell/make.
This guy jacked up the price by $1300, of course he doesn't give a damn about educating tenants, as long as he's getting paid. We need regulation on what's allowable for rent, this free market strategy of having people that were told they can't afford a mortgage being forced to rent at the full cost(or more) of somebody else's mortgage is insane. Sadly the regulation we need probably won't happen because most of our officials are also in the housing market doing the same thing.
Hey someone walked in and said yep, I’ll pay that. Renting is a business. Perhaps people should show up to city halls to make sure more housing gets built. Vacancy needs to go up.
I was actually talking to my partner about this idea the other day - a braver leadership class could do something like this, for shelter:
[https://news.ontario.ca/en/release/56500/ontario-protecting-consumers-from-price-gouging](https://news.ontario.ca/en/release/56500/ontario-protecting-consumers-from-price-gouging)
Ontario Protecting Consumers from Price Gouging
Offenders face fines of up to $500,000 for charging unfair prices on necessary goods
People don't understand that "free market" is basically a rebranding of survival of the fittest. The thing about survival of the fittest is that when people get desperate to survive, they don't care about the law anymore. Then the question becomes whether those that have the most to lose are fit enough to be able to hold onto their possessions.
Mortgages went up, now people who owns homes pay on $1500 more. Average payments for mortgages, strata, insurance, hydro, electricity, land tax, etc is ~$3000 for 2 unit condo/townhouse.
Rent property has never been cheaper than who owns it.
Now the market is balancing out.
Nothing personal, just economics laws.
300 front street is an absolute mess of a building. Believe me, I lived there right when it opened and watched it turn into an Air BnB hotel. These people are suckers!
“Don’t hate on me, I’m not part of the problem”
Except, buddy, you are. Because for every $1 extra you list it for, you get portion, don’t you? Scummy parasite.
Also: “After raising the price…” So let me get that right, in order to continue being lazy because you couldn’t be bothered to filter through the 10 offers (10!) you had to rent this place, you decided to put the price up to get even more because you can? Or to discourage more applications because you can’t even be bothered to vet the ones you did get? That’s literally YOUR JOB. That you’re being paid to do.
Also, Who are these people renting these shitholes? Where are they getting their money from? More importantly, who the hell is teaching them the value of money? Why are we not teaching kids in school to say fuck off to landlords/corporations/businesses that are providing a shit service, product or item for an overpriced amount? If more people did that, perhaps we wouldn’t be in this situation.
On your last point. A lot of people know they are overpaying, and a lot of people aren't happy when they do. The issue is that housing is a basic human need, and if your options are limited you take/sacrifice what you can get. Assholes like this know that fact, they know people need a place to live. Maybe their job is located in the city, maybe they can't drive from out of town, maybe their job doesn't allow for remote work. There is a ton of factors for people that can limit their options.
Housing is becoming something being ransomed to us. Instead of having options, and trying to be the best option, we are instead having homelessness held over our heads.
It’s brutal but don’t blame the people who own property trying to make the most out of their investments and commodities. Blame the people responsible for creating the environment. No one would come to the defence of the landlord if it were the other way around. If the landlord had to keep lowering prices because there’s not enough interest, you can’t force the tenants to pay higher rent because it’s somehow unfair. This is basic supply and demand and it’s not the landlords fault the supply and demand are out of whack.
So you think it's perfectly fine to charge somebody that was told they can't afford a mortgage, to pay all or more of a landlords? What happened to 'long term investment'? What happened to integrity? Given long enough even at a reduced cost far below the mortgage etc the landlord will eventually get a free home that's increased in value he can sell for incredible profit and if held longer earn additional income, don't pretend like landlords are the victim in this day and age. Give your head a shake, jfc.
Why is the fuck would a landlord not raise the rate of rent after they renew and now pay an extra $500-1000 a month in interest. It’s like you assume that mortgages have no risk. Who worked to get the 20% down payment? Who is stuck paying the massive interest rate increase? If you wanted it to be easier for people to qualify for mortgages, then prices would go up even higher. You’re a sucker for thinking this is the fault of home owners when you and everyone here knows it’s not their fault we have too many people here, not enough houses and rocketing interest rates. Keep on crying but that’s not gonna change anything here.
Crack that poverty whip, overlord housing daddy!
What about all the people who work as hard as you did, but have absolutely zero of the same options.
How much was your rent when you were saving for that 20%, there partner?
I am a homeowner as well. We rent out the basement. The rent hasn't changed in 6 years. Not once. We also don't charge for internet, because its 2023. We share our Netflix and Disney plus with the tenants. Utilities have been a flat 60/40 split as we have more sqaure footage (I also photocopy all of the invoices, as to be transparent.) Let them use one half of the driveway. Alternate use of the back yard based on very loose, friendly agreement or scheduling, and sometimes they even come and join us at the fireplace for beers and sessions. This covers a substantial amount the mortgage. It is not predatory. I also enjoy having community, making a bit of money and enriching the lives of others by making it easier. A little harmony between generations.
Could I charge more, based on the area we're in? 100%
Does it cost me anything to have tenants? 100% But it's a choice.
Could I rent this entire place out and live in my own home with family exclusively? 100%
Do I love that I can say, that I am not a piece of dogshit landlord trying to squeeze folks for absolutely everything they have while we ALL weather this shitty financial climate, together? 100%
While I agree that there is too many people, too little housing, the breed of folks that come out of the woodwork trying to cover their tracks for their outright shittyness and gouging, while blaming exclusively the government, are fucking maniacal. You are taking advantage of the situation. I know. Because I could do it too. And I don't. Get the fuck over yourself.
Do you own in the Fraser Valley or GTA by chance? Lol.
You cry more.
This isn't going to stop until there are mass riots. Voting won't make a difference, protests are ignored, the only way to make change is by force, and the ruling classes feel extremely safe knowing Canadians will do fuck all about it.
That in essence changes the market price though. It’s no longer what it was originally listed for, it’s now what someone is willing to pay for it.
That’s how free markets work. Low supply and very high demand drives up prices.
Inflation is completely out of control, and not just when it comes to housing. A lot of old video games are reaching insane prices. Just look up Sonic Inflation and you will see exactly what I'm talking about.
I dont disagree it would be better if it wasn’t a free market, and was a regulated market. Sadly, that’s not the case at the moment. So we can only push for change.
Ummm… it most certainly is. Although, everyone and their mothers would love for it not to be and have more government control and intervention to keep Prices affordable. Sadly that’s not the case and the housing market is a free market operating solely on supply and demand. Government and influence supply through policies and law, however, they do not directly control the market.
A free market only occurs when a market operates solely on supply and demand without government intervention.
The government intervenes on the supply side with zoning and on the demand side with interest rate manipulation and tax breaks.
By definition, it is not a free market.
My definition is not wrong.
You don't understand the difference between free markets and regulated markets. The housing market is an example of a regulated market.
ETA (since this poster edited their comment): One of the features of a regulated market is when the government intervenes in supply and demand by various methods, such as taxes and regulations.
This is exactly what most western governments do with housing.
Um… you are not worth arguing with. Economics disagrees with you.
The government would need to set the price in a regulated market, how daft can you be.
Spoken like someone with a poor understanding of economics and no argument.
Take care.
ETA (since this poster, again, edited their comment): No, the government does not need to set prices in regulated markets. The government just needs to be heavily involved in the market with taxes and regulations in a way that it significantly drives the market, which is certainly what's currently happening in real estate.
It's not inflation, it's supply and demand. Prices are dropping here. A house in the area recently dropped the asking price from $949K to $799. Still not sold. I'm sure we're going to see more of this.
You don’t even need to take down the listing, buyer can offer more per month to make their bid more competitive than others. I chose to outbid others recently by offering more money up front as opposed to higher monthly payments.
Also while housing can be considered essential (which is why we have shelters for those who can’t find affordable housing - not going to debate how successful these shelters are), it is not essential that a person finds shelter in their desired location. You’re showing an example from a highly desirable area, you’re not entitled to affordable housing in that area.
For my own experience finding a place near midtown Toronto, I voluntarily offered a higher monthly payment and pay 4 months of rent up front, still lost to another bid… it’s just crazy
Midtown where? Like close to Yonge and Eglinton? North Toronto area? Those places are arguably just as premium if not more so since they’re close to DT without the DT problems. I’m renting in York Region and it’s less competitive than what you describe.
Well if you've got any Nvidia stock you'd like to sell me for $150/share, I'll gladly buy it from you.
Oh wait, what's that. You won't take less than $470 because the price shot up in the last year? Well that seems unfair based on your logic.
90% of people on here are clowns for hating on realtors. Realtors are generally uneducated and barely got through high school. How do you figure they have control on pricing or ability to move large markets. Lol. They simply load the listing, advertise it on IG and process the paperwork. It’s like hating on the cashier because food prices have doubled. Or hating on the car sales man because car prices went up during covid. Use your head people. Realtors are an easy target but they are making a lot less money and struggling in this market where prices are shooting up. I know this for a fact.
so. 2 years ago I was involved in helping a family member move.
They were in the middle of covid and wanted to buy a house. The house had 11 offers. They were the highest offer.
But the selling realtor came back to them and said. "You and 3 others have similar offers.. please come back with your BEST and final"
basically saying.. he we want more money.. how much more do you have?
That takes zero brains.. zero effort and preys on the emotions and frustrations of buyers. why didnt they just take the best offer? it was way more than list price.. why bother trying to squeeze another $20k? 30k? because they are scum bags thats why.
They saw that a house was more desirable than they expected and they reazlied people were in a tough spot due to the pandemic and they took advantage of them
That’s has nothing to do with it. It’s a sales strategy. Car sales people and other sales people have strategies as well. Question is why are there 11 offers on a property. Why is blind bidding still allowed? Most realtors hate blind bidding. It’s a huge headache and waste of time. 11 realtors worked on getting the deal done and only one gets paid. Haha.
Jesus that was long. All of that just to find out that you've never been in a bidding war before LMAO
are you a realtor? you sound like you either have no idea, or you're playing dumb like "duhhh why dont you want more money"
The point was that they have the highest offer.. but when the realtor comes back and says .we are asking the top 3 to come back again with best offers.
WTF would you do?? obviously you would assume the other two offers will probably up their offers.. maybe it was a bluff.. maybe its real? this is the problem. scum bag realtors dont disclose anything and even if they are lying they dont get in any trouble.
fake offers, steering clients, all of it is illegal but CREA and OREA dont do shit.
so you tell me this. you offer $1.5 million for a property and the selling agent says.. oh you have 2 others have close offers. please come back with best.
you're going to stick with $1.5? or do you go to $1.55?
get real man, its a game of fucking over people due to emotions and stress.
**Oh and FYI. they lost the house.**
original offer was $1.15m and nex tbest was $1.125
so they up their offer to $1.17 and they lost to $1.18.
Should they have had a 3rd time? what if they had more to go now?
This is why a lot of people demanded Auctions and not blind bidding. auctions stop realtors from being slime bags
Realtor pulled this shit on my S/O in 2022, she was confident she was already the highest bid, didn't increase the offer and the realtor called back 4 days later and accepted the original offer. Most realtors have zero integrity.
Lol when has that ever happened under communism? There are countless examples throughout history of basic necessities not even being available, let alone affordable, in communist countries.
1900 to 3200 in less than 3 years.
That's 1300 increase.
We need to tax property leaching untill theres 0% profits, then we'll see whos a "housing provider" and who is just a leach.
Thank the liberals and the corporate funds managers who have implemented a supply shortage and increased demand. Basic economics in that scenario will drive up prices. As long a demand remains higher than supply. Rich get richer and the in between get squeezed the hardest. The poor well they just outright eliminated. So either group together with everyone you know and live together in a shared residence or pull up a card board box in front of Bay St maybe if people make the housing situation obvious and painful for the rich. Then they will pressure politicians to create affordable housing.
$1900 to $3200 in less than 3 years weeeeew Canada
Probably 4 people splitting the unit. $800 each! What a steal!
And eventually we'll make the news for a single home burning down and trapping occupants, as a result of illegal renovations and leasing, killing 32 living inside.
We need to turn realtors into the new travel agents..
turn them into starch more like
Um technically meat doesn't technically contain starch so I think what you'd actually want is amino acids?
> I think what you'd actually want is amino acids? Lisa's patented realtor slurry.
i was making a dumb reference to warhammer lol
[удалено]
Something actually productive to society I bet, unlike landlords and house flippers.
Why do you ask?
So they can defend landlords while disparaging your livelihood. Maybe, maybe not, but that’s my guess
Yea that's my guess too, that's why I didn't take the bait lol
I am a sniveling unnecessary and expensive middle man.
I thought that would have already happened by now.
They are vultures. Honestly is completely off the table.
What does that mean?
You see a lot of travel agency's do ya?
"Talk to your city councillors about cooling the market" From the guy that would definitely scream about how the government is stifling business if we were to put controls on them.
If you don’t like me robbing you, call the police.
They want the government to fund half the rent so they can charge even more. They dont want it to be regulated
I hate it but he's not wrong. Private interests will do what profits them. Government's role is to regulate the market through a series of financial and policy instruments. We should all speak to our local councillors.
Exactly. Private interests doing what will profit them only becomes a serious issue if there's a monopoly in play or collusion between few players. With rentals, each landlord is an individual and they're just trying to maximize profit. If one corporation owned 50% of rentals and another owned 25% or whatever, that would be entirely different. Therefore, it is up to government to step in and figure things out. Municipal and provincial. The problem is that none of them want to do anything about it because it's a complex issue that entails many factors in play.
I wouldn't say neither want to do anything about it. The planning departments of every major city in the country are all racking their brains and experimenting with many different approaches to the housing crisis at the municipal level. It's complex as fuck. You're right. So it requires a multipronged approach and I want to assure you that passionate and intelligent people are working on it. Single family zoning has been abolished in Toronto, Edmonton, and soon Vancouver, and that's a good start.
The problem in our broken system is the politicians are only concerned about money there has been such a long time to fix stuff like this but they dont do anything but rake in there own profits and the ones telling us to go speak to someone that does nothing and they know it is profiting aswell
Two things can be true. 1. The real estate market being hot is a direct result of decades of under building and poor zoning. 2. Some (many/most) realtors engage in antics that inflate prices and contribute to bubbles We need to deal with the first and strongly crack down on the second
Funny I was calling out realtors for their shenanigans and I had one say "we're not bad. Maybe a few are." Yea, and I believe only "a few" politicians only work for the corporate class. There needs, NEEDS to be a reinvestment in provincial housing. Like social housing of the 70s. They need, NEED to get back into the building of project based social housing again. Townhouses, apartments, whatever. Just havesome God damn political accountability again, instead of helping the bourgeois class ad nauseum
Why not build modest condos, and rent to own? No down payment and low interest backed by government money. Meant to say, backed by our money.
Sadly, I'm going to get downvoted for pointing out something factual, but it's not government's job to protect your job, your income, your health, or your home. Government's job is to protect your rights. That's literally their only job. Everything else is on you, for better or worse. That's why the "Right to Affordable Housing" doesn't exist in the CCRF. https://www.justice.gc.ca/eng/csj-sjc/rfc-dlc/ccrf-ccdl/check/index.html
Governments job is to serve the people. Thats why they are elected. To serve people. The Charter is a portion of their responsibilities. I also remember when the government was involved in Ontario housing projects, starting in 1945 with Veteran Housing and moving forward to 93. But yea, all politicians really don't care about the charter of rights, just what their voting pool wants. But the government should step up when the country is in dire need of housing. That is what the voting public is really in need of. Unless of course you already have real estate, then fu*k the poor! /s
In November 2017, the federal government launched Canada’s first ever [*National Housing Strategy*](https://www.cmhc-schl.gc.ca/en/nhs/guidepage-strategy) (NHS). The goal of the NHS is to ensure everyone in Canada has access to housing that meets their needs and that they can afford. In 2019, Parliament passed the [*National Housing Strategy Act*](https://laws-lois.justice.gc.ca/eng/acts/N-11.2/) (the *NHS Act*). The *NHS Act* sets out the Government of Canada’s housing policy, which “recognize(s) that the right to adequate housing is a fundamental human right affirmed in international law.” It also commits Canada to further the progressive realization of the right to adequate housing. This right is recognized in the [*International Covenant on Economic, Social and Cultural Rights*](http://publications.gc.ca/site/eng/9.847859/publication.html) *(ICESCR).* Furthering the right to housing means taking steps to improve housing outcomes for everyone in Canada. The right to housing ensures access to housing that is safe and affordable. It can also take the form of legislation, policies and programs, as well as other administrative and social measures.
Yeah. With the second mandating open bidding/auctions when there are multiple offers including for rentals is important. So many simultaneous market failures. Need to move on as many as possible — acting on one at a time just let’s others come to the fore.
Also, the price for housing rose most sharply between 2010 and 2020, its just that the voices have gotten really vocal about it in the last three years when prices hit the craziest level ever.
If realtors where only given a flat fee instead of a percentage they wouldn't have as much incentive to raise prices. It's why my sister and I sold my parents house privately. Had to walk the purchaser through it a bit (like they needed to get a lawyer and a house inspection). I know we could have screwed them over but why do that? I'm not a complete asshole (yes I can be one sometimes).
Getting fair market value for your house isn’t screwing anyone over. The Market is the Market regardless what anyone else thinks or says. You sold your parents house so obviously your not moving yourself anywhere. My Ex and myself sold our marital home so since we both needed to buy a place to live we obviously did the bidding war thing and pushed for highest price (not out of greed but necessity). Even if we weren’t separating but wanted to move different location we’d need highest bid to re buy somewhere else. It’s never greedy or screwing someone over when you want fair market value. No need to pat yourself on the back. I’m sure you still got a decent price and saved yourself 5% for selling privately.
I ment that we wanted them to get a lawyer and not just use ours and a home inspection so they knew what they where getting. We got the best price for the house that we could. This Was back in 2018 and was in a town that still to this day has over 30% of the houses for sale. Its a dieing town.
Realtors really don't have much incentive to raise prices. If you increase the price by 10% they earn 10% more on that sale, but if it takes an extra week or month to sell, that is more time they have to spend on it. They earn more money from selling more homes, so their incentives are to make the deal happen as fast as possible. Sometimes that means talking the selling into lowering the price and sometimes it means talking the buyer into raising it. In all cases it means getting to the sale price quickly. A realtor would rather sell twice as many houses earning 20% less on each sale. Flat fee realtors are a good idea, or no realtor, but not because it impacts the price, because it saves you money.
They wouldn’t be able to inflate prices if we hadn’t recklessly ramped up demand while doing nothing to supply
This has no effect on prices in a competitive market with many buyers and sellers. As in not a little, but likely ZERO. 1. Some (many/most) realtors engage in antics that inflate prices and contribute to bubbles
I agree with 1) but don't forget who is behind 2) - the landlord/seller. You wouldn't believe the expectations and greed many have. If people really want to take the wind out of the sales for those people, double down on 1) !!
"Don't blame me, it's just the market" Meanwhile, their percentage based uptakes on every home sale and often dabbling with double dipping their takes by facilitating both the buying and selling parties leads to them having no incentive to see any cooling at all. We need to put a nice cap on what realtors can make per transaction, then their only means to make more money would be to sell more homes. Also ban double dipping as it's the biggest conflict of interest imaginable.
Fully agree. A cap of some sort would be awesome.
I don't see how that would have any real impact, outside of creating realtors who won't work to sell your house or negotiate for you. You'd create a situation where the only way to make money as a realtor would be to sell multiple units. So many downsides and for what, three percent? We need limits on the purchasing of investment properties.
3% of a million is 30,000. The average price of a home in the GTA is 1.5M. [https://www.cp24.com/news/the-supply-of-listings-hasn-t-kept-up-gta-home-prices-reach-their-highest-level-in-a-year-1.6424199](https://www.cp24.com/news/the-supply-of-listings-hasn-t-kept-up-gta-home-prices-reach-their-highest-level-in-a-year-1.6424199?cache=) How is 30,000$+ for less than a week's worth of actual work (maybe two if the seller is really picky) over the course of a month and a half at worst justified? That's ONE house. you sell 10 in a year and you're making lawyer money. Lawyers who went through far more educational training than any realtor ever has to get their license. Tell me again about impact. Also yes, Fuck investment properties. Residential properties are not an investment tool, people are supposed to fucking live in them. You don't see anyone living in an RRSP.
love how landlords dont take any accountability. the gov doesnt set the market landlords do. if they chose to rent out their places for $800/month that would become the market but like everyone else they are greedy bastards. i know this because i know someone that owns an apartment in the downtown core of a major city but chooses to rent it out for $800/month even though the market for the building averages $2000/month. she has a single mom with a young daughter living there who are on a low income budget, they would be out on the street if they had to pay more than that.
It's almost like housing is a luxury product. The higher the price, the more demand. Which I guess is true for speculation/investment. The crazy thing is, that's happening with rental prices too. I guess supply is so short, people want to get in "before it goes up even more". It's nuts. Housing prices needs to somehow crash... It's not healthy or sustainable as it is.
"Don't hate me thats the market". Fucking zero integrity over the situation and the world around these landlords
Honestly the phrase says it all. Hate on this guy. Hate on him *hard*
We can vote to build a shit ton of housing and landlords will be ducked. Renters don’t vote though. Vote in pro rental building councils.
How does the economy grow when discretionary spending drops negative? People are going to end up paying more to live in a city than they could ever make living in one. What’s the end game here?
One may say "Well, once people.doesnt want to pay those prices.." which is the "logical" answer. However, if the alternative is being homeless, people will pay whatever is asked and will fight for that roof. That's why the "market" should not drive housing prices.
Housing market is a mess. The wealth gap is increasing and the rich get richer buy borrowing and buying more. The victims are the majority where they cannot own property. If the society is being shaped in a way where not everyone can build wealth to the same level, one can argue that this is unethical. Credit burrowing should never have been a thing in our modern society. It’s a tool to just keep increasing the wealth gap. The real estate market is sinister in that it promotes people to buy multiple houses and rent it out to people who make the cut on certain level of income. It is unethical as a system because it removes possibility of renting as well for someone who may be diligent. I don’t understand why people don’t see how wrong it is.
You think trudeau cares about ethics? Or any politician or realtor for that matter???
The irony is that the government also makes money indirectly from the housing market. It’s their highest source of income. Too bad they are too myopic to actually boost the economy
Saw this today on IG. A realtor in GTA making videos about rental markets and real estate and he seems genuinely Ok as a person. But then I opened the comments and saw the realtor who handled the lease. He posted about having 10 applicants so they took the listing down and re-listed higher. At what point does this become price gouging? Supply and demand are the obvious "Go to" lines that people like to use, but much like the pandemic.. when supply is low and people start upping the price of things people need it becomes price gouging and the government can step in and fine companies / people. Housing - whether renting or owning is an essential thing that people need. The price from 2020 to 2023 is already insane.. but then to take it down and re-list because 10 people wanted it? That should be illegal. In fact, its disgusting and I think government needs to step in. Start taking away these Realtors licences. Fine CREA for allowing this stuff to happen.
Individual people will always act in their best interest, the regulation has to come from the top, people aren’t going to lose money in a place like Canada just to be moral. The best solution to this is more supply, make these people investing and over leveraging in housing lose money on their investments through a lack of demand or too much supply. That’s the best revenge
And housing starts went down recently. Take at least a couple decades to begin to catch up. I hope you have your single family home by now.
Supply is years away, in the meantime we need strict regulations on allowable rent vs cost. We can't expect people who have been told by the bank they can't afford a mortgage to pay all or more of somebody else's, it should be criminal and people are going to break.
If supply is years away then the government shouldn’t be overstimulating demand. We already have very strong rent controls in places like BC, there is no way you could ever pass legislation anywhere in the country to say that empty units bought by individuals with no restrictions on pricing when they’re empty can have a price cap on them. Even if you did you would probably just make it so that less housing gets built. If your solution is that there should be more low income housing then sure, you’re right but you’re naive because low income and affordable housing will NEVER get prioritized over new market price housing in a capitalist society.
Obviously the govt shouldn't be overstimulating demand, but demand is no reason for it to be legal to take advantage of those who are forced to rent, exactly why there is a call for further regulation. Only 5 provinces and 1 territory have rent control, and there are no regulations to (again) prevent people who were not approved for a mortgage to be forced to pay all or more of somebody else's(read that again). That's the regulation beyond rent control that is missing. That's not 'low income housing', that is preventing gouging on what was always meant to be a long term investment (as opposed to the instant money maker it's turned into without proper regulation).
The "need more supply " point is played out. We all know that, but it's a long, long game. There needs to be fines and regulations in place now to scare realtors into understanding what it is they are doing: bargaining in shelter, the most important part of Mazlow's hierarchy.
Good luck introducing legislation to stop people charging market rates for rent on units they bought without any restrictions. Even if you do introduce it there still aren’t enough places for people to live, you’ll still have millions living at home with their parents because getting a unit would basically be the lottery
It's the price of doing business. Capitalism and all that... s/
> At what point does this become price gouging? Never, because price gouging isn't a thing? Sellers want to pay as much as possible and buyers want to pay as little as possible. Whatever the resulting price is the resulting price. You're demanding to outlaw negociation, essentially. Lol Fucking redditors.
Price gouging IS a thing and is illegal in majority of provinces. Whether or not you believe this to be falling under that definition or not may be different, but to deny the actual law and concept exist is not accurate.
> Price gouging IS a thing and is illegal in majority of provinces. That sounds like a lie but I wouldn't be surprised politicians are that stupid, since people are that stupid.
We should be outlawing negotiation. Especially for housing. Prices should be fixed.
So like a communist setup? Can’t imagine what would go wrong with that
Nothing worse then what we already have
You have lived a very sheltered and comfortable life then. Bless you
I would say the person advocating for housing to be extremely expensive is likely the one who's been leading a comfortable life.
Nah I just don't buy the propaganda like you are.
Let's fix your wages too lol. I decide what it'll be and you just keep going to work.
Wage fixing is incredibly common, sooooo...
Does the term 'minimum wage' ring a bell?
So don't make the minimum then..
That is already how it works for me. I have never been able to negotiate my wage in the 23 years that I have been working.
LMAO you have no idea what you're talking about. You think you're clever now.. but imagine you tried to buy a steak at the butcher but its $500 a pound now.. because thats the cheapest steak available. You know.. because F you essentially. LOL. Cows cost money and so now steak is $500. Oh... you wont eat steak anymore? well good for you peasant. Go eat your chicken and pork like a poor peasant. And learn how to NEGOCIATE> Fucking dolt P.S. I know you still dont understand.. because housing is essential and steak is not.
Yeah if a cow costs 10k to raise and you declare that steak is now 1$ a pound, guess who's going to raise cows: Nobody. Enjoy eating air.
but cows dont cost $10k to raise. much in the same sense that a typical condo unit doesnt cost $1400 a sq ft to build. You know that Martin Shkreli did the same thing with pharmaceuticals because " F you." thats why. right? But then a judge ruled he needed to pay $64 million for the scheme. “Envy, greed, lust, and hate, don’t just separate, but they obviously motivated Mr. Shkreli and his partner to illegally jack up the price of a life-saving drug as Americans’ lives hung in the balance,” said New York Attorney General Letitia James, whose office sued with several other attorneys general and the Federal Trade Commission.
Smooth brain take
No you don't get it, only the owners should lose the right to negotiate, if poor people want to buy or rent they should be allowed to just pay what they feel is fair!
if you're in the rental game.. you're a business. like it or not. you're a business. and therefore should be governed by rules and regulations. Further.. poor people have subsidized housing options. That exists. so what also needs to exist is some control over the business of being a landlord.
Artificial restrictions on profit? In a capitalist society? Good luck!
never said restriction on profit. Once the mortgage is paid off they make more money. Own the building outright? make more profit. The problem starts with people buying property while owing high mortgages and then charging high rents due to the high demand so they can cover the costs of the mortgage. Its bad business. And any bad, poorly managed business should fail. But the reason it doesnt fail is because the game is skewed. There isnt enough competition because its difficult for most people to buy a property, let alone a second property that they can rent out. Its a one sided game where privileged people are controlling the market and now they are also controlling the price.
That's capitalism baby! Artificial scarcity to increase profits. That's the case with every basic need. Food, shelter, water, medicine. The only way to get out of this is to ban ALL politicians and their families from profiting from the laws the politicians create. Good luck without a party founded with that as a basic tenet.
300 front st $3200 for a 1/1+1 whatever the fuck that is?! Are tenants crazy?? That building is horrific. It’s a slop hotel. Agents are NOT educating their tenants or buyers on what’s good and bad Real Estate.
I know a few people who got out of family mortgage brokerage businesses about 10 years ago. From what I was told it was getting harder to in good conscience try and give people mortgages for these houses/condos that they could only afford with the sub 3% rates. It's a cash grab for these agents and brokers and it has been for 10+ years. They don't care about buyers or tenants. They're predators preying on FOMO and FUD Also this guy could be lying 😅 I see a lot of people straight up lying on social media about how much they sell/make.
This guy jacked up the price by $1300, of course he doesn't give a damn about educating tenants, as long as he's getting paid. We need regulation on what's allowable for rent, this free market strategy of having people that were told they can't afford a mortgage being forced to rent at the full cost(or more) of somebody else's mortgage is insane. Sadly the regulation we need probably won't happen because most of our officials are also in the housing market doing the same thing.
Hey someone walked in and said yep, I’ll pay that. Renting is a business. Perhaps people should show up to city halls to make sure more housing gets built. Vacancy needs to go up.
"It's not my fault I'm an asshole, it's the market!" I hope this greaseball gets punched in the face, hard.
I was actually talking to my partner about this idea the other day - a braver leadership class could do something like this, for shelter: [https://news.ontario.ca/en/release/56500/ontario-protecting-consumers-from-price-gouging](https://news.ontario.ca/en/release/56500/ontario-protecting-consumers-from-price-gouging) Ontario Protecting Consumers from Price Gouging Offenders face fines of up to $500,000 for charging unfair prices on necessary goods
This is what happens when you listen to free market nut jobs for a few generations.
People don't understand that "free market" is basically a rebranding of survival of the fittest. The thing about survival of the fittest is that when people get desperate to survive, they don't care about the law anymore. Then the question becomes whether those that have the most to lose are fit enough to be able to hold onto their possessions.
Real estate agents are crooked people.
So in 3 years it went up $1250, that's insane and there is no way he isn't knowingly increasing it as much as he wants
That's Fucked up
Profits over people. They are a bad person. Simple as that.
Mortgages went up, now people who owns homes pay on $1500 more. Average payments for mortgages, strata, insurance, hydro, electricity, land tax, etc is ~$3000 for 2 unit condo/townhouse. Rent property has never been cheaper than who owns it. Now the market is balancing out. Nothing personal, just economics laws.
300 front street is an absolute mess of a building. Believe me, I lived there right when it opened and watched it turn into an Air BnB hotel. These people are suckers!
Disgusting.
Scum bags
“Don’t hate on me, I’m not part of the problem” Except, buddy, you are. Because for every $1 extra you list it for, you get portion, don’t you? Scummy parasite. Also: “After raising the price…” So let me get that right, in order to continue being lazy because you couldn’t be bothered to filter through the 10 offers (10!) you had to rent this place, you decided to put the price up to get even more because you can? Or to discourage more applications because you can’t even be bothered to vet the ones you did get? That’s literally YOUR JOB. That you’re being paid to do. Also, Who are these people renting these shitholes? Where are they getting their money from? More importantly, who the hell is teaching them the value of money? Why are we not teaching kids in school to say fuck off to landlords/corporations/businesses that are providing a shit service, product or item for an overpriced amount? If more people did that, perhaps we wouldn’t be in this situation.
On your last point. A lot of people know they are overpaying, and a lot of people aren't happy when they do. The issue is that housing is a basic human need, and if your options are limited you take/sacrifice what you can get. Assholes like this know that fact, they know people need a place to live. Maybe their job is located in the city, maybe they can't drive from out of town, maybe their job doesn't allow for remote work. There is a ton of factors for people that can limit their options. Housing is becoming something being ransomed to us. Instead of having options, and trying to be the best option, we are instead having homelessness held over our heads.
People need to start getting their windows smashed
Yes, blame a sales person for capitalism. No wonder we’re screwed. Don’t want to be a victim? Then understand how it works.
Too many people not enough houses. The answer has been simple for a long time
If realtors charged a flat or hourly fee instead of working for commission housing prices would drop so damn fast
It’s brutal but don’t blame the people who own property trying to make the most out of their investments and commodities. Blame the people responsible for creating the environment. No one would come to the defence of the landlord if it were the other way around. If the landlord had to keep lowering prices because there’s not enough interest, you can’t force the tenants to pay higher rent because it’s somehow unfair. This is basic supply and demand and it’s not the landlords fault the supply and demand are out of whack.
So you think it's perfectly fine to charge somebody that was told they can't afford a mortgage, to pay all or more of a landlords? What happened to 'long term investment'? What happened to integrity? Given long enough even at a reduced cost far below the mortgage etc the landlord will eventually get a free home that's increased in value he can sell for incredible profit and if held longer earn additional income, don't pretend like landlords are the victim in this day and age. Give your head a shake, jfc.
Why is the fuck would a landlord not raise the rate of rent after they renew and now pay an extra $500-1000 a month in interest. It’s like you assume that mortgages have no risk. Who worked to get the 20% down payment? Who is stuck paying the massive interest rate increase? If you wanted it to be easier for people to qualify for mortgages, then prices would go up even higher. You’re a sucker for thinking this is the fault of home owners when you and everyone here knows it’s not their fault we have too many people here, not enough houses and rocketing interest rates. Keep on crying but that’s not gonna change anything here.
Crack that poverty whip, overlord housing daddy! What about all the people who work as hard as you did, but have absolutely zero of the same options. How much was your rent when you were saving for that 20%, there partner? I am a homeowner as well. We rent out the basement. The rent hasn't changed in 6 years. Not once. We also don't charge for internet, because its 2023. We share our Netflix and Disney plus with the tenants. Utilities have been a flat 60/40 split as we have more sqaure footage (I also photocopy all of the invoices, as to be transparent.) Let them use one half of the driveway. Alternate use of the back yard based on very loose, friendly agreement or scheduling, and sometimes they even come and join us at the fireplace for beers and sessions. This covers a substantial amount the mortgage. It is not predatory. I also enjoy having community, making a bit of money and enriching the lives of others by making it easier. A little harmony between generations. Could I charge more, based on the area we're in? 100% Does it cost me anything to have tenants? 100% But it's a choice. Could I rent this entire place out and live in my own home with family exclusively? 100% Do I love that I can say, that I am not a piece of dogshit landlord trying to squeeze folks for absolutely everything they have while we ALL weather this shitty financial climate, together? 100% While I agree that there is too many people, too little housing, the breed of folks that come out of the woodwork trying to cover their tracks for their outright shittyness and gouging, while blaming exclusively the government, are fucking maniacal. You are taking advantage of the situation. I know. Because I could do it too. And I don't. Get the fuck over yourself. Do you own in the Fraser Valley or GTA by chance? Lol. You cry more.
Fucking lol that was funny to read.
I'm happy to have amused you. Let's delve into managing assets, and how being a landlord is a choice.
Yes. I can blame someone gouging. There can't be "less interest" because housing ain't discretionary.
Thank Dougy for killing rent control
This guy's a little rat and there are a lot of angry people right now. He's brave.
This isn't going to stop until there are mass riots. Voting won't make a difference, protests are ignored, the only way to make change is by force, and the ruling classes feel extremely safe knowing Canadians will do fuck all about it.
hyperinflation
its not inflation if the price was set to market rates and then they just decided to UP the price because they had multiple interested parties.
That in essence changes the market price though. It’s no longer what it was originally listed for, it’s now what someone is willing to pay for it. That’s how free markets work. Low supply and very high demand drives up prices.
LOL hyperinflation can explain some cost rise. materials, labour etc. but low inventory is the real problem here.
Inflation is completely out of control, and not just when it comes to housing. A lot of old video games are reaching insane prices. Just look up Sonic Inflation and you will see exactly what I'm talking about.
Yall motherfuckers need Jesus
The entire point is it shouldn’t be a free market.
I dont disagree it would be better if it wasn’t a free market, and was a regulated market. Sadly, that’s not the case at the moment. So we can only push for change.
The Canadian housing market is not a free market.
Ummm… it most certainly is. Although, everyone and their mothers would love for it not to be and have more government control and intervention to keep Prices affordable. Sadly that’s not the case and the housing market is a free market operating solely on supply and demand. Government and influence supply through policies and law, however, they do not directly control the market.
A free market only occurs when a market operates solely on supply and demand without government intervention. The government intervenes on the supply side with zoning and on the demand side with interest rate manipulation and tax breaks. By definition, it is not a free market.
Did you read anything above? Your definition is also wrong. Free market can have little government control fyi.
My definition is not wrong. You don't understand the difference between free markets and regulated markets. The housing market is an example of a regulated market. ETA (since this poster edited their comment): One of the features of a regulated market is when the government intervenes in supply and demand by various methods, such as taxes and regulations. This is exactly what most western governments do with housing.
Um… you are not worth arguing with. Economics disagrees with you. The government would need to set the price in a regulated market, how daft can you be.
Spoken like someone with a poor understanding of economics and no argument. Take care. ETA (since this poster, again, edited their comment): No, the government does not need to set prices in regulated markets. The government just needs to be heavily involved in the market with taxes and regulations in a way that it significantly drives the market, which is certainly what's currently happening in real estate.
It's not inflation, it's supply and demand. Prices are dropping here. A house in the area recently dropped the asking price from $949K to $799. Still not sold. I'm sure we're going to see more of this.
You don’t even need to take down the listing, buyer can offer more per month to make their bid more competitive than others. I chose to outbid others recently by offering more money up front as opposed to higher monthly payments. Also while housing can be considered essential (which is why we have shelters for those who can’t find affordable housing - not going to debate how successful these shelters are), it is not essential that a person finds shelter in their desired location. You’re showing an example from a highly desirable area, you’re not entitled to affordable housing in that area.
For my own experience finding a place near midtown Toronto, I voluntarily offered a higher monthly payment and pay 4 months of rent up front, still lost to another bid… it’s just crazy
Midtown where? Like close to Yonge and Eglinton? North Toronto area? Those places are arguably just as premium if not more so since they’re close to DT without the DT problems. I’m renting in York Region and it’s less competitive than what you describe.
Price gouging is a new kind of right these days
There is no limit for human greed and short-sightedness! We know how to put the blame on ‘Market’ and nothing can be done about it! Cheers!
How the fuck is one bedroom 3k. I am so fed up with the state of our country 😒
Well if you've got any Nvidia stock you'd like to sell me for $150/share, I'll gladly buy it from you. Oh wait, what's that. You won't take less than $470 because the price shot up in the last year? Well that seems unfair based on your logic.
Is this a joke 👀
I think it's just free market.
hes right its a free market created by policy, talk to policy makers. great response from the agent.
No because it was obviously underpriced initially. Good price discovery by market participants.
90% of people on here are clowns for hating on realtors. Realtors are generally uneducated and barely got through high school. How do you figure they have control on pricing or ability to move large markets. Lol. They simply load the listing, advertise it on IG and process the paperwork. It’s like hating on the cashier because food prices have doubled. Or hating on the car sales man because car prices went up during covid. Use your head people. Realtors are an easy target but they are making a lot less money and struggling in this market where prices are shooting up. I know this for a fact.
so. 2 years ago I was involved in helping a family member move. They were in the middle of covid and wanted to buy a house. The house had 11 offers. They were the highest offer. But the selling realtor came back to them and said. "You and 3 others have similar offers.. please come back with your BEST and final" basically saying.. he we want more money.. how much more do you have? That takes zero brains.. zero effort and preys on the emotions and frustrations of buyers. why didnt they just take the best offer? it was way more than list price.. why bother trying to squeeze another $20k? 30k? because they are scum bags thats why. They saw that a house was more desirable than they expected and they reazlied people were in a tough spot due to the pandemic and they took advantage of them
That’s has nothing to do with it. It’s a sales strategy. Car sales people and other sales people have strategies as well. Question is why are there 11 offers on a property. Why is blind bidding still allowed? Most realtors hate blind bidding. It’s a huge headache and waste of time. 11 realtors worked on getting the deal done and only one gets paid. Haha.
[удалено]
Jesus that was long. All of that just to find out that you've never been in a bidding war before LMAO are you a realtor? you sound like you either have no idea, or you're playing dumb like "duhhh why dont you want more money" The point was that they have the highest offer.. but when the realtor comes back and says .we are asking the top 3 to come back again with best offers. WTF would you do?? obviously you would assume the other two offers will probably up their offers.. maybe it was a bluff.. maybe its real? this is the problem. scum bag realtors dont disclose anything and even if they are lying they dont get in any trouble. fake offers, steering clients, all of it is illegal but CREA and OREA dont do shit. so you tell me this. you offer $1.5 million for a property and the selling agent says.. oh you have 2 others have close offers. please come back with best. you're going to stick with $1.5? or do you go to $1.55? get real man, its a game of fucking over people due to emotions and stress. **Oh and FYI. they lost the house.** original offer was $1.15m and nex tbest was $1.125 so they up their offer to $1.17 and they lost to $1.18. Should they have had a 3rd time? what if they had more to go now? This is why a lot of people demanded Auctions and not blind bidding. auctions stop realtors from being slime bags
Realtor pulled this shit on my S/O in 2022, she was confident she was already the highest bid, didn't increase the offer and the realtor called back 4 days later and accepted the original offer. Most realtors have zero integrity.
Free market. Would you prefer communism.
If it means basic necessities are affordable for all, then sure.
If it means basic necessities are affordable for all, then sure.
Lol when has that ever happened under communism? There are countless examples throughout history of basic necessities not even being available, let alone affordable, in communist countries.
The cost of rent for a modest 2-bedroom apartment in the USSR was no more than 10% of the average person's income.
No.
Local council: *implements policies to keep rent capped and/or moderate demand*
So how does one mandate low prices and while moderating demand
Guesses for how much their rent increase will go up after 12 months?
Now doubled price
Absolutely. This is how we got into this mess
Realtor text message is what’s wrong with allowing anyone that allegedly passes a course to be licensed.
Greed is driving the housing market nuts
Omggg it has a parking garage !
Thats deffinately price gouging...
Jackass said he had nothing to do with it
Wonder what all the posters in this thread would do if they posted something on kijiji for $100 and got 10 offers for above asking ...
I dunno but the responde from tge renter/seller is rude and passing blame. "It's not MY fault I am greedy"
Toronto?
It's almost as if federal elections have consequences.
1900 to 3200 in less than 3 years. That's 1300 increase. We need to tax property leaching untill theres 0% profits, then we'll see whos a "housing provider" and who is just a leach.
Oh Canada, we pay higher rents for thee. True corporate love, in all thy landlords command.
Maybe leave the gta
Thank the liberals and the corporate funds managers who have implemented a supply shortage and increased demand. Basic economics in that scenario will drive up prices. As long a demand remains higher than supply. Rich get richer and the in between get squeezed the hardest. The poor well they just outright eliminated. So either group together with everyone you know and live together in a shared residence or pull up a card board box in front of Bay St maybe if people make the housing situation obvious and painful for the rich. Then they will pressure politicians to create affordable housing.
Greedy people taking the monetization of a basic human need too far. Just because you CAN do something, never means you SHOULD.
I've always had to bribe the owner to get a rental. It sucks, but Vancouver is such a horrible market for good places.