Ontario's political leaders at all levels need to hear from YOU!. We need them to work with industry to implement policies to encourage new rental construction.
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The report, which is to be released on Monday and was obtained by The Globe and Mail, says that already-low vacancy rates will plunge further unless the government enacts policies that encourage developers to build an average of at least 6,250 additional new apartment units a year for the next decade in Ontario.
This report shows us we’re in short of supply by about 6,000 units every year. The supply situation is much worse than we imagine,” Murphy told VICE Money.
A new report commissioned by the Federation of Rental-Housing Providers of Ontario says the Liberal government’s Fair Housing Plan has negatively impacted the province’s rental housing supply.
While rent control policies are a dream come true for renters, it seems they may start to make life a nightmare for people trying to find an apartment.
Jim Murphy, president and CEO of FRPO, speaks with Greg Bonnell about the rental market in Ontario.
The end goal is to put pressure on decision makers to ensure there are adequate rental housing options,” it says.
The Wynne government meant well. Unfortunately, rent control is a misguided approach that is overwhelmingly likely to backfire.
Not everyone wants to own a home these days, Evan Siddall concedes -- not even his own millennial-age son. For the head of the Canada Mortgage and Housing Corp., that's really saying something.
Better incentives and fewer roadblocks would ensure desperately needed rental developments stop being cancelled or converted.
The latest census data suggest the home ownership rate in this country may have already peaked, and that means more renting ahead. The idea of peak oil has fizzled, but peak housing is a theory we can build on.
“For a large cohort of millennials establishing their own households, renting may be the only option if they choose to reside in Canada’s highest-cost urban centres.” Scotiabank Senior Economist Adrienne Warren
Many Ontarians choose to rent. Boomers are looking to downsize and young adults want to live where they work.
An increasing number can’t afford to buy given the ever-rising cost of home ownership – house and condo prices rose faster in Canada last year than in any other country in the world.
But Ontario is facing a rental housing crisis. There are simply not enough rental options. In 2016, vacancy rates in Ontario fell to just 2.1 per cent, for the City of Toronto it was even lower at 1.3% - the lowest levels since 2001.
As a result, rental units are increasingly becoming more and more unavailable and unaffordable.
Since the government enacted Bill 124 this past May, in an attempt to fix the issue – affordability and availability has just gotten worse thousands of rental units are in jeopardy. This has created mounting financial implications and disincentives and developers are opting to build condos, not rentals.
There is just not enough housing for Ontario’s skyrocketing population.
The solution is simple – we need to build more rental units for Ontarians to live in. A healthy supply of true rental apartments – not just condos – will provide quality, affordable housing choice. Purpose-built apartments stay in the rental pool over the long-term and are professionally managed.
A recent report from Urbanation revealed that at least 6,250 rental units per year need to be built over the next decade to address this crisis. Download Report Double that amount would be desirable for a significant increase in the supply of permanent rental housing. So, how can we get there?
FRPO proposes that Ontario’s rent controls rules be amended to encourage new rental supply by allowing for either a rolling exemption from the rental guideline for new purpose built rental projects or an increased guideline applicable solely to new purpose built rental. Rental availability in Ontario is facing a crisis made worse by recent government changes (Bill 124). Thousands of needed rental units are in jeopardy because developers who were planning to build new rental are opting to build condos instead due to financial implications and disincentives of the legislation. Download Summary of other measures to increase rental supply.
Since 1985, the Federation of Rental-housing Providers of Ontario (FRPO) has been the voice of Ontario’s rental housing industry and the leading advocate for quality rental housing. FRPO works to promote a balanced and healthy housing market with a vital rental-housing industry, choice for consumers, adequate government assistance for low-income households, and private sector solutions to rental-housing needs.
Our membership includes a diverse group of rental property owners and managers, from those with one small building or a single rental unit, up to the largest property management firms and institutional owners. Today, FRPO represents more than 2,200 members who own or manage over 350,000 households in every area of Ontario.