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Not owning a house can be a major problem for those who live in places where rents are unaffordable.
Welcome to Canada where renting a house has become a nightmare.
According to a report by The Globe and Mail, there was a 16 percent rise in rents for one and two bedrooms units in November 2022 across Canada.
Some cities including Toronto and Vancouver saw a 20 percent rise in rent.
High rental demands including those from people immigrating to Canada for studies, jobs, etc have opened a market for places that usually wouldn’t be rented.
A demand and supply issue
Some of the places that have entered the rental markets are a mattress on the floor in the hallway and a place with no kitchen, the Toronto Life reported.
The issue is of demand and supply. The lack of rent control has also worsened the matter.
Places like Ontario have rent control but the measure doesn’t apply to newer homes, The Globe and Mail report added.
Rising mortgage rates add to the problem. To top it all, greedy landlords are refusing to budge and are taking advantage of the situation.
With inputs from The Globe and Mail
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