Toronto Rent Prices are Soaring 📈 and Big Biz is to Blame 🏢

The Drip

Okay, listen up, fam. Toronto's housing market is already wild, but it's about to get a whole lot wilder. This study from the University of Waterloo says these massive financial firms – we're talking private equity and REITs, the whole shebang – are straight-up price gouging on rent. Like, charging 44% more than average. That's an extra $670 a month! For what?!

And it's not just the initial price that's sus. These companies are also raising rents faster than your local landlord, especially in neighborhoods that are already struggling. We're talking lower-income and racialized communities getting hit the hardest. They're out here gentrifying left and right, and it's not a vibe.

So, how are they doing it? Apparently, these firms are using all sorts of techy tricks, like algorithmic pricing tools, to squeeze every last penny out of tenants. They see housing as an investment, not as a place where people actually, you know, live. It's all about maximizing shareholder value, and that's a major L for everyone else.

But it gets worse. The study also found that financial landlords are linked to more eviction filings, building disrepair, and generally making life harder for tenants. Like, can they not?

The study is basically saying that this "financialization of housing" is a major problem. They're calling for stronger tenant protections, better ways to track who owns what, and more investment in social housing. Basically, they're tryna fix this whole situation before it gets even more out of hand. Let's hope someone listens, fr fr.

Also, fam, unrelated but important: Canada Post might be going on strike, so keep an eye out for that. And Toronto's supposed to get a ton of rain, so watch out for flooding. Stay safe out there!