Latest news with #renters
CTV News
10 hours ago
- Business
- CTV News
Renters struggling to stay above water
Winnipeg Watch Maralee talks with Michael Froese about why renters are still struggling even as the cost of rent drops.
CTV News
20 hours ago
- Business
- CTV News
Some Ontario renters are reducing spending on food and groceries to make ends meet: report
A rooftop terrace of a condo building is seen in downtown Toronto on Thursday, May 25, 2023. THE CANADIAN PRESS/Chris Young A significant portion of renters in Ontario are cutting back on things like food and groceries to afford their living situation, a new report suggests. The sacrifices are detailed in Royal LePage's 2025 Canadian renters report, which was conducted by Burson earlier this month and heard from 1,854 respondents nationally. According to the report, 39 per cent of Ontario renters are reducing their food and grocery costs to make ends meet. Another 22 per cent are taking on credit card debt and 21 per cent have taken on a second job or side hustle. Moreover, the survey found that 38 per cent of those leasing a property in Ontario are spending between 31 and 50 per cent of their net income on monthly rent costs. At least 15 per cent of respondents are spending more than 50 per cent of their income on rent, the report showed. The revelations come as the data suggests rent prices in Toronto are dropping, albeit remaining 'well above' historical averages. Citing the latest national rent report by and Urbanation Inc., Royal LePage says the average price of a one-bedroom rental unit in Toronto decreased by 7.1 per cent year-over-year to $2,302 in May. Meanwhile, the average price of a two-bedroom decreased by 10.7 per cent year-over-year to $2,933. The real estate company says the drop in rental prices is due to a softening in the market, which it attributes to two factors. 'A surge in supply, driven by the completion of thousands of new condo units, has added to inventory in recent months. At the same time, reductions in international student visas and the issuance of work permits have hampered activity, leading to fewer multiple-offer scenarios on rental units – something that had become typical for in-demand properties, especially during the peak of the pandemic rental surge in the second half of 2022 and 2023," Amrit Walia, sales representative with Royal LePage Signature Realty in Toronto, said in news release. Walia said that activity in the rental market has 'picked up' in certain pockets of the city, specifically in the financial district and surrounding areas as some downtown companies do away with remote work. He said one-bedroom units with dens, particularly those near restaurants, green spaces and the 'vibrancy of downtown life' remain in high demand.
CTV News
20 hours ago
- Business
- CTV News
Affordability issues are causing more Canadians to rent property: report
Watch CTV's Kamil Karamali on Royal LePage's recent report on why Canadian renters are struggling with affordability.
National Post
a day ago
- General
- National Post
Weekend decorator: How to make a rental unit feel more like home
Article content Dear Virginie, Article content I rent a lovely house but hate the feeling that it isn't 'ours,' given the cabinets, flooring, fixtures and blinds all came with the place. What changes can I make to freshen it up and make it feel more custom for our family without doing anything to irritate our landlords? Article content Article content Paint is the obvious first choice. I wouldn't tackle anything like trim or doors — it's too much work — but a quick coat on a wall can go a long way towards changing the look of a room, or even the whole house. Generally, landlords don't love really dark walls, so if that's what you want, be prepared to spend a lot of time repainting when you leave. (You'll often be required to return the walls to their original colour; and some leases will specify that you need to ask the landlord for clearance before you paint.) And don't paint anything that is wood without asking first – my guess is you'll get a hard no to that. Ditto the ceilings, unless you're willing to paint them basic white again before you leave. Article content Article content Article content You may be surprised to learn that, once the painting's done, you can actually change hanging light fixtures. Remember to photograph the old one and keep it so you can replace it before you move out. Again, check with the landlord to make sure they don't want you to hire a licensed electrician to make the switch, but replacing chandeliers and pendants with new cheap and cheerful ones (or maybe not even cheap, since you can take them with you) will go a long way towards adding your own touch to your home. Article content Curtains would be my next piece of advice. If your place already has curtain rods, you're in luck. You just need to find some ready-made panels that match your style and replace whatever was there when you moved in. If not, invest in some nice curtain rods and curtains to frame your windows. Choose heavy fabrics like lined linen panels for a custom look, and make sure they hang to the floor. It's better to buy longer ones and have them altered at the dry cleaners — and ask them to hem them without cutting off the length, in case you have higher ceilings in your next place. A living room, dining room and bedroom will look amazing with floor-to-ceiling drapes. If you're a modernist, choose plain fabrics, and if you're a maximalist, go wild with pattern. You can easily remove the rods and patch, sand and paint any holes when you leave. Article content Article content Article content The kitchen and bathroom are harder to make your own. In the bathroom, you can always replace a shower curtain. If you can find handles and knobs that line up with the existing holes in your cabinetry, you can change those, too. Make sure to photograph and keep the old ones to replace them when you leave. There isn't much you can do though if you hate the cupboards and counters in your kitchen and bathroom. If they are badly dated or damaged, you may be able to strike a deal with the landlord to have them painted or changed, or split the cost of updating them, but that is money you won't get back. If you're really feeling ambitious, you could apply peel and stick wallpaper over the cabinets, but make sure to try it out in a small area before committing to the whole project. Article content Article content Another fun use for peel-and-stick wallpaper in a rental is to use it to create a feature wall. Again, try it out in an inconspicuous spot to make sure you can safely remove it without damaging the existing wall. Peel-and-stick works best on smooth, somewhat glossy paint. It definitely will not work on stucco walls, textured walls or walls that already have wallpaper on them.
CTV News
a day ago
- Business
- CTV News
Affordability challenges plague renters despite falling prices: report
A woman enters a building next to a sign advertising an apartment for rent on moving day in Montreal, Monday, July 1, 2024. THE CANADIAN PRESS/Graham Hughes TORONTO — A new report suggests Canadian renters continue to face affordability challenges even as asking rent prices have fallen this year, while those considering the leap to home ownership are taking a wait-and-see approach. Royal LePage's 2025 Canadian renters report, which includes results from a survey conducted by Burson, found 37 per cent of renters in Canada spend between 31 and 50 per cent of their net income on monthly rent costs. The survey of more than 1,800 renters in early June indicated that 15 per cent of respondents were spending more than half of their income on rent, while 37 per cent were spending 30 per cent or less. Rents have eased for eight consecutive months, but remain well above historical norms, according to the report. It said rents are 5.7 per cent higher nationally than they were two years ago and 12.6 per cent higher than three years ago. Over the past half decade, average asking rents in Canada have risen by an average of 4.1 per cent annually, outpacing wage growth. Due to those affordability challenges, four-in-10 respondents said they have reduced spending on groceries and food, while three-in-10 have reduced contributions to savings or retirement. 'Rental markets tend to respond more slowly than resale housing to changes in the economy. Home prices have softened in many regions through the first half of the year, and we're now seeing that relief begin to flow through to the rental sector,' said Royal LePage president and CEO Phil Soper in a press release. 'Yet, for those aspiring to own, this may be the moment to take a harder look at what's possible. With prices down in many markets, rates easing, and wages growing faster than the cost of housing, the path to ownership — long a distant beacon for many — may now be coming into clearer focus." The report said more than half of all renters surveyed indicate they plan to buy a property in the future, but just 16 per cent said they plan to do so within the next two years. Twenty-eight per cent of renters said they considered purchasing a property before signing or renewing their current rental agreement while 40 per cent are waiting for home prices to decline and 29 per cent are holding out for further interest rate cuts. Soper said the data shows many tenants 'are motivated to get a foot on the property ladder.' But he warned that waiting for the perfect window of opportunity could be a mistake. 'In Canada's least affordable cities, entry-level opportunities have improved significantly, with home prices off last year's peaks, incomes up and borrowing costs trending lower,' he said. 'Still, many renters ... are choosing to wait. History suggests they may be disappointed. Over the past 75 years, Canadian home values have risen approximately five per cent annually, running consistently ahead of inflation.' Not all renters are waiting on the sidelines to buy, however. Nearly one-third of renters said they do not plan to purchase a home at all, according to the report. Of those respondents, 53 per cent said they don't believe their income will allow them to buy a property in the neighbourhood they want to live in and 40 per cent said that renting remains more affordable. Another 40 per cent said they don't want to take on the responsibilities of maintaining a property. This report by The Canadian Press was first published June 19, 2025. Sammy Hudes, The Canadian Press
