Latest news with #renting
CTV News
19 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.
BBC News
3 days ago
- Politics
- BBC News
Republic of Ireland housing: Raise the Roof protest takes place outside Dáil
A major protest is taking place outside the Dáil (lower house of the Irish parliament) over the Republic of Ireland's growing housing Raise the Roof protest has been coordinated by the Irish Congress of Trade Unions which has described the crisis as "the greatest political failure of our time".The rally on Tuesday evening coincides with a Dáil debate on the issue."Workers are being priced out of homes or can only rent or purchase with considerable financial burden," said Ethel Buckley, SIPTU deputy general secretary. "Alongside the human cost of this, we are seeing the serious knock-on effects, with thousands of unfilled vacancies in key sectors, and young people once again choosing to emigrate."What is needed now is a radical reset with sustained action to deliver secure, affordable housing." Renting The growing housing crisis across the country has left the government walking a tightrope between the interests of tenants, landlords and number of people who are now living in rented accommodation goes to the heart of the current is the only option for many people, especially young people, who cannot afford to buy their own home because of the cost of domestic rates now average more than €2,000 (£1,700) a month nationally, according to a recent report by the property website and are higher in government has been trying to introduce measures aimed at restricting rent price increases while also encouraging developers and investors to come into the building (Irish prime minister) Micheál Martin says the government wants to introduce proposals which will "dramatically increase the supply of housing and apartments to the country, to get from 30,000 to 50,000 per annum for a sustained period of time".But, the opposition, led by Sinn Féin, has consistently accused the government of failing to take the correct action to address the crisis. Damien moved to Dublin a few years ago from Tyrone and was at today's protest. The 27-year-old said he has, "no hope of ever owning a home of my own in Dublin". "I am paying the majority of my salary every month on rent, it leaves me with a thousand euros". "It leaves it really hard to get by", he added. Liam is 22-years-old and has just finished college, he still lives at home with his studying he commuted daily from the Trim, "it was a draining journey to college every day, the commute was two to three hours every day", he said he knows people who dropped out of his course because "it was so draining". He made the choice to commute because of the "mad money" required to rent in Dublin. Ahead of Tuesday's protest outside the Dáil, the opposition characterised the situation as "an emergency".Sinn Féin's spokesperson on Housing, Eoin Ó Broin TD, says opposition parties have joined together to introduce a motion in the Dáil "to tell the government very clearly that we need an emergency response to the housing emergency they have created"."It means taking action to protect renters - not what we have seen from the government in terms of the hollowing-out of rent pressure zones, but actually banning rent increases for all renters as well as supports to reduce the cost of rent," he Pressure Zones (RPZ) are designated areas of the country where rent increases are capped to protect the interests of Dáil motion on the issue has been drawn up by the combined opposition of Sinn Féin, the Social Democrats, Labour, People Before Profit, the Green Party and members of the progressive independents technical well as trade unions, the Raise the Roof campaign is also backed by housing and homeless agencies, women's groups, political parties, representatives of older people, Traveller groups, children's advocacy groups, community organisations and student unions.
CBC
6 days ago
- Business
- CBC
Heat-pump scheme banned in Ontario snares Miramichi homeowner
Social Sharing Theresa Marcotte now regrets her decision four years ago to have two heat pumps installed in her Miramichi home. The equipment's not the problem. It's the contract she signed in December 2020. It said for $160 a month, Simply Green Home Services would install two mini-splits and provide ongoing service and maintenance for the next 10 years. "Why would you buy one when you can rent it from them, and they take care of it?" Marcotte said to explain her decision. "That's a good sales pitch, and I fell for it." Marcotte's understanding was that at the end of the 10-year contract, Simply Green would take the heat pumps back. Or if she decided within that time that she no longer wanted to rent them, the company would take them back earlier, and her monthly payments would end. She admits she didn't read the fine print, but said there was also more to the deal that the salesperson didn't explain to her. Loan included 'NOSI' on Marcotte's home Earlier this year, Marcotte applied for a home equity loan to help her daughter with college expenses. "And in the final stages, it came up, these two liens against my house — one for each mini-split — that I didn't know about," she said in an interview after working a full day as a personal support worker. It turns out they weren't exactly liens. According to the land registry office, the encumbrance on Marcotte's property title is a notice of security interest. People call them NOSIs, pronounced no-sees. Two were registered on the title to her home by Crown Crest Capital, part of the Simply Green group of companies. A notice of security interest tells a potential homebuyer that a lender has an interest in a specific fixture on the property — often a piece of equipment such as a heat pump or a furnace. That's different from a lien, which gives the lender a claim against a property and a right to be paid from the proceeds of a sale. Marcotte had never heard of a NOSI and immediately put the home equity loan on pause as she tried to figure out what it was and what it meant for her personal finances. NOSIs now illegal in Ontario NOSIs are allowed in New Brunswick, but they were recently banned in Ontario after a class-action lawsuit was brought against the same company Marcotte rented her heat pumps from. Plaintiffs claimed Simply Green used the same technique with as many as 54,000 households in Ontario. Lawyers for the plaintiffs said it was typical for homeowners to enter into agreements without a clear understanding of their obligations, as required by the Creditor Protection Act. The Simply Green group of companies would then register a NOSI on the homeowner's land title. "The Simply Group then waits until the consumer has to sell or refinance her home," said the factum of the class action plaintiffs. "At that point, often pressed for time with an upcoming closing or refinancing, the consumer has no choice but to pay whatever amount Simply Group demands, sometimes up to ten times the new market value of the equipment in question." Simply Green told Marcotte that to have the NOSIs removed from her property, she would have to pay the company more than $5,600 per heat pump to buy out the contract. She would then own the mini-splits. Combined with the rent she has already paid, the buy out would bring the cost of two mini-splits to more than $19,000, well above the cost of buying them new. To protect consumers from fraud and bad actors, the Ontario government passed legislation last year that made it illegal to register NOSIs on consumer goods and retroactively rendered existing NOSIs expired. NOSIs a 'scourge,' lawyer says Lawyer David Sterns, counsel for the plaintiffs, believes lawmakers in New Brunswick should follow suit and ban NOSIs as well. "One of the best things about the settlement is that the NOSIs will all be removed," he said. "They can all get wiped out. There's a certain amount of administration that's involved in that, but these companies no longer have that leverage over everybody to be able to extract whatever payment amounts they want." Sterns said the real function of NOSIs was debatable but they did have a terrifying effect on a lot of people. " And I hope any legislature, any person in position of power in New Brunswick who's listening to this gets working on writing a bill that gets rid of NOSIs because they are a scourge." 'I feel like I've been scammed' Marcotte said the entire experience has left her feeling duped. The NOSIs remain on her property, and despite the ruling in Ontario, Simply Green won't remove them unless she pays the lump sum of more than $11,000. Her other option is to continue renting the mini-splits for the remainder of her contract and hire her own lawyer to have the NOSIs removed in the meantime. She said coming up with the buyout sum of $11,000 is unmanageable and unreasonable. An HVAC provider CBC News spoke with said two brand new heat pumps for Marcotte's home would cost about $8,000 plus tax. Marcotte said she feels trapped, and it's small consolation that thousands of homeowners in Ontario got taken in by similar schemes. "Based on how the representative explained things — and based on similar ads I'd seen on TV about renting HVAC equipment — I thought this was a standard rental setup with a fixed monthly payment and the ability to discontinue the service when no longer needed." "I feel like I've been scammed," Marcotte said. "You know, like, no one was truthful. They truly convinced me that this was just a rental program." Company response to CBC News The class action against Simply Green Home Services was settled on terms accepted in April by an Ontario court. According to the settlement agreement, the defendants continue to deny all allegations of wrongdoing, fault, liability, or damage of any kind. CBC News asked Simply Green Home Services for an interview, but the company declined because it's currently under creditor protection. The company also declined to comment on Marcotte's account because of privacy legislation. The New Brunswick Financial and Consumer Services Commission advises homeowners to read the fine print in any contract and seek advice or clarification on any parts of a contract they don't understand. "All of your rights as a consumer in regards to that contract are going to be included in the contract," said Marissa Sollows, the commission's director of communications and public affairs. "That's why it's critical to read it." Sollows said the contract should spell out the total amount a consumer will have paid at the end of the loan term, including interest and fees. Mark Marshall, who's been counselling borrowers in the Maritimes for 25 years, said he does see people enter agreements they don't fully understand. "You should always be looking for any kind of trigger words that would say 'security' or 'personal guarantee.' Anything that would kind of make the hairs on the back of your neck stand up a little bit." Marcotte said she wanted to take her story public because homeowners may not know about NOSIs, and they may not know about the class action settlement, which applies to homeowners across Canada who signed equipment leasing contracts with Simply Green between July 17, 2013, and Jan. 15, 2025. The deadline to file a claim is Oct. 3, 2025. Marcotte also complained to the Better Business Bureau, saying she was not satisfied with the options the company has given her. Marcotte wants the NOSIs removed at no cost to her because, she said, what the company did was unethical.
Irish Times
09-06-2025
- Business
- Irish Times
Rules for renters: What are the planned reforms and will they work?
What's happening to the rules governing renting? A proposed overhaul of rules is going before Cabinet on Tuesday morning. It would see a significant shake-up in the rental market in the months ahead. What are the current rules? Rent Pressure Zones (RPZs) were introduced in 2016 to cap rent increases in areas where there was a very high demand for housing and rental homes. Initially, RPZs were confined to large urban centres but, as the housing crisis deepened, more and more areas were designated RPZs. In these locations, as it stands, rent increases cannot be greater than the rate of inflation or 2 per cent – whichever is lower. What are the changes proposed? The Government is planning to keep the caps for existing tenancies, at least to a large degree, while easing restrictions on rent increases for newly built homes. The plan – and it has yet to be agreed – would see the current RPZ annual caps not apply to new buildings constructed after a certain date, with the rents in qualifying properties instead to be tied to inflation. [ Rent controls to be eased for new builds in planned 'pressure zones' reform Opens in new window ] And why would the Government create what looks like a two-tiered rental system? In fairness, there is already a two-tiered system, with some properties in RPZs and some not, so what the Government is considering is a three-tiered system. READ MORE What is the market currently like for rents? Rents are climbing faster than at any point over the past 20 years, with the national monthly average between January and March surpassing €2,000 for the first time, according to a report from That compares to a low of just €765 in 2011. Why are rents climbing so fast? Much of that increase is down to a lack of supply. There were just 2,300 homes available to rent nationally on May 1st, down 14 per cent year-on-year and the third-lowest total for May in 20 years. In a properly functioning market that number should be closer to 10,000. Why is supply such an issue? There are many, many reasons but the author of the report, Trinity College Dublin economist Ronan Lyons, has said changes made to rent controls in 2021 when rent caps were reduced from 4 per cent to 2 per cent 'dramatically reduced the ability of Ireland's rental sector to attract the capital needed for new supply, the ultimate remedy for the shortage'. And this overhaul is aimed at attracting that capital, is that correct? That is the rationale, certainly. The thinking is that if rent restrictions are eased for new apartments, more money will pour into the sector and more apartments will be built, which will ease the pressure on the market as a whole. Will the owners of these new builds be able to charge what they want? They will be able to charge what the market will bear, for sure. However, there is some good news for people who are renting now: under the proposals the existing cap of 2 per cent will remain in place – at least for existing tenancies, but landlords will be able to increase the rent to the market rate between tenancies, something which is not permitted under the current rules. [ Ireland's rising rents: 'Our budget would have been €1,300 a month, there isn't even anything listed for that' Opens in new window ] Surely that will incentivise landlords to evict their current tenants so they can get new ones in and charge them more? That is undoubtedly a fear. Under the proposals going before Cabinet, there will be more protections put in place for renters for a minimum of six years. During that period, there will be restrictions put in place on no-fault evictions. At the end of a six-year period, a landlord will be able to reset the rent to the market rate. Opposition parties have questioned the adequacy of these planned protections. Will the changes work? That is the big, big question. It is undoubtedly in the Government's interests that it does work. Part of the Government's pitch to voters in the run-up to the last general election was that the State had turned a corner on housing and that the supply of new homes would hit 40,000 in 2024. Completions instead fell by 7 per cent to 30,000. Housing commencements, which indicate future supply, have also fallen off a cliff, with housing starts in the first quarter of 2025 eight times down on last year and at their at their lowest level since 2016. The rate of building when it comes to apartments is even worse. What are interested parties saying about the proposals? Many are unconvinced. The housing charity Threshold has welcomed the degree of security it will give to tenants if restrictions on no-fault evictions are imposed for a six-year period. However, it stressed that it could actually push more people into homelessness if the RPZs are diluted. Sinn Féin housing spokesman Eoin Ó Broin dismissed the plan as 'utter madness' and said renters were being punished for Government housing failures by even higher rents and greater uncertainty. Mary Conway of the Irish Property Owners Association was downbeat for other reasons. 'There seems to be so many tiers to it and, while the institutional investors are getting favoured, there is nothing for the small property owners and nothing happening for rural areas – that is our biggest concern.' Ian Lawlor or Roundtower Capital, which funds building projects, said the proposals increased rather than reduced uncertainty, adding what was needed was all-party buy in for a 10-year plan 'to deliver these houses at scale'. He warned that the new measures would show those currently in the market that they were not valued. 'Small investors are leaving the market [and] they'll continue to sell up and leave.' Dr Lyons was more upbeat about the measures. He said, while the 'devil would be in the detail', it was a 'qualified positive' step. 'I don't think it's going to make that much a difference between the older and the newer stock. The more important change to me is the resetting when the tenant leaves. 'I think one of the biggest challenges institutional investors have is the combination of very low annual increases and the inability to reset when a tenant leaves. It's certainly not everything investors would have wanted but it might be considered a step in the right direction to encourage new rental supply. So I think it is a qualified positive.'
Irish Times
08-06-2025
- Business
- Irish Times
Will the new rental reforms work? Many industry observers are sceptical
What's happening to the rules governing renting? A proposed overhaul of rules is going before Cabinet on Tuesday morning. It would see a significant shake-up in the rental market in the months ahead. What are the current rules? Rent Pressure Zones (RPZs) were introduced in 2016 to cap rent increases in areas where there was a very high demand for housing and rental homes. Initially, RPZs were confined to large urban centres but, as the housing crisis deepened, more and more areas were designated RPZs. In these locations, as it stands, rent increases cannot be greater than the rate of inflation or 2 per cent – whichever is lower. What are the changes proposed? The Government is planning to keep the caps for existing tenancies, at least to a large degree, while easing restrictions on rent increases for newly built homes. The plan – and it has yet to be agreed – would see the current RPZ annual caps not apply to new buildings constructed after a certain date, with the rents in qualifying properties instead to be tied to inflation. [ Rent controls to be eased for new builds in planned 'pressure zones' reform Opens in new window ] And why would the Government create what looks like a two-tiered rental system? In fairness, there is already a two-tiered system, with some properties in RPZs and some not, so what the Government is considering is a three-tiered system. READ MORE What is the market currently like for rents? Rents are climbing faster than at any point over the past 20 years, with the national monthly average between January and March surpassing €2,000 for the first time, according to a report from That compares to a low of just €765 in 2011. Why are rents climbing so fast? Much of that increase is down to a lack of supply. There were just 2,300 homes available to rent nationally on May 1st, down 14 per cent year-on-year and the third-lowest total for May in 20 years. In a properly functioning market that number should be closer to 10,000. Why is supply such an issue? There are many, many reasons but the author of the report, Trinity College Dublin economist Ronan Lyons, has said changes made to rent controls in 2021 when rent caps were reduced from 4 per cent to 2 per cent 'dramatically reduced the ability of Ireland's rental sector to attract the capital needed for new supply, the ultimate remedy for the shortage'. And this overhaul is aimed at attracting that capital, is that correct? That is the rationale, certainly. The thinking is that if rent restrictions are eased for new apartments, more money will pour into the sector and more apartments will be built, which will ease the pressure on the market as a whole. Will the owners of these new builds be able to charge what they want? They will be able to charge what the market will bear, for sure. However, there is some good news for people who are renting now: under the proposals the existing cap of 2 per cent will remain in place – at least for existing tenancies, but landlords will be able to increase the rent to the market rate between tenancies, something which is not permitted under the current rules. [ Ireland's rising rents: 'Our budget would have been €1,300 a month, there isn't even anything listed for that' Opens in new window ] Surely that will incentivise landlords to evict their current tenants so they can get new ones in and charge them more? That is undoubtedly a fear. Under the proposals going before Cabinet, there will be more protections put in place for renters for a minimum of six years. During that period, there will be restrictions put in place on no-fault evictions. At the end of a six-year period, a landlord will be able to reset the rent to the market rate. Opposition parties have questioned the adequacy of these planned protections. Will the changes work? That is the big, big question. It is undoubtedly in the Government's interests that it does work. Part of the Government's pitch to voters in the run-up to the last general election was that the State had turned a corner on housing and that the supply of new homes would hit 40,000 in 2024. Completions instead fell by 7 per cent to 30,000. Housing commencements, which indicate future supply, have also fallen off a cliff, with housing starts in the first quarter of 2025 eight times down on last year and at their at their lowest level since 2016. The rate of building when it comes to apartments is even worse. What are interested parties saying about the proposals? Many are unconvinced. The housing charity Threshold has welcomed the degree of security it will give to tenants if restrictions on no-fault evictions are imposed for a six-year period. However, it stressed that it could actually push more people into homelessness if the RPZs are diluted. Opposition parties have been lining up to give out about the proposals. Those voices will only get louder between now and next Tuesday when full details are outlined. The initial reaction from landlords and property investors is that there is little in the plans to support them in the short to medium term. Industry sources have also said that the new measures are 'partial ones' and contain levels of uncertainty that may not encourage the envisaged money to come in to the sector.
