A new survey of Canadian tenants suggests that renters in units owned by large corporations were more likely to face poor living conditions compared to those in private or family-owned housing. With a higher percentage of these tenants experiencing maintenance issues in their units, this lack of care is ultimately used to drive out existing tenants in order to hike up rent prices, one advocacy group says.
A new survey involving hundreds of Canadian tenants suggests that renters in financialized housing, or units owned by large, publicly-traded corporations, were more likely to face poor living conditions compared to those in housing owned by families or private companies.
The financialization of housing can occur when large companies, such as real estate investment trusts , purchase buildings in order to rent out units as a form of financial investment, said Ruiz-Vergas. A common result, she said, is landlords will be slow or inconsistent with unit repairs. In provinces such as Ontario, where there are no limitations on rental prices for vacant units, this is done in an effort to drive out long-standing tenants, she said.
“[The survey] absolutely is not valid because they don't have our data,” Kenney told CTVNews.ca in a telephone interview on Wednesday. “When we make broad-based statements from a survey of apartment REITs versus private [landlords], you can't take anecdotal complaints and call it a survey.” “Amongst my peers, the responsibility of these housing providers is at the highest rate,” Kenney said. “There are bad actors in this country, we are not one of them.”conducted by Martine August, an assistant professor in the school of planning at the University of Waterloo in Ontario, a rising number of multi-family apartment homes have come under the ownership of financialized landlords in Canada over the last 30 years.
“Undertaking a renovation can then lead to an allowable increase in the rental rate, but that doesn’t mean it’s affordable any longer for the tenant who was there,” Alderson told CTVNews.ca on Tuesday in a telephone interview.
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