Housing Crisis in Ontario
There are many different contributing factors that effect the housing crisis. The first issues is that of housing price gouging, speculation and various types of fraud that are going un noticed. One of said issues is that of housing speculation.
What is Housing Speculation?
Housing speculation occurs when large companies, organizations and private investors use their resources to bid on a specific single, or multi property prospect. The party members will then make active bid on that location based on how much it might be worth. The majority of the party members a foreign to Canada, and are doing this in a attempt to drive up the price of housing. It involves bizarre tactics; such as standing in line over and over again, meeting multiple times at the property a day to stay on a the list, or sleeping in their cars...
The lack of affordable, safe and enjoyable housing leads to depression, frustration and will lower the intelligent level of anyone who is forced under these circumstances. They will never be able to achieve the same goals, or reach the same height as they would under other circumstances. It is an on going issue that does not have any clear indication of coming to and end.
Large companies are controlling the housing market by manipulating the sales process, and taking income from their prospective clients. The practice of speculation is still being used by construction companies, real-estate agents and housing development companies. It has greatly affected the prospect of purchasing homes. Organizations that can receive loans, or have enough investors and the equity to start purchasing property or housing development, will bolster their income by speculation practices. The practice involves finding houses that are still being built in areas that have not been occupied yet. The realtors, or real estate companies will make bids on the homes, and then purchase large amounts of homes in an attempt to drive up the price of housing. The companies in question have had many different report allegations made by concerned clients or citizens, but because of the vast amount of income that they can generate, these have gone unfounded. Canada, the United states and even some of the neighboring nations are all experiencing the same problem with the ability to find affordable and sustainable housing. This has now become an almost taboo situation for the younger and still developing generations.
Empire Communities: Property Management Company
This company has been around for the past two decades. They have been purchasing property on a large scale, and providing homes for years. They have also been one of the driving contributing forces to the rise in the housing market. Please see the images below that depict the housing speculation practices that were being conducted in Welland, Ontario. The company is also known to pay individuals to help participate in their housing speculation bids, which involves them meeting up with other real estate agents, multiple times to have their names checked on or off of the list. It will involve meeting at the location, and signing into a piece of paper with your name and information. After you've been checked off the list, you will have to come back at another assigned time that has been agreed on. This will be within three to five hours. Many of the real estate agents do not live in the city, and are also sleeping in their vehicles, or simply waiting around outside until the next scheduled date. These practices will continue for days on end. It is tiring, stressful, and extremely bizarre. What does waiting outside have to do with purchasing your new home? But if the real estate agent that you apparently trust has turned your housing and investment purchase into a crap shoot, then that is something that needs to be made public.
"Meeting at 6:00 a.m., meeting at 9:00 a.m., meeting at 1:00 a.m., meeting at 5:00 p.m., BD at 11:00 p.m., meeting at 6:00 a.m. the next day. This will go on for days straight. This is some kind of bizarre competition for real estate agents in quotes, to be first in line to purchase a home. What purpose this makes, I am still trying to find out. But as it stands, I cannot get a clear or complete answer from the bewildered people who I show the images of who currently work in the industry."
Royal York Property Management
This company has been operating since 2008. They are an established business that has offices all over the GTA, and surrounding townships. They provide rental opportunities, along with housing options. Many of these are available through their website. This company also will hold, and not return any form of deposit that is sent to them if they do not want the tenant to live on the property. This comes after the money has always been taken, and the deal has been made. This procedure is used more and more often by large companies, and this is how they generate the majority of their profit. This company has also been known to disregard their tenants or prospective buyers by shifting you through multiple parties. This means that you will be speaking to one real estate agent, then the property management company, and several different other counterparts to work for the same organization. This can become confusing, and time sensitive.
If there is any differential in your rental agreement, or anything that can be found to focus towards, they will use this to steal your deposit, and this allows you access to random property. You will not be receiving a refund from this corporation.
Royal York Property Mariam: All fake reviews
This company is a scam. The first thing I would like to mention is that all of the reviews are not real. When I met the real estate agent the first thing she did before I even decided on the apartment was ask me to leave her a five-star review. This is the reason why. In order to begin the application process that you are not even sure you're going to accept , of course they need a non-refundable deposit of $750 that you have to sign for. They will say you're going to be fine, and pretend like you're moving into the unit on time. Please see the images below.
Please see their yelp account for more data: Royal York, Yelp
By using legal jargon, compartmentalization and simple lying they have managed to steal the deposits of many prospective tenants over the years. This is a very long and difficult process to have rectified, if it can be rectified at all. This company has been requesting high amounts for deposits on rental units, and then asking for multiple forms of documentation to coincide with the data that has been provided. If there is any form of stipulation, or anything that the person reviewing the documents can find that is not relating to what has been represented, they will place your account in the default, and immediately hold all of your funds. This means whatever money you have invested into this rental opportunity will be wasted. As it only is a rental unit, you are not owning or holding on to anything at all. But the company itself will find ways to hold on to your income. This company has been reported to the Better Business bureau, and has had multiple lawsuits under their belt in their only 12 short years of operation.
Comparison
When you are comparing both of these companies, you will notice that they are very different. But the main objective is still the same. To absorb as much finances as possible, and use as much indiscriminate disregard as they can to do so. Ignoring any of the living conditions, or walks of life where they're potential clients or contacts are coming from, and then using their own finances to maximize profit. This is one of the major issues behind the housing crisis.
My personal thoughts towards this financial transgression are not positive. I am very concerned with the way the situation is heading, and the lack of resources that are being implemented to prevent any more negative impacts. But because the housing market is so difficult to monitor, and different elements may affect the renters, or buyers ability to own income and always will be an issue.
Negative Impact
Loss of Education
When somebody who hasn't reached the airflow potential is focusing all of their time and energy paying for something that can be taken away, their opportunities to learn and grow have now been cut down very drastically. One example would be the price of homes are so high the majority of the people who are renting will not be able to have access to any green space. This means that they will never learn how to garden, or grow any of their own fruits and vegetables. They may have to wait their entire life to do this. It also makes the price of food more expensive, and also makes the cost of living rise because more people are going to be susceptible, or reliant on outside sources.
Loss of Health
Your physical and mental health are important for maintaining your income and your work prospect. Your home is also related to your mental health. This is because the majority of the time you
spend preparing, or relaxing is going to be conducted here. When you are constantly worrying, or working towards your own living space, you are then sacrificing your own ability to maintain your
health.
Pay More - Live Less: Damage to Property
In 2004, purchasing homes that are now going for almost a million dollars had a mortgage payment of less than $1,000 per month. In 2020, the majority of people who purchase these homes have now paid for them outright. Because of this drastic change, people who are able to earn more money are being forced into living conditions that may not be safe, or disallow them access to amenities that they once had. It is now causing a large number of individuals to take a step backwards, and pay more to live on less.
As the housing market sores out of control in Ontario, more and more people are finding out that paying rent is more difficult than it once used to be. This has caused a backlog for the landlord tenant board for the eviction, and hearing notice filings. This puts a large strain on those who are legally required to monitor proceedings between landlords and tenants.
Scams, Lies and Dilapidated Property
Buying a home comes with its own set of risks, but renting properly also has a fair share of their own. There is no real way to tell if there's going to be any serious issues with the rental unit before moving in. In some cases, any issues that do arrive that are out of your control, such as leaks, electrical issues, or problems with the water you may not be able to have anything fixed without paying out of your own pocket. In some cases, a landlord May simply not fix anything, and expect someone to pay a monthly fee for existing in or around the property.
Cutting Corners
Saving money is the key goal of any landlord. This means not completing necessary repairs to maintain their own property. In most cases, they will find the most affordable way to complete a task. This means using inferior parts and equipment, or hiring someone off of the street with no experience to complete a very complicated repair. The most unfortunate part about this, is it is not an isolated incident. This happens on a regular basis, and no one really seems to be doing anything about it.
Criminal Activity
The most important thing about renting is learning. But when people are still learning, they may not have all the information required to make sound decisions. This is one of the perpetration and main elements of the criminal eviction process. This is when a landlord will either lie, cut off different utilities, or simply make the tenants life difficult in order for them to move without them going through the eviction process. This is because the eviction process will take 8 months, and end can cascade even longer based on prolonged trial proceedings. Because of the backlog in tenant hearings, there aren't so many landlords who will not provide receipts, claim their rental hearings, but there aren't so large numbers of landlords who will not provide receipts, claim their rental profits legally, or maintain their property at all. This opens more doors for them to earn income, essentially without doing anything at all. If their tenant is receiving government subsidization support, then the landlord is parking all of the money without doing anything, while the government is paying for their own financial growth.
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