Hardly a day goes by without a new set of numbers, and a new expert, proclaiming that the crash in the U.S. home ownership market is nigh. Far too many home owners have been living in fantasy land in the U.S. – fuelled by too-willing lenders. They’ve watched house prices climb to unsustainable levels, then allowed home owners to borrow against the equity in their homes – using their house as a virtual ATM.
The collapse has already started, according to some indicators in some parts of the U.S., and it may not only drag down the U.S. housing market, but the entire U.S. economy and, with it, the Canadian and global economies.
Meanwhile, low-income households in the U.S. who are renting have been paying an increasingly big penalty as high ownership costs have dragged up rents in many parts of the country. Housing affordability – especially for low and moderate income households – is a critical problem. The private market isn’t able to deliver affordable ownership, and it certainly isn’t able to deliver affordable rental housing.
A massive housing crisis sweeping across the U.S. will quickly spread to Canada. Some say that the over-heated housing markets in Western Canada (especially Calgary, Edmonton and Vancouver) are a sure sign of danger to come.
A recent report from Statistics Canada that an increasing number of young people are being forced to move back with their parents is yet another warning sign of growing trouble in the housing market.
There is, at last count, close to $2 billion in federal affordable housing funding that is sitting in Canada’s national capital waiting for specific projects to come forward. Now is a good time for the government to invest in new social housing. Co-op and non-profit housing have a 30-year record of providing good quality, cost-effective homes in mixed-income neighbourhoods throughout Canada.
It’s the best antidote for the housing plague that is starting to rage south of the border and threatening to spill into Canada.
- Michael Shapcott
jamie said
A Tenant’s Guide to Renting
The first challenge every tenant faces is finding an apartment for rent that suits their individual needs. For today’s tenant, the most effective apartment search can be done using an online apartment finder. Tenants should decide what they require in an apartment or house rental before beginning their search. For example: the number of bedrooms, location or distance from public transportation and how much the tenant can afford to pay in rent, furnished or unfurnished apartment, etc. By making these important decisions first, tenants can avoid renting an apartment or house only to regret it later. Many tenants today are taking advantage of the convenience of the internet to locate apartments for rent as opposed to the traditional print publications.
Once a possible apartment or home has been found, it is the tenant’s duty to thoroughly inspect the premises making a commitment in the form of a security deposit. A tenant should not rely on the landlord or the landlord’s agent to tell the tenant if anything is wrong with the property. The tenant must inspect the property carefully and ask questions about it.
Inspecting the condition and functionality of the following areas/features of the apartment before committing yourself as a tenant is highly recommended.
1. Kitchen appliances in working order.
2. Water pressure strong, plumbing without leaks.
3. Electrical outlets and wiring working.
4. Walls and ceiling painted or papered without cracks
5. Ventilation or air conditioning accessible.
6. Floors, railings and bathrooms in good repair.
7. Fire escape easy to use.
8. Stairs safe and well-lighted.
9. No rodents or insects.
10. Heating system in working order.
11. If furnished, check and write down condition of all furniture.
12. Windows and doors operable and weather-tight; screens provided.
The tenant should also check the security of the building to find out if there is a dead-bolt lock, security chain, or through-the-door viewer.
BEWARE OF EXISTING DAMAGES: In order to avoid being blamed for damages that already exist in the rental unit, the cautious tenant should take every step for self-protection. Before moving in (or as soon as possible thereafter), the tenant should make a list of all existing damages and repairs that need to be made. A copy of the list should he presented to the landlord and attached to the lease This way the landlord cannot blame the tenant for damages caused by others and the tenant will know what the landlord intends to repair. If the tenant keeps good records the landlord will not be able to keep the tenant’s security deposit for damages that were actually caused by others. Taking pictures before moving in is also strongly recommended.
ABOUT THE AUTHOR: Paul Rossano, associated with http://www.AllSpaces.com who “Conveniently Connects All People with All Spaces in All Places” has been dedicated to the Real Estate rental market for over 8 years. He has assisted over 25,000 tenants with their renting needs. Any questions about renting apartments, houses or other rentals, feel free to visit http://www.AllSpaces.com or email him at Paul@AllSpaces.com.
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