News

Truelo Newsreel

What’s changing in renting

Short summaries of the stories that matter to tenants and landlords, with a note on why each one matters — and a link to the full report from the original publisher.

Money

Bank of Canada raises its key rate to 2.5%, the first hike since 2023(bankofcanada.ca)

The Bank of Canada lifted its overnight rate target by 25 basis points to 2.5% on October 28, ending a long hold. It says inflation has hovered near 3% since April and is expected to approach 3.5% by year-end. The next rate announcement is scheduled for December 9.

Bank of Canada reports:
Governing Council decided to increase the policy rate to reduce the risk that continuing high energy prices spread broadly

Why it matters

Landlords with variable-rate mortgages or renewals coming up may see higher carrying costs, which can feed into pressure on rents. Renters should know that existing rent increases are still capped by Ontario's guideline for covered units, so ask what a proposed increase is based on.

Read the full story at bankofcanada.ca
Housing

GTA new condo sales double in Q3, but bulk buyers drive the rebound and the supply pipeline thins(cp24.com)

An Urbanation report says new condo sales in the GTHA doubled year over year to 760 units in the third quarter, but they remain 78 per cent below the 10-year Q3 average. Investment groups bought about 45 per cent of units in bulk deals, most sales were in already-completed buildings, and pre-construction sales fell to just 60 units. Urbanation expects a significant supply shortage by the end of the decade.

Why it matters

New condos are a major source of future rental units in the GTA, so a collapse in pre-construction sales points to fewer rentals later in the decade. Renters and landlords should treat today's softer rents as likely temporary rather than a long-term trend.

Read the full story at cp24.com
Money

Ontario electricity prices drop on Nov. 1, but the provincial rebate shrinks(insauga.com)

The Ontario Energy Board's new Regulated Price Plan rates take effect Nov. 1. Time-of-use prices fall to 9.1 cents off-peak, 14.6 cents mid-peak and 18.9 cents on-peak per kWh, and tiered rates also dip. At the same time, the Ontario Electricity Rebate is dropping from 23.5 per cent to 15.7 per cent, and winter price periods begin Nov. 1.

Why it matters

Renters who pay their own hydro should compare their next bills, because the lower rates are partly offset by the smaller rebate. Landlords who include utilities in rent can check how the winter schedule changes their costs.

Read the full story at insauga.com
Policy

Toronto tenants face wave of rental building demolitions as advocates press council for action(cp24.com)

Toronto City Council has approved 117 rental demolition applications in the past five years, which would replace 5,148 rental units, and advocates estimate up to 300 buildings could be on track to be torn down. Tenants at 48 Isabella St. are contesting a plan to replace an 84-unit rental building with a much taller tower, and tenant groups are calling for a municipal demolition bylaw and provincial vacancy control.

Why it matters

Tenants in older rental buildings near transit should ask the city whether a demolition application has been filed for their address and what replacement-unit commitments apply. The city's focus is on replacing rental units, so check what rent and unit size a returning tenant would get.

Read the full story at cp24.com
Safety

Hamilton approves first-in-Ontario pilot requiring landlords to keep a room below 26 C(globalnews.ca)

Hamilton councillors approved a pilot for downtown Ward 2, where most residents rent, requiring landlords to keep at least one room in each unit cooler than 26 C. It starts next year and runs through September 2028, with a recommendation on going citywide due in early 2029. Landlords can seek exemptions for structural or electrical barriers, and tenants can opt out. Toronto has asked staff to draft a similar bylaw by next summer.

Why it matters

Ontario law requires landlords to provide heat but sets no cooling standard, so this is a notable change for Hamilton renters and landlords. Landlords in affected areas should ask the city about exemptions and costs, and Toronto tenants may want to watch for the coming draft bylaw.

Read the full story at globalnews.ca
Market

Canadian asking rents fall for a 24th straight month, with Toronto stabilizing near five-year lows(cp24.com)

A Rentals.ca and Urbanation report says the average asking rent in Canada was $2,034 in September, down 4.2 per cent from a year earlier and 9.2 per cent below the May 2024 peak. Ontario rents fell 4.8 per cent year over year. Toronto and Vancouver appear to be stabilizing after hitting five-year lows, and the report expects rent growth could return there.

Why it matters

Asking rents are still softer than a year ago, which gives GTA renters some room to compare listings and negotiate. Landlords pricing a vacant unit should check current local asking rents, since the report says the decline is slowing in Toronto.

Read the full story at cp24.com

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Quoted excerpts belong to their publishers and are linked to the original. Truelo does not write these reports, and a story appearing here is not an endorsement.