Toronto Severe Housing Crisis Getting Even Worse With Airbnb

[Economy 52,951]

https://www.google.ca/amp/s/news.vice.com/amp/en_ca/article/bjqjda/how-airbnb-is-squeezing-torontos-tight-rental-market

 

While Toronto has for many years struggled with extremely low vacancy rates and construction not keeping up with population growth, Airbnb is now making the problem even worse

 

While complicated zoning/construction regulations that make new projects take an average of 10 years to get approval are often blamed as the true cause of the shortage...

 

The governments attempts to keep housing prices from surging further with tough new lending standards have kept people renting longer. It worked at finally freezing home prices but rents are going thru the roof rising almost 10% annually

 

Add to that, Canada raised annual immigration to 300,000 and a third choose to settle in Toronto

 

Rentals are extremely strained and in short supply and now Airbnb which is highly profitable to landlords is stealing even more rental supply from the market

 

Despite ludicrous home prices construction remains 20% below population growth needs

[RAMROD 117,521]

The government need to block AirBnB if the issue that bad. Or require citizen to submit for official permit before they can use it as rentals, just like what Japan did