Toronto’s rental crisis is spiraling out of control. Over half of rental applications are now ensnared in fraud traps, as soaring costs and economic pressures take their toll. The city is witnessing an alarming increase in fake IDs, manipulated credit reports, and counterfeit employment letters. This surge in fraud is wreaking havoc on landlords, with a single problematic tenant potentially costing them more than $25,000.
Rental prices in Toronto have skyrocketed, far outpacing wage growth. The average rent for a two-bedroom home has surged, leaving many residents struggling to find affordable housing. Shockingly, less than 1% of rental units in Toronto are both vacant and affordable for the average renter, leading to a severe shortage of viable options.
In response to relentless rent hikes and deteriorating living conditions, tenants are uniting to stage rent strikes. These protests have gained momentum, affecting multiple buildings throughout the city. As frustration mounts, the number of strikes has increased dramatically in recent months.
The impact of this crisis is profound. Landlords are grappling with significant financial setbacks due to fraudulent applications and the high costs associated with property maintenance and repairs. Meanwhile, tenants are caught in a bind, facing both the harsh reality of skyrocketing rents and the stress of limited housing availability.
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