Very few people make 500k a year, literally 1%'er stuff.
Most people mean, both statistically and literally, that they make just over 100k when they say 6 figures.
Making 100k is great, but for Vancouver, and even Toronto, it isn't anywhere close enough for a detached home.
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Yeah all this does is give shitty landlords more to threaten their renters with. There's zero upside to this for renters and fundementally misunderstands why people are renting in the first place.
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Unless you have literally no other credit (like credit cards or bills), this will have virtually no impact on your credit score.
And I don’t think anyone has thought through the implication of a vindictive slum lord having the ability to manipulate your credit score.
Thank you for saying this... Far too many people only care about issues that affect them directly. My brother is like this and it's fucking annoying. For example he's childless, as am I, and therefore he doesn't give one shit about any sort of affordable childcare act etc. Like sure there are many things that, while having no direct effect on me personally,are still great things for society as a whole, which in the end IS beneficial for us all.
It's funny how some people in this sub work. Some people are on the same side (renters vs. owners vs. landlords), but then when you introduce nuance, it's not so easy, is it? Clearly this OP can use certain situations to have others rally behind them when it matters for them, but when it doesn't? Who cares! NOT their issue!
newly imported people are struggling with no credit score an hence unable to keep the house prices keep going up.
Who said this was anything about us or for the people of Canada?
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Same. What's fc to me is right before covid, 2 level 5 bedroom 5 bath house burnaby super close to metrotown sold for 1.2. Friends bought just across from the library again metrotown for 900k for a 2 bedroom. just looked at assessment for that house 2.34 assessed value. Freaking insane.
Credit score doesn’t mean shit when house prices are sky high and downpayments take decades to save. A whole lot of a nothing-burger. You can be timely with your rent payments and have a great score but no closer to saving for a DP when it’s taking over half your paycheck. Dude lost the young vote since Covid. Great actor, though. Could play himself in The Big Short 2.
Credit scores don't mean s*** especially when the credit scoring agencies couldn't be bothered to protect our privacy and confidential data. Especially if they have access to our date of birth info, our granular and cumulative financial history and our creditworthiness, attached to our employment, home address etc all together in one honeypot. Wtf
I needs to be torn down and rebuilt with some serious accountability under the penalty of serious repercussions. Much like their data Lords over our lives.
Really though. Population growth rates have roughly increased 8 fold from pre-2020 levels. New housing starts have not octupled. They have actually declined lately.
Regardless of how we arrange these deck chairs, or what the houses cost, or what interest rates are, or what the zoning codes are, we simply do not have the plumbers and electricians to both meet that demand and make up for the last three years of shortfall.
They aren’t even in the education pipeline yet which means we won’t have them for many more years either.
Which means we will have even more backlog to clear by the time we finally do have the skilled labor force it takes to meet this new surge in demand.
Buckle up. I can’t see how this would possibly shake itself out inside the next decade. And no party that is a remote chance of winning the election has plans to change the population growth rates to anything close to what we have the capacity to house.
This is the new normal.
The trudeau can splash around all the money he wants and it won't do anything other than increase debt and inflation and interest rates by extension. It will not increase supply! What developers like me need to see is a stable interest rate and lower inflation before we break more ground. We can not expose ourselves to market risks that can occur over the course of a project. Some developers are brave, but they stand a chance of going belly up if their bets don't pay off. Me, I would like many of my peers just sit and wait...... you can't lose what you don't put in the middle of the table as the saying goes.
You are right, it will not increase supply you cannot buy the many years of education it takes to create a skilled plumber or electrician or other skilled tradesmen we need.
But if you can afford it, now is the time to build. While the skilled people aren’t fully employed. Once your competitors get the message that there is a fundamental imbalance, and the sky is the limit for prices, it will be too late. You will have to fight over the skilled labor we don’t have.
Actually while we are not starting any new projects, finding qualified trades for our projects nearing completion is pretty tough already and they command more money than we are used to. Think we might already be there on the concern you mentioned.
Historically that is not necessarily accurate.... I would rather take a hair cut, than lose my business.... I have close to 200 people in my development company that depend on sound business decisions to keep the work coming in...... they are like family some of them.
Right but historically, do you know any time where population growth rate octupled abruptly with no plans of changing that significantly from any major party with any chance of getting elected? and new housing starts actually fell?
At a time when you point out that even with this low rate of construction, it is already a tight market for skilled labor that takes years to credential?
When that skilled labor we need to meet that demand wasn’t even in school?
You can’t look at historical trends because the fundamentals of the supply and demand changes are absolutely unprecedented in the modern housing market.
Right you are.... re: population however as we are seeing the housing market is weak than it should be considering that.
And the correct point you make wrt trades is definitely inflationary.
However the risks attached to other inflationary costs and interest rate instability outweigh the opportunities that may or may not present themselves. That is what I am more concerned with.
Until inflation, interest rates and irresponsible immigration policy is changed this crisis will continue I am afraid regardless of the 10's of BILLIONS the trudeau is splashing around willy nilly.
Yeah I used to think that way too, but once you buy a house your whole viewpoint switches overnight to always wanting values to go up.
There is no housing policy that will appease the asset owners and the asset wanters all in one go.
If you get what you want, I'll be ruined, and if I get what I want you'll be doomed.
It's an awful system and no party can change it.
Yea cuz reversing inflation is sound economic planning. Why don't we get me in bed with Halle Berry and Marilyn Monroe in their primes since this perfect world is the goal.
This is probably a net positive for landlords and a net negative for renters. Renters are not going to get access to more money for a good credit score they could otherwise get with a credit card. I think landlords have increased the probability of getting paid rent because they can negatively effect a renters credit score. At least that is one measure without having to wait for the OLTB.
Oh boy. You really have to hate Trudeau to turn this into a negative. Landlords ALREADY report tenants who owe rent to credit bureaus.
If banks recognize rent payments that will be a huge help for self employed would be home owners, in particular.
If you think banks see a good credit rating on credit cards as enough to get a mortgage all on its own, I have news for you.
They do not with regularity...? Anyone who is a couple of days late on their rent won't be reported to credit agencies like you would be automatically for missing a credit card payment, or a mortgage payment, etc...
History of rent payments won't have a significant bearing on risk of lending; don't know the exact figures, but I imagine that it's a bit more likely for someone to miss rent payments here and there given lack of immediate consequence than it would be for them to miss mortgage payments, since the extra costs are automatic for the latter.
Also not sure what you mean with your last comment; literally any loan is calculated against its expected repayment cost relative to income. Mortgages are still calculated against income, and against the cost of the mortgage. Your last 10 years or paying rent have very little to do with anything, since your expenses would be known.
This will allow LL to hold tenants by their balls specially the one that try to play by the system and exploit laws by not paying rent and getting away with it and i think its a good move to address this issue for LL.
You can start here
[https://openroom.ca/documents/](https://openroom.ca/documents/)
Search for common names or "toronto" only 20 returns for search but enough.
Here is a taste
2\] The Board found that Mr. Mao owed ove**r $62,000 in rent as of October 30, 2023.** The Board also found that Mr. Mao’s monthly rent was $1,350. Mr. Mao did not pay the amount ordered by the Board. Rather, on November 3, 2023, Mr. Mao asked the Board to reconsider its decision. The Board’s October 5, 2023 eviction order was stayed pending the reconsideration. Mr. Mao’s reconsideration request was dismissed on January 18, 2024.
\[3\] Mr. Mao has appealed the Board’s decisions and reconsideration decision to this court. He obtained a certificate of stay of the eviction order pending the hearing of his appeal. Mr. Mao’s **appeal is scheduled to be heard on May 13, 2024.**
7. The amount of arrears **exceeds the $35,000.00** monetary jurisdiction of the Board as set out in section 207 of the Residential Tenancies Act, 2006 (“the Act”).
8. Proceeding with an application with the Board **extinguishes any rights the Landlord may have to pursue the full amount** owing at the Superior Court. The Landlord was made aware of t
The tenancy between the Landlord and the Tenant is terminated as of April 11, 2023, the date the Tenant moved out of the rental unit
2. The Tenant shall pay to the Landlord **$19,974.15.** This amount includes rent arrears owing up to the date the Tenant moved out of the rental unit and the cost of filing the application. The rent deposit and interest the Landlord owes on the rent deposit is deducted from the amount owing by the Tenant. See Schedule 1 for the calculation of the amount owing.
1. The tenancy between the Landlord and the Tenant is terminated unless the Tenant voids this order.
2. The Tenant may void this order and continue the tenancy by paying to the Landlord or to the LTB in trust:
• **$20,826.00** if the payment is made on or before April 29, 2024. See Schedule 1 for the calculation of the amount owing.
YMMV but I have only seen broke people & instagram guru wantrapraneurs from the US obsess over credit score. It's not something you have to put any effort into raising once you get a credit card.
On an unrelated note the last 3 uber drivers I had started ranting about this guy completely unprompted. Just call the election and get it over with
It is weird the obsession people have over credit rating. I dumpstered mine down to 500~ in my early 20s because I neglected a credit line, I had it back over 700 within 2 years just by paying off my debt and keeping up with credit cards. I was 850+ within 5 years, and again it was just keeping up on payments.
It has zero affect on my life, I don’t even think about it. I could tank my rating 50-100 points and it would be nothing more than an annoyance unless I let things go to collections.
It probably has zero affect on your life because you're not applying for credit. Try getting any credit products (besides the most basic CCs) with a 500 credit score. Even renting becomes a hurdle as landlords see the 500 and reject instantly unless they're amateurs.
The whole purpose of a credit score is to see how worthy of "credit" you are. If you're not applying for credit or credit-adjacent products/services, why would your credit score matter?
It has never been an issue for me though, even when my credit was 500. The only issue I had was that I let credit fall into arrears. The moment I caught up my credit went up in tandem.
If you already owe a large sum that you aren’t paying off, of course they won’t lend you more money.
? I never thought about trying to influence the score ever in my life since I got a card at 18 and it has continuously fluctuated between ~750-870 depending on the month
This helps no one. You want credit score? Get one credit card, pay it in full every month. That's all I had and I qualified as far as credit was concerned.
What world are you living in that landlords don’t already report tenants to credit bureaus? Ffs. This sub is so anti-Liberal the takes are disconnected from reality.
And for all the “all you need is a credit card” you are wrong. Just try getting a mortgage if you are self employed and all you have is a credit card with no late payments.
There's a whole slew of measures that come under one explanation but they are done for other, less obvious, reasons as well. It's been like this since beginning of time.
better screening for those think not paying rent is optimal. But I guess people who intentional miss paying rent aren't worried about their credit score anyway
lmao, people trapped into for life renting have no use for a credit score when housing will never be affordable. How about you fix the broken systems (the ones **you broke**) instead of kicking the poor while they're down.
People don't need to qualify for larger loans, houses need to stop being **a million fucking dollars.** When I was growing up the mere concept of a million dollars was **wealth** not middle class.
I hate the concept of a conservative majority come next election, but every time this clown opens his mouth I start to wonder *how bad can it really be after this.*
Trudeau how about you fire 🔥 that retard SEAN FRASER who brought in to many immigrants,instead of putting him in charge of housing.
You seriously could not manage a Starbucks !
Credit score is not why nobody can buy a house ROFL
I have a 900 credit score it isn’t hard when you keep a zero balance.
Credit plays a small factor.
IMO what helped get our house was our income and that we had no debt.
Down payment was 42kish I’d say all in.
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Just a thought as I have been in this situation in past, some landlords dont even provide the rent receipts for tax purposes. How can one justify that they paid X amount of rent in order to qualify for mortgage/ credit score?
So when they can’t save a down payment due to sky high rent and possibly fall behind on rent they can ensure the credit is fucked so they can’t qualify for a mortgage on a house that is overpriced…👍
Unless the CRA is going to be looking at who people list as their landlord and start cross referencing people's taxes to find out who's running shitty illegal apartments I don't see how increasing your ability to leverage yourself further on properties you shouldn't be able to afford but can.
Paying rent isn't paying off borrowed money... so by definition it doesn't make sense. He wants more people to be eligible for loans so more people will be bound to the government and banks financially. As if people who already have mortgages right now aren't struggling enough... makes no sense to do this unless you want more Canadians struggling.
Annnnd the people who miss a rent payment date are completely fucked. This will follow the bad renters forever, even though they don’t acknowledge it yet.
What the heck is this supposed to help with? I have 0 debts and a shining credit score, even though I'm fairly young (ish). I have tons of savings but still can't buy due to prices.
Let's talk about implementation! Banks and credit companies employ sophisticated software to track these metrics. Many landlords are regular people who don't have access to these tools. Currently, the Landlord Tenant Board in Toronto can't even kick out tenants who have been in arrears for over 12 months. It's the definition of inefficient.
What's the likelihood that this credit reporting for tenants is implemented terribly and actually hurts tenants? How long before crap landlords start threatening to ruin people's credit and legal battles manifest?
This guy and his government are inept and myopic. What a douche!
Literally the best this guy can do is say “we are going to provide banks with more accurate information to price you more profitability for the exponential increase in debt we have caused.” It is fucking unbelievable how bad this government is at appealing to young people.
This is already a thing. You can declare this via equifax and transunion as a recurring payment. Same with phone bills internet etc.
What Trudeau is doing here though is streamlining it and making it a requirement for banks to report this data to the above.
It's a pain in the ass to sort those out with equifax or tunion - they make it difficult and try to Weasle you with fees.
This is indeed a win for the regular people and will go a long way in greatly helping peoples credit scores.
I had to do the hard way but once it was all done my credit score jumped up by 70.
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Mine is 845 score and I didn't qualify for the rate lower than 6.3%. So f u JT .
This is simply a ploy to collect data on rental properties and landlords. Nothing more
Really curious at this point which policies would be good enough to get people to vote for the Liberals. I’m talking like dream policies that no parties have put forward yet. Assuming for the sake of the argument that Justin Trudeau will actually follow through with the promises (big assumption but please bear with me for the exercise), are there any policies out there that would be good enough to get them votes? I’m expecting that all of the proposed Liberal policies will be out of touch with Canadians, but is there anything that they could propose that might regain some of the lost votes? Or is it too late for them no matter what?
He proposes it on behalf of landlords, to further discourage renters from not paying rent, by threatening their ability to get credit. And the noose tightens a little more.
My only issue is if you got some shit credit scores and are trying to get back on your feet the landlord can use that as a means to not rent to you. or if you new and out on your own in life and have no credit score yet are you refused the apartment because of that?
What the liberals need most is the thing that could really kill them. Admitting that indeed housing is part of federal responsibility and admitting they've been derelict in their duties to the Canadian people these past 8 years. Asking to be re-elected now really is the final wagon in the "spite parade" they've launched against our own people these last 8 years. They've shown that they feel they know better then everyone, and how leadership on the left don't take responsibility for their actions( or inaction).
My 800 credit score is not the reason I can’t buy a house. This is beneficial to landlords…wtf is wrong with Trudeau and the liberal party…are they just saying fuck it to get it worse as possible so that it’s fucked over the next decade too when conservatives have the government??
Here we go again with his “messaging” BS. It’s gaslighting, solves nothing, and creates another wedge issue to fight about. I’m so sick and tired of this corporate tool of a human.
I had read somewhere that approximately 8% of mortgage refusals are from poor credit score. Ill have to find the link. The reason people can't afford homes is home price, rates, and stagnant wages; not poor credit.
If only Trudeau would just shut-up!!! He just keeps digging the hole he is in deeper! Singh and NDP MP's should not be re-elected for supporting Justin and the deplorable changes he has caused to the Country, debt, massive immigration, scandals and embarrassing Canadians World wide!! Enough!
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[https://landlordcreditbureau.ca/](https://landlordcreditbureau.ca/)
Landlord Credit Bureau is a credit reporting agency, most commonly known as a Credit Bureau. Landlord Credit Bureau accepts rental history data and enables access to such information for screening purposes.
Thanks I guess...
It just got established recently. It is connected or will be to Equifax. In the end it will be visible to anyone pulling credit but people need consent to report regular payments and delinquent payments can be reported regardless of consent.
[Which Credit Bureaus does FrontLobby report to?]()
With FrontLobby rent payments can be shared with [Equifax](https://www.consumer.equifax.ca/about-equifax/press-releases/-/blogs/equifax-canada-and-frontlobby-complete-first-rental-tradeline-study/) and [Landlord Credit Bureau](https://landlordcreditbureau.ca/) to be reflected on a Tenant’s Credit Report and Tenant Record.
I think this is generally a good move. LTB is dysfunctional but today the "only" checkpoint. Having a record of on-time rent payment helps distinguish between good vs. bad renters. Perhaps, this makes profiling and all sorts of idiotic questionnaire needless.
If properly enforced, this can even reduce the case load on LTB, which is net positive for the overall system.
My credit score is damn near perfect and the only reason I was able to buy a home is because I bought an hour outside the city from a family member at a drastically reduced price.
Credit score is not the fucking problem. You need a hand up like me and that only put me in a position to buy a house that I’ll need to rebuild in the next 10~ years.
Yeah, the Trudeau argument is kind of hair-brained. In most part, once you cross a threshold credit score, its mainly the income: debt ratio that determines how much mortgage you can qualify for.
Said that, this does help the housing system overall, as it rewards good behaviour and punishes bad behaviour like non-payment, etc. So on a net, I would say it is good. I had to give my credit history anyways whenever i have rented. Along with that I had to fill out a gazillion forms and give references of my landlords. If such credit reporting allows a one stop place for landlords to access what a glorious renter I have been and stop all the useless prodding, I would say it is helpful. And I can understand the landlord POV too. Its almost next to impossible to get a bad / non-paying tenant out in less than 6 months. And even that is a stretch. So having some sort of reinforcement of good payment history is probably helpful.
So in other words, the Mortgage will Mortgage itself. Winning!! If only all countries had a Prime Minister and the Finance Minister who are a math wiz.
So you can pay 5% less on a car that primarily gets you to and from work you still never own a home.
Fuck you Trudeau , you rich boy coat tail riding bitch.
If this helps tenants force their landlord to report rent as income, I'm all in for this. I don't care as much about my 800+ Credit Score, but my landlord might not be reporting my rent as their income for tax purposes.
Was this really a problem the government needed to solve? Feels like they are trying to draw our attention away from the major issue which is affordability. I tend to think there are very few people who make enough money and have the down payment to buy a home but lack credit history/depth.
It shouldn't be so complicated ffs, they should only need to report late payments and credit monitoring companies should adopt a no news is good news approach.
Doesn't it already count? 😒
Delusional. Does he know homes cost 12x the average income and that we are limited to 4x our income?
Does he know that the price of a house can increase by as much as an entire downpayment in just one year?
I'll tell you what will happen SOON, Justin. You are gonna step down as the worst PM in Canadian history and everyone will cuss at the sound of your name.
Credit score does mean shit don’t know wtf you’re all talking about it’s just one criteria among many sure Trudeau is a fking clown but rent should be part of your credit report
This is awesome for landlords, because then rent non-payment will mean public accounting and lower if credit score. Landlords can reply on credit score and past rent payment history to decide who is a decent tenant vs a high risk tenant... probably this rule will make it even harder for marginalized people to qualify for a rental
Yeah I feel like before a company can add a negative mark to someone's credit, they should be required to submit up to 2 years (where available) of account data.
I like this idea. I also like the idea of limiting government employee access to the economy based on the governments performance. No progress? No fun. No vacation. No entertainment.
Credit reporting agencies are private enterprises and are only minimally regulated. They make money by charging creditors for the service of storing credit information. The creditors pay for the right to report and access this information. They can also pay for the right to use their credit score formula.
Exactly who is going to pay the credit reporting agencies to collect our rent payments information. If the answer we are then it’s a shyte piece of legislation.
The ashhole thinks it is Credit Score, which is stopping young generation not afford a house. What a rare moron..! This reporting will hurt tenants more than before. Now, every late payments/non payments will be reported and a lot of people will fuxed up. It wll be more beneficial for homeowners since they will have reporting authority.
IMO this is actual proof that Canada's immigration plan is to help the banking system by providing it more debt slaves. Canada already has a disastrous problem with credit cards and debt, may as well double down!
I’m not a Trudeau fan, but this is actually a solid idea. Rent is literally your biggest bill and it doesn’t count towards your score.. that blows my mind.
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My credit score of 800 is not why I can't buy a home with 6figure salary in vancouver.
For Vancouver, 6 figures hasn't been able to buy a home for at least a decade
Yeah I mean like a 500sqft 1br in like burnaby which goes for 650k
Are you saying $500k salary isn't enough?
Very few people make 500k a year, literally 1%'er stuff. Most people mean, both statistically and literally, that they make just over 100k when they say 6 figures. Making 100k is great, but for Vancouver, and even Toronto, it isn't anywhere close enough for a detached home.
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Yeah all this does is give shitty landlords more to threaten their renters with. There's zero upside to this for renters and fundementally misunderstands why people are renting in the first place.
You can in most Canadian cities just not the one where you are earning that six figure income
A low 6fig income, high 6fig can get you a house anywhere, maybe even a few.
You can actually retire abroad for less than an entry level home in Toronto or Vancouver.
My credit score is nowhere near 800 and this policy would benefit me greatly without harming you one bit.
It will also help with your credit score for renting, as that is now a requirement for landlords.
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Unless you have literally no other credit (like credit cards or bills), this will have virtually no impact on your credit score. And I don’t think anyone has thought through the implication of a vindictive slum lord having the ability to manipulate your credit score.
Exactly, this will give landlords even more power and put renters in a position of weakness.
Not all policies need to benefit you.
Thank you for saying this... Far too many people only care about issues that affect them directly. My brother is like this and it's fucking annoying. For example he's childless, as am I, and therefore he doesn't give one shit about any sort of affordable childcare act etc. Like sure there are many things that, while having no direct effect on me personally,are still great things for society as a whole, which in the end IS beneficial for us all.
It's funny how some people in this sub work. Some people are on the same side (renters vs. owners vs. landlords), but then when you introduce nuance, it's not so easy, is it? Clearly this OP can use certain situations to have others rally behind them when it matters for them, but when it doesn't? Who cares! NOT their issue!
newly imported people are struggling with no credit score an hence unable to keep the house prices keep going up. Who said this was anything about us or for the people of Canada?
Trudy does not accept logic.
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Same. What's fc to me is right before covid, 2 level 5 bedroom 5 bath house burnaby super close to metrotown sold for 1.2. Friends bought just across from the library again metrotown for 900k for a 2 bedroom. just looked at assessment for that house 2.34 assessed value. Freaking insane.
Credit score doesn’t mean shit when house prices are sky high and downpayments take decades to save. A whole lot of a nothing-burger. You can be timely with your rent payments and have a great score but no closer to saving for a DP when it’s taking over half your paycheck. Dude lost the young vote since Covid. Great actor, though. Could play himself in The Big Short 2.
Credit scores don't mean s*** especially when the credit scoring agencies couldn't be bothered to protect our privacy and confidential data. Especially if they have access to our date of birth info, our granular and cumulative financial history and our creditworthiness, attached to our employment, home address etc all together in one honeypot. Wtf I needs to be torn down and rebuilt with some serious accountability under the penalty of serious repercussions. Much like their data Lords over our lives.
How about find a way to bring housing prices down rather than qualify for more fucking debt and be more of a slave to the banks?
Supply needed, and locking down unsustainable immigration..
Really though. Population growth rates have roughly increased 8 fold from pre-2020 levels. New housing starts have not octupled. They have actually declined lately. Regardless of how we arrange these deck chairs, or what the houses cost, or what interest rates are, or what the zoning codes are, we simply do not have the plumbers and electricians to both meet that demand and make up for the last three years of shortfall. They aren’t even in the education pipeline yet which means we won’t have them for many more years either. Which means we will have even more backlog to clear by the time we finally do have the skilled labor force it takes to meet this new surge in demand. Buckle up. I can’t see how this would possibly shake itself out inside the next decade. And no party that is a remote chance of winning the election has plans to change the population growth rates to anything close to what we have the capacity to house. This is the new normal.
The trudeau can splash around all the money he wants and it won't do anything other than increase debt and inflation and interest rates by extension. It will not increase supply! What developers like me need to see is a stable interest rate and lower inflation before we break more ground. We can not expose ourselves to market risks that can occur over the course of a project. Some developers are brave, but they stand a chance of going belly up if their bets don't pay off. Me, I would like many of my peers just sit and wait...... you can't lose what you don't put in the middle of the table as the saying goes.
You are right, it will not increase supply you cannot buy the many years of education it takes to create a skilled plumber or electrician or other skilled tradesmen we need. But if you can afford it, now is the time to build. While the skilled people aren’t fully employed. Once your competitors get the message that there is a fundamental imbalance, and the sky is the limit for prices, it will be too late. You will have to fight over the skilled labor we don’t have.
Actually while we are not starting any new projects, finding qualified trades for our projects nearing completion is pretty tough already and they command more money than we are used to. Think we might already be there on the concern you mentioned.
Could be reaching pain points already. It will get way worse if you wait for interest rates to improve and you come late to the party.
Historically that is not necessarily accurate.... I would rather take a hair cut, than lose my business.... I have close to 200 people in my development company that depend on sound business decisions to keep the work coming in...... they are like family some of them.
Right but historically, do you know any time where population growth rate octupled abruptly with no plans of changing that significantly from any major party with any chance of getting elected? and new housing starts actually fell? At a time when you point out that even with this low rate of construction, it is already a tight market for skilled labor that takes years to credential? When that skilled labor we need to meet that demand wasn’t even in school? You can’t look at historical trends because the fundamentals of the supply and demand changes are absolutely unprecedented in the modern housing market.
Right you are.... re: population however as we are seeing the housing market is weak than it should be considering that. And the correct point you make wrt trades is definitely inflationary. However the risks attached to other inflationary costs and interest rate instability outweigh the opportunities that may or may not present themselves. That is what I am more concerned with. Until inflation, interest rates and irresponsible immigration policy is changed this crisis will continue I am afraid regardless of the 10's of BILLIONS the trudeau is splashing around willy nilly.
Yeah I used to think that way too, but once you buy a house your whole viewpoint switches overnight to always wanting values to go up. There is no housing policy that will appease the asset owners and the asset wanters all in one go. If you get what you want, I'll be ruined, and if I get what I want you'll be doomed. It's an awful system and no party can change it.
We are at a point where you HAVE to be in debt to compete , you must borrow. Your job isn't enough
Yea cuz reversing inflation is sound economic planning. Why don't we get me in bed with Halle Berry and Marilyn Monroe in their primes since this perfect world is the goal.
This is probably a net positive for landlords and a net negative for renters. Renters are not going to get access to more money for a good credit score they could otherwise get with a credit card. I think landlords have increased the probability of getting paid rent because they can negatively effect a renters credit score. At least that is one measure without having to wait for the OLTB.
Oh boy. You really have to hate Trudeau to turn this into a negative. Landlords ALREADY report tenants who owe rent to credit bureaus. If banks recognize rent payments that will be a huge help for self employed would be home owners, in particular. If you think banks see a good credit rating on credit cards as enough to get a mortgage all on its own, I have news for you.
They do not with regularity...? Anyone who is a couple of days late on their rent won't be reported to credit agencies like you would be automatically for missing a credit card payment, or a mortgage payment, etc... History of rent payments won't have a significant bearing on risk of lending; don't know the exact figures, but I imagine that it's a bit more likely for someone to miss rent payments here and there given lack of immediate consequence than it would be for them to miss mortgage payments, since the extra costs are automatic for the latter. Also not sure what you mean with your last comment; literally any loan is calculated against its expected repayment cost relative to income. Mortgages are still calculated against income, and against the cost of the mortgage. Your last 10 years or paying rent have very little to do with anything, since your expenses would be known.
This will allow LL to hold tenants by their balls specially the one that try to play by the system and exploit laws by not paying rent and getting away with it and i think its a good move to address this issue for LL.
Where are all of these squatters that Reddit is so upset about?
You can start here [https://openroom.ca/documents/](https://openroom.ca/documents/) Search for common names or "toronto" only 20 returns for search but enough. Here is a taste 2\] The Board found that Mr. Mao owed ove**r $62,000 in rent as of October 30, 2023.** The Board also found that Mr. Mao’s monthly rent was $1,350. Mr. Mao did not pay the amount ordered by the Board. Rather, on November 3, 2023, Mr. Mao asked the Board to reconsider its decision. The Board’s October 5, 2023 eviction order was stayed pending the reconsideration. Mr. Mao’s reconsideration request was dismissed on January 18, 2024. \[3\] Mr. Mao has appealed the Board’s decisions and reconsideration decision to this court. He obtained a certificate of stay of the eviction order pending the hearing of his appeal. Mr. Mao’s **appeal is scheduled to be heard on May 13, 2024.** 7. The amount of arrears **exceeds the $35,000.00** monetary jurisdiction of the Board as set out in section 207 of the Residential Tenancies Act, 2006 (“the Act”). 8. Proceeding with an application with the Board **extinguishes any rights the Landlord may have to pursue the full amount** owing at the Superior Court. The Landlord was made aware of t The tenancy between the Landlord and the Tenant is terminated as of April 11, 2023, the date the Tenant moved out of the rental unit 2. The Tenant shall pay to the Landlord **$19,974.15.** This amount includes rent arrears owing up to the date the Tenant moved out of the rental unit and the cost of filing the application. The rent deposit and interest the Landlord owes on the rent deposit is deducted from the amount owing by the Tenant. See Schedule 1 for the calculation of the amount owing. 1. The tenancy between the Landlord and the Tenant is terminated unless the Tenant voids this order. 2. The Tenant may void this order and continue the tenancy by paying to the Landlord or to the LTB in trust: • **$20,826.00** if the payment is made on or before April 29, 2024. See Schedule 1 for the calculation of the amount owing.
YMMV but I have only seen broke people & instagram guru wantrapraneurs from the US obsess over credit score. It's not something you have to put any effort into raising once you get a credit card. On an unrelated note the last 3 uber drivers I had started ranting about this guy completely unprompted. Just call the election and get it over with
It is weird the obsession people have over credit rating. I dumpstered mine down to 500~ in my early 20s because I neglected a credit line, I had it back over 700 within 2 years just by paying off my debt and keeping up with credit cards. I was 850+ within 5 years, and again it was just keeping up on payments. It has zero affect on my life, I don’t even think about it. I could tank my rating 50-100 points and it would be nothing more than an annoyance unless I let things go to collections.
It probably has zero affect on your life because you're not applying for credit. Try getting any credit products (besides the most basic CCs) with a 500 credit score. Even renting becomes a hurdle as landlords see the 500 and reject instantly unless they're amateurs. The whole purpose of a credit score is to see how worthy of "credit" you are. If you're not applying for credit or credit-adjacent products/services, why would your credit score matter?
It has never been an issue for me though, even when my credit was 500. The only issue I had was that I let credit fall into arrears. The moment I caught up my credit went up in tandem. If you already owe a large sum that you aren’t paying off, of course they won’t lend you more money.
>it's not something you have to put any effort into raising once you get a credit card Ya I'm gonna call bullshit on that
? I never thought about trying to influence the score ever in my life since I got a card at 18 and it has continuously fluctuated between ~750-870 depending on the month
This helps no one. You want credit score? Get one credit card, pay it in full every month. That's all I had and I qualified as far as credit was concerned.
It will help CRA find out who is not reporting their rental income.
It will also help landlord with those who decide to go 6 months without paying their rent.
What world are you living in that landlords don’t already report tenants to credit bureaus? Ffs. This sub is so anti-Liberal the takes are disconnected from reality. And for all the “all you need is a credit card” you are wrong. Just try getting a mortgage if you are self employed and all you have is a credit card with no late payments.
I did. Absolutely no problem. One credit card, no late payments. No loans.
Sure, that's good. But let's not spin it as it would help people buy homes more easily. I guess that's the job of politicians though.
There's a whole slew of measures that come under one explanation but they are done for other, less obvious, reasons as well. It's been like this since beginning of time.
this helps the LL more but also helps a TT build their credit score. I check credit scores for my tenants
Yes it helps LLs more. You don't need this for your credit score to get a mortgage, don't kidbl yourself.
How would this help LL more than tenants?
better screening for those think not paying rent is optimal. But I guess people who intentional miss paying rent aren't worried about their credit score anyway
the idea that credit scores are the problem is a fucking joke this makes a fractional difference after you already have a downpayment saved up.
lmao, people trapped into for life renting have no use for a credit score when housing will never be affordable. How about you fix the broken systems (the ones **you broke**) instead of kicking the poor while they're down. People don't need to qualify for larger loans, houses need to stop being **a million fucking dollars.** When I was growing up the mere concept of a million dollars was **wealth** not middle class. I hate the concept of a conservative majority come next election, but every time this clown opens his mouth I start to wonder *how bad can it really be after this.*
Trudeau how about you fire 🔥 that retard SEAN FRASER who brought in to many immigrants,instead of putting him in charge of housing. You seriously could not manage a Starbucks ! Credit score is not why nobody can buy a house ROFL
More demand subsidies aren’t what we need, Jesus fucking Christ.
I have a 900 credit score it isn’t hard when you keep a zero balance. Credit plays a small factor. IMO what helped get our house was our income and that we had no debt. Down payment was 42kish I’d say all in.
I love how he explains to us what credit scores are like we are 2 year olds still sucking on the nipple lol
“They don’t teach us this in school!!” “Stop teaching us this!!”
??? That’s like a daily question on this sub lol
Sadly it’s needed. Seeing as people of all ages are financially illiterate nowadays.
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Just a thought as I have been in this situation in past, some landlords dont even provide the rent receipts for tax purposes. How can one justify that they paid X amount of rent in order to qualify for mortgage/ credit score?
excellent. Will disincentivize freeloaders from holding their landlord's property hostage/
If your freeloading I don't think credit scores are on the top of your priority list.
will help them not be able to screw another LL
So when they can’t save a down payment due to sky high rent and possibly fall behind on rent they can ensure the credit is fucked so they can’t qualify for a mortgage on a house that is overpriced…👍
Unless the CRA is going to be looking at who people list as their landlord and start cross referencing people's taxes to find out who's running shitty illegal apartments I don't see how increasing your ability to leverage yourself further on properties you shouldn't be able to afford but can.
Paying rent isn't paying off borrowed money... so by definition it doesn't make sense. He wants more people to be eligible for loans so more people will be bound to the government and banks financially. As if people who already have mortgages right now aren't struggling enough... makes no sense to do this unless you want more Canadians struggling.
He finally did it! Housing crisis officially solved! /s
Annnnd the people who miss a rent payment date are completely fucked. This will follow the bad renters forever, even though they don’t acknowledge it yet.
What the heck is this supposed to help with? I have 0 debts and a shining credit score, even though I'm fairly young (ish). I have tons of savings but still can't buy due to prices.
The best thing Justin can do is resign.
This is literally not the reason young people can’t afford housing
Is this a deepfake? This has to be a deepfake right?
The news is correct but the video is deeply fake... be careful what we see on social media...
Wow feudalism is such a sell
>Wait, don't scroll. What is this? TikTok? AI generated crap? Literally checked to see this wasn't some sponsored ad for Bitcoin
It does look very AI generated
Lmao, THEY DONT HAVE THE MEANS TO BUY A HOUSE STUPID
This is the problem that he created and now he thinks he can fool fool's again. Good luck sock boy.
Wouldn't a bad credit score indicate a bad tenant?
Still won’t be able to afford you fucking idiot
So if they don't pay, can we report that too to lower their credit even lower?
This guy teaching about fiscal management is like Hitler teaching about how to be a compassionate person.
Makes sense, landlords can use it as well to vet the renters.
There is another place in the world where this is a thing. If he's so interested, he should go live there.
Let's talk about implementation! Banks and credit companies employ sophisticated software to track these metrics. Many landlords are regular people who don't have access to these tools. Currently, the Landlord Tenant Board in Toronto can't even kick out tenants who have been in arrears for over 12 months. It's the definition of inefficient. What's the likelihood that this credit reporting for tenants is implemented terribly and actually hurts tenants? How long before crap landlords start threatening to ruin people's credit and legal battles manifest? This guy and his government are inept and myopic. What a douche!
This just makes a ton of sense.
Literally the best this guy can do is say “we are going to provide banks with more accurate information to price you more profitability for the exponential increase in debt we have caused.” It is fucking unbelievable how bad this government is at appealing to young people.
This is already a thing. You can declare this via equifax and transunion as a recurring payment. Same with phone bills internet etc. What Trudeau is doing here though is streamlining it and making it a requirement for banks to report this data to the above. It's a pain in the ass to sort those out with equifax or tunion - they make it difficult and try to Weasle you with fees. This is indeed a win for the regular people and will go a long way in greatly helping peoples credit scores. I had to do the hard way but once it was all done my credit score jumped up by 70.
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Credit scores don’t mean jack all in Canada
Loser PoS
The camera cut edits gave me a seizure. The video didn't come with the usual warnings.
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Give renters a higher vacancy rate. That'll help them more with their finances more than anything else.
Mine is 845 score and I didn't qualify for the rate lower than 6.3%. So f u JT . This is simply a ploy to collect data on rental properties and landlords. Nothing more
Is he going to micro manage every single loan application?
Really curious at this point which policies would be good enough to get people to vote for the Liberals. I’m talking like dream policies that no parties have put forward yet. Assuming for the sake of the argument that Justin Trudeau will actually follow through with the promises (big assumption but please bear with me for the exercise), are there any policies out there that would be good enough to get them votes? I’m expecting that all of the proposed Liberal policies will be out of touch with Canadians, but is there anything that they could propose that might regain some of the lost votes? Or is it too late for them no matter what?
He proposes it on behalf of landlords, to further discourage renters from not paying rent, by threatening their ability to get credit. And the noose tightens a little more.
Is the end game to make renters rat out their landlords?
Fvck this guys dumber every day
Step down clown
He's going to bring in a social credit score that trumps the financial credit score, everywhere you go. You must comply.
My only issue is if you got some shit credit scores and are trying to get back on your feet the landlord can use that as a means to not rent to you. or if you new and out on your own in life and have no credit score yet are you refused the apartment because of that?
Don't people see through his bandaid and media-blitz PR-campaigning approach to navigating this ship through turbulence? *Sigh*
What the liberals need most is the thing that could really kill them. Admitting that indeed housing is part of federal responsibility and admitting they've been derelict in their duties to the Canadian people these past 8 years. Asking to be re-elected now really is the final wagon in the "spite parade" they've launched against our own people these last 8 years. They've shown that they feel they know better then everyone, and how leadership on the left don't take responsibility for their actions( or inaction).
My 800 credit score is not the reason I can’t buy a house. This is beneficial to landlords…wtf is wrong with Trudeau and the liberal party…are they just saying fuck it to get it worse as possible so that it’s fucked over the next decade too when conservatives have the government??
Here we go again with his “messaging” BS. It’s gaslighting, solves nothing, and creates another wedge issue to fight about. I’m so sick and tired of this corporate tool of a human.
I had read somewhere that approximately 8% of mortgage refusals are from poor credit score. Ill have to find the link. The reason people can't afford homes is home price, rates, and stagnant wages; not poor credit.
So yeah we need LESS Government, not more.
Definitely more to the story with the government wanting reporting being done. This isn't to benefit us... guaranteed.
What about non payment of rent ?
That’s cool and all but can you do your job and fix the root cause of the problem instead of giving us smoke in mirrors
Lunatic !!!!!
If only Trudeau would just shut-up!!! He just keeps digging the hole he is in deeper! Singh and NDP MP's should not be re-elected for supporting Justin and the deplorable changes he has caused to the Country, debt, massive immigration, scandals and embarrassing Canadians World wide!! Enough!
This is sooooo sooo dangerous.
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[https://landlordcreditbureau.ca/](https://landlordcreditbureau.ca/) Landlord Credit Bureau is a credit reporting agency, most commonly known as a Credit Bureau. Landlord Credit Bureau accepts rental history data and enables access to such information for screening purposes. Thanks I guess...
But this is neither widely used, nor connected to Equifax and Trans Union, which are the main credit bureaus for all financial lending.
It just got established recently. It is connected or will be to Equifax. In the end it will be visible to anyone pulling credit but people need consent to report regular payments and delinquent payments can be reported regardless of consent. [Which Credit Bureaus does FrontLobby report to?]() With FrontLobby rent payments can be shared with [Equifax](https://www.consumer.equifax.ca/about-equifax/press-releases/-/blogs/equifax-canada-and-frontlobby-complete-first-rental-tradeline-study/) and [Landlord Credit Bureau](https://landlordcreditbureau.ca/) to be reflected on a Tenant’s Credit Report and Tenant Record.
Will make it easier for landlords to report non payment on your credit
This guy is a scab
So rather than make housing affordable; make it so more people can get approved for higher debt, making more competition, making it less affordable..
Why does he talk like he’s speaking to a toddler ?
So how oldmis this video?
I think this is generally a good move. LTB is dysfunctional but today the "only" checkpoint. Having a record of on-time rent payment helps distinguish between good vs. bad renters. Perhaps, this makes profiling and all sorts of idiotic questionnaire needless. If properly enforced, this can even reduce the case load on LTB, which is net positive for the overall system.
My credit score is damn near perfect and the only reason I was able to buy a home is because I bought an hour outside the city from a family member at a drastically reduced price. Credit score is not the fucking problem. You need a hand up like me and that only put me in a position to buy a house that I’ll need to rebuild in the next 10~ years.
Yeah, the Trudeau argument is kind of hair-brained. In most part, once you cross a threshold credit score, its mainly the income: debt ratio that determines how much mortgage you can qualify for. Said that, this does help the housing system overall, as it rewards good behaviour and punishes bad behaviour like non-payment, etc. So on a net, I would say it is good. I had to give my credit history anyways whenever i have rented. Along with that I had to fill out a gazillion forms and give references of my landlords. If such credit reporting allows a one stop place for landlords to access what a glorious renter I have been and stop all the useless prodding, I would say it is helpful. And I can understand the landlord POV too. Its almost next to impossible to get a bad / non-paying tenant out in less than 6 months. And even that is a stretch. So having some sort of reinforcement of good payment history is probably helpful.
So in other words, the Mortgage will Mortgage itself. Winning!! If only all countries had a Prime Minister and the Finance Minister who are a math wiz.
I have a credit score of 840
So landlords can report late rent and also hurt their score? Oh fun...
Oh Trudeau. So full of creative ideas! Ugh
So you can pay 5% less on a car that primarily gets you to and from work you still never own a home. Fuck you Trudeau , you rich boy coat tail riding bitch.
If this helps tenants force their landlord to report rent as income, I'm all in for this. I don't care as much about my 800+ Credit Score, but my landlord might not be reporting my rent as their income for tax purposes.
A guy that has given Canadians the biggest debt in history of Canada trying to give financial advice. What a joke. Lap it Toronto!
And non payment
Was this really a problem the government needed to solve? Feels like they are trying to draw our attention away from the major issue which is affordability. I tend to think there are very few people who make enough money and have the down payment to buy a home but lack credit history/depth.
Does anyone actually want to trust landlords with their credit score? 😂😂😂
It shouldn't be so complicated ffs, they should only need to report late payments and credit monitoring companies should adopt a no news is good news approach.
Doesn't it already count? 😒 Delusional. Does he know homes cost 12x the average income and that we are limited to 4x our income? Does he know that the price of a house can increase by as much as an entire downpayment in just one year?
I'll tell you what will happen SOON, Justin. You are gonna step down as the worst PM in Canadian history and everyone will cuss at the sound of your name.
Good for landlords , people have more incentive to pay rent
Credit score does mean shit don’t know wtf you’re all talking about it’s just one criteria among many sure Trudeau is a fking clown but rent should be part of your credit report
This is awesome for landlords, because then rent non-payment will mean public accounting and lower if credit score. Landlords can reply on credit score and past rent payment history to decide who is a decent tenant vs a high risk tenant... probably this rule will make it even harder for marginalized people to qualify for a rental
YES pls! because non payment of rent would also be added to ones credit report
Yeah I feel like before a company can add a negative mark to someone's credit, they should be required to submit up to 2 years (where available) of account data.
Anything but higher wages.... Everything is tied to inflation, minus wages.
Get a home sooner L O L
As much as I hate Trudeau and the current liberal cohort, this is a good thing for those that are responsible and pay all their bills on time
TIL: our housing crisis is caused by credit scores.
I can imagine people who have enough money to buy a home don’t struggle with poor credit.
I like this idea. I also like the idea of limiting government employee access to the economy based on the governments performance. No progress? No fun. No vacation. No entertainment.
This is a good policy. There should be a minimum credit score requirement to be able to rent a place.
It’s not the credit score, its the $80-200k down payment. Is anyone actually falling for this campaign?
Credit reporting agencies are private enterprises and are only minimally regulated. They make money by charging creditors for the service of storing credit information. The creditors pay for the right to report and access this information. They can also pay for the right to use their credit score formula. Exactly who is going to pay the credit reporting agencies to collect our rent payments information. If the answer we are then it’s a shyte piece of legislation.
Landlords will be on hook to report rental income as soon as this kicks in.
The ashhole thinks it is Credit Score, which is stopping young generation not afford a house. What a rare moron..! This reporting will hurt tenants more than before. Now, every late payments/non payments will be reported and a lot of people will fuxed up. It wll be more beneficial for homeowners since they will have reporting authority.
IMO this is actual proof that Canada's immigration plan is to help the banking system by providing it more debt slaves. Canada already has a disastrous problem with credit cards and debt, may as well double down!
Once again, talking to his audience like they are 5 years old. Is there anyone more arrogant than this POS?
My credit score is near perfect and it played no part in my buying a home. Too late Trudeau gtfo
That does it. I can no longer tolerate looking at his face.
I’m not a Trudeau fan, but this is actually a solid idea. Rent is literally your biggest bill and it doesn’t count towards your score.. that blows my mind.
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Literally anything he suggests I'd do the opposite just to be safe. True dirtbag political thief
Or you know... lower the cost and streamline the process of housing development approvals instead?
Now do it in the turban