News   May 30, 2024
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News   May 30, 2024
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News   May 30, 2024
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Baby, we got a bubble!?

I know it's fun to villainize landlords, but the real travesty is that rents feel like they don't have a better option than this.
i agree , if i was a student i would do the same, what else can you do ? sleep outside in the park in a tent

was reading a story of one older lady that sold her house and wanted to rent during retirement , her total pension income was $45K , she couldn't even qualify for a 1 bedroom apartment in Toronto, she even offered to pay 12 months rent up front

With minimum income requirements, to qualify for an apartment a potential tenant must have an income high enough to ensure that s/he does not pay more than, for example, 25%-35% of that income towards rent.
 
was reading a story of one older lady that sold her house and wanted to rent during retirement , her total pension income was $45K , she couldn't even qualify for a 1 bedroom apartment in Toronto, she even offered to pay 12 months rent up front
Without knowing the circumstances, on the surface that sounds like madness. If you own your house outright you don’t sell it to rent elsewhere. Instead, you rent out your house and use that to pay your own rent.
 
Without knowing the circumstances, on the surface that sounds like madness. If you own your house outright you don’t sell it to rent elsewhere. Instead, you rent out your house and use that to pay your own rent.
I can understand it. Many people, I included, simply don't want the hassle of being a landlord.
 
It's immigration and monetary policy, not mortgage fraud.
Rent is artificially high due to overly relaxed/low down payment requirements (too much leverage being passed down to the renter) and mortgage fraud. Which in turn, creates a new "floor" for the rental market.

The countrys relaxed attitude towards substandard living arrangements (as opposed to banning the advertising of roomshare/room rental ) also created "floor" of rents which eat up 80% of take home pay. I noticed the room rental culture started getting really bad around 2011, horrendous basement room rentals, bunk bed rentals, "share room" rentals. This is not somthing that should be permitted to be advertised in a first world country.

"If rooms with no ensuite bathroom are going for $900 a month. Then I should be able to charge $2700 a month for a condo" Allowing the room slumlording was opening pandoras box. So was the mortgage fraud and the CRAs failure to create a system to check all documents.

And so we've ended up with more money going into unproductive real estate and less towards real economic growth/local business etc. And a city where everythings closing earlier.
 

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