According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.
According to a new report from Rentals, In July, the Canadian rental market hit a record high with an average asking rent of $2,078, marking an 8.9 per cent annual increase.
This is simply not true. Most of the single family dwellings rentals are owned by regular people. If you think the average person can throw down on a $800,000 mortgage at 6% and pay $8000 a year in property tax plus other expenses just to hedge inflation, you are as delusional as most of the people I’ve run into on this site. Just do the simple math on how much rent you would have to charge to break even on a rental if you wanted to be a land lord tomorrow, then see if you could just sit on a $50,000 loss per year. Jesus. I’m about done with Lemmy. People here are dumb as shit
You think I’m under the impression that people buying homes today as rental investments are the problem? The problem isn’t people trying to buy into the scam today, it’s the people who bought into it 10, 15, 20 or more years ago, have owned multiple homes for years, make their living off the work and money of others, and go about their lives thinking they’re good people as if they’re anything more than parasites in need of excision.
But if you’re going to start name-calling and denigrating anyone who disagrees with you as “dumb as shit”, I question whether you’re approaching the topic in good faith. I’m not going to engage with you further.
None of this was a personal attack and to take it as such might mean you need to reevaluate your feelings on the matter.
Pointing back to my original argument I stated that it was often a inflation resistant investment I’m not speaking of single family homes renting out their bottom half or whatever the case may be.
I’m speaking of those you buy up commercial property with no intent to ever do anything with it because the value of the land will vastly outpace the value of inflation.
I’m also speaking about landlords that own hundreds of properties. While someone in your position is becoming increasingly common it is not the majority in housing scarce areas. There are still a few individuals that own large swaths of land.
There are a lot of policy decisions that got us here. But more mixed zoning, more housing, less landlords has been proven time and time again to fix it and while I’m not sold entirely on the Singapore idea I will say that everyone in my generation is fucking sick and tired of people making excuses about what can’t work while people are on the street dying