this post was submitted on 06 Sep 2023
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'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month (toronto.ctvnews.ca)
submitted 1 year ago by [email protected] to c/[email protected]
327 comments fedilink hide all child comments
 

The landlord had told them he wanted to raise the rent to $3,500 and when they complained he decided to raise it to $9,500.

β€œWe know that our building is not rent controlled and this was something we were always worried about happening and there is no way we can afford $9,500 per month," Yumna Farooq said.

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[–] [email protected] 44 points 1 year ago (1 children)

I can pay someone elses mortgage, but when I apply to a bank for one myself, I can’t afford it.

But when you can't afford it any longer, the landlord is free to replace you with someone who temporarily can. That's the difference!

[–] [email protected] 6 points 1 year ago (2 children)

Bank can't do the same thing?

[–] [email protected] 7 points 1 year ago (1 children)

This is what I don't get. Where's the risk for the lender? If I can't pay, they get the house and can sell it. I guess there's a potential cashflow issue but the underlying asset isn't going anywhere.

[–] [email protected] 3 points 1 year ago

Typically it's pretty low risk in comparison to other loans which is why home loans are relatively low but there's a risk that both the property value declines and the outstanding loan and selling costs is more than property value.