this post was submitted on 30 Aug 2023
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There is such a big divide between homeowners and renters. The average mortgage is 12.5years in, meaning payments are based on home prices from 2010, when canadian homes were 300k on average. That means that homeowners probably pay on average, 1200 a month while renters are paying double that amount. Younger generations are fucked.
My landlord pays 1200$ for her mortgage and I pay 1000$ fir renting the mold infested basement !
In the last year my mortgage has ballooned by over 1k a month from 1600$ to 2700$. In that same period my basement tenant has seen her rent increase 0$.
Why? Because mortgage rates and affording my house are not her problem. That's the responsibility I assumed when I bought the house. I don't intend to raise her rent now or any time in the future.
Sadly, I keep being painted with the same brush as all the other quite frankly shitty people that call themselves landlords.
When you sell that house, what percentage of the sale will you be offering to your tenant? Their income has been helping to build your equity, and mitigating your financial burdens after all.
Being "one of the good ones" only counts for so much when the very nature of what you're doing is exploitive.