this post was submitted on 06 Sep 2023
633 points (96.9% liked)

Canada

7078 readers
514 users here now

What's going on Canada?

Communities

🍁 Meta

πŸ—ΊοΈ Provinces / Territories

πŸ™οΈ Cities / Regions

πŸ’ SportsHockey

Football (NFL)

  • List of All Teams: unknown

Football (CFL)

  • List of All Teams: unknown

Baseball

Basketball

Soccer

πŸ’» Universities

πŸ’΅ Finance / Shopping

πŸ—£οΈ Politics

🍁 Social & Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:

https://lemmy.ca

founded 3 years ago
MODERATORS
[email protected]
633
'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month (toronto.ctvnews.ca)
submitted 11 months ago by [email protected] to c/[email protected]
316 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.

you are viewing a single comment's thread
view the rest of the comments
[–] can 6 points 11 months ago (2 children)

Bank can't do the same thing?

[–] [email protected] 7 points 11 months 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 11 months 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.