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Young people paying 'astronomically living expenses': insolvency trustee
(www.bnnbloomberg.ca)
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this post was submitted on 28 Mar 2024
137 points (97.2% liked)
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...and that the rental price isn't 90% of the mortgage payment.
90%?
Oh my sweet summer child, rent is normally 150% of the mortgage.
Where?
Canada at least.
I can get a mortgage for an apartment for $1400 a month. Rent in the same spot would be at least $1800 if not $2000.
People buy housing to rent out because it's profitable right away, they aren't just "taking the risk" that the house might not go up in value.