Prices for rentals \u0027getting out of control\u0027 even as housing market
Besides cooling red-hot inflation, the additional rate hike will have a further impact on the housing market. Higher
“For me, personally, I think landlords are getting out of control with the prices they’re asking,” says Michael Sistilli, business development and mortgage agent at UNION Capital Lending. “I’ve never seen a lease be the same amount as a mortgage payment,” he added. “They’re trying to break even. But unfortunately, in this market, it’s very hard to break even, especially for condos, when factoring costs such as maintenance fees.”Article content
“You’re gonna know right off the bat, whether or not you can afford that,” Sistilli said. “So another interest rate hike is not going to change the fact that you couldn’t afford it anyways.”Article contentFor Geordie Dent, executive director of the Federation of Metro Tenants’ Associations, renters in Toronto are experiencing the “perfect storm of bad conditions.”“We’ve had very low amounts of supply built in terms of rental housing for almost 30 years.
Daniel Foch, a broker at the Foch Family Real Estate, believes that the strong rental market is an option for landlords and investors who are considering selling.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What is the Bank of Canada interest rate?The Bank of Canada\u0027s interest rate affects the cost of borrowing money for loans such as mortgages and HELOCs. Raising the rate is a tool
Read more »
Canada captain Christine Sinclair challenges Canada Soccer to step up in new memoirChristine Sinclair reviews her distinguished soccer career and lays down a challenge for the future in her new memoir “Playing the Long Game.”
Read more »
Bank of Korea successfully tests remittances with CBDC TestThe Bank of Korea, the central bank of South Korea, has successfully tested a program facilitating remittances across countries by linking central bank digital currencies (CBDCs) from different countries. The central bank also tested the national CBDC for buying NFTs. The bank had previously established a money laundering and terrorism financing monitoring system, one that […]
Read more »
Posthaste: Even rising prices and debt can't stop people's love of celebrating the holidaysOn average, shoppers anticipate spending US$823 on gifts this year, for a total outlay of more than US$178 billion. Read more.
Read more »
Oil prices stable below $100 a barrel as market balances Chinese dataBrent crude futures rose by 6 cents to $98.63 a barrel at 1026 GMT, while U.S. West Texas Intermediate crude was down 1 cent at $92.60
Read more »
P.E.I. furnace oil, diesel prices increase Nov. 8, 2022 | SaltWireCHARLOTTETOWN, P.E.I. — People who heat with furnace oil are facing another surprise jump in the price after the Island Regulatory and Appeals Commission ...
Read more »