Landlords in Calgary are feeling the pinch as federal interest rates rise, with many forced to increase the rents on their tenants to mitigate ...
Some landlords are putting their properties on sale due to rising costs and interest ratesHeading to Principal’s Office for a Pint: Windsor’s Schoolhouse Brewery | SaltWireLandlords in Calgary are feeling the pinch as federal interest rates rise, with many forced to increase the rents on their tenants to mitigate operational costs and mortgage payments, while others sell off their rental properties to stave off financial losses.on Sept.
Nathan Lou, who rents out two fourplexes and a basement suite, said he has to increase the rent for one of his fourplexes to $1,900 from $1,500 just to break even after his own mortgage payments on the property almost doubled.“We had to renew at a variable rate unfortunately … so our current mortgage payment went from $2,900 to $4,300. It was pretty significant,” he explained. “We went from cashflow, positive investment to cashflow negative investments.
In August, it cost an average of $1,718 for a one-bedroom apartment and $2,121 for a two-bedroom apartment in the city. “The bank stretched the amortization out for a crazy number of years, just to keep my payments the same,” he said. “Then they contacted me again saying i have money owing on that property now because the rates are so much higher.”
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