this post was submitted on 06 Sep 2023
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'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month (toronto.ctvnews.ca)
submitted 1 year ago by [email protected] to c/[email protected]
326 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.

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[–] [email protected] 4 points 1 year ago (1 children)

For what it's worth, surveys in my country repeatedly show that renters would prefer to own. But the market here is rough and banks are denying people loans even with a lower monthly payments than their existing rent.

I would think it is the same in the US, but most people here rent because they can't buy.

[–] [email protected] -2 points 1 year ago* (last edited 1 year ago)

surveys in my country repeatedly show that renters would prefer to own.

That does not mean they prefer to own right now. If you plan on moving to a new place in a few months, for example, it would kind of silly to buy only to have to buy again a few months later. You may prefer to buy, but the rational person would rent for a few months to bridge the gap, and then buy once they get to where they plan to stay.

And, given the current state of housing, with a high risk of it soon imploding, a lot of people would rather wait a few months, even a few years, before they buy to see what happens to the market. Again, preferring to own doesn't imply right now.

The data shows a clear downward trend in price, especially in the traditionally desirable areas. If you have somewhere to rent, why would you choose to buy at this exact moment, knowing – with reasonable confidence – that a house will be cheaper in six months?