Rise in costs have forced landlords to increase rents on tenants while other consider selling their properties to stave off unaffordability
In recent years, Calgary has been touted as one of the most affordable places to live in Canada; however aby Rentals.ca found that rental prices increased by 17 per cent year-over-year — the highest increase across the country.
When mortgage and borrowing costs increase significantly, so will the rents, Baxter explained, that covers the costs and offers the landlords some contingency revenue to use in case of emergencies — fixing tenant damage for example, or replacing the roof or windows, all of which weigh on the wallet. With last winter’s rates, Young’s monthly payment on the property was $900. Now, he says, the amount has increased by almost 50 per cent to $1,400. “But I haven’t paid it. So I have money owing to the bank on that house,” he said.
Luu isn’t looking at selling his properties anytime soon, but knows several others who are. “I have a lot of friends who have properties and a lot of them are thinking about selling,” he said, especially those with apartment condo units, because of rising interest rates, property taxes and other costs.
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