this post was submitted on 22 Aug 2024
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Canada Housing
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This is a community to discuss the housing crisis in Canada.
All so Canadians can find a decent home to live in.
Racism is still absolutely prohibited, but you are welcome to debate population growth, immigration rate, foreign home buyers, and the merits of single family homes or the green zone.
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Now I don't know Canadian taxes but just out of interest I investigated once what would happen if I rented out my house (it's still newly under mortgage so I can't but just to see what would happen.) I see some of my neighbors rent out theirs from for about this amount, 2500 euros.
After taxes in my part of the world I would retain just under 18000 euros in profit per year, which is a return on investment (~500k) of about 3.5% And this is not counting any repairs or maintenance the house will invariably need.
It's a crazy amount of rent for the renter but it's at best a poor return on investment for me, and if I'm a good landlord that actively maintains the place even worse. Sticking the money into even a so-so savings account will give a better return without any headache.
Having rented for most of my life (until very recently) I feel your pain but the real problem is the insane cost of real estate.
Renting out SUCKS. Especially on a small scale. Renting out your house or condo is just headaches for a return on investment you probably could have matched with the market and not have to go through the lottery of asshole tenants.
Renting starts making sense once you've got 6+ units, then you can actually make a living, but until then it's just not worth it IMO
Some people will disagree, but those people are the kind of people that "love the grind" or whether, I just think life is too short for that kind of fuckery.
We have friends that rent out and it feels like they are constantly on edge. Always on call for some bullshit. Every vacation they have to be ready to take calls and deal with shit.
Well it’s still better than wage life but nowhere close to true richness
It’s like a poc slave overseer from django. Still fucked in the ass by true rich but also hated by lower class.
For those too dumb to climb the wealth ladder with their substantial starting position
I feel like renting / Airbnb is just the rich class selling the homeowner class a pipe dream that they will get rich like them if they juts grind and rent their homes.
It's all bullshit scams all the way down.
Also I didn’t mean someone who rents just one apartment but like four for example and isn’t employed to be clear. That kind of landoid