The average asking rent in Canada reached another record high of $2,078 in July. Rents increased 8.9% annually, the fastest pace of growth of the past three months. The 1.8% increase in average asking rents over June represented the fastest month-over-month growth of the past eight months.

  • cheery_coffee@lemmy.ca
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    1 year ago

    That’s insane.

    It should be illegal to rent out a property with a variable rate mortgage attached, because no reasonable person would rent out such a property if they had to take responsibility for it.

    But hey, we can just make renters pick up the slack!

    • Avid Amoeba@lemmy.ca
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      1 year ago

      There’s no real difference between variable and fixed. People who bought at the top who have huge fixed mortgages will get hit with massive payment increases at time of term renewal. That’ll be 1-4 years from now. In reality these increases will be hitting people all the time overall.

      Instead we might want to look into making illegal renting out units that have higher than a certain carrying cost.

      • cheery_coffee@lemmy.ca
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        1 year ago

        You’re right, fixed just helped avoid sudden changes in first necessitating sudden rent changes.

        I do feel like rent increases need to be examined closer for these situations, it’s absurd the average one bedroom in my city costs more than my mortgage and insurance on a whole house.