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'This is egregious': Sisters shocked when Toronto landlord raises rent to $9,500 a month (toronto.ctvnews.ca)

submitted 2 years ago by girlfreddy@lemmy.ca to c/canada@lemmy.ca

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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.

“We 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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[-] Obi@sopuli.xyz 3 points 2 years ago* (last edited 2 years ago)

There is a change which is that you can't move anymore, better hope you chose that house really well and never need to move ever again (which is extremely unlikely for us and I would think for most people). Not to mention the sheer insanity to be paying monthly for another 25 years for something with no value.

[-] Kase@lemmy.world 1 points 2 years ago

It might be frustrating if the value of my home dropped after buying it, but I don't imagine it would mean I couldn't move. I sell my current home for a lower price, but wouldn't that be okay because the price of the house I'm buying is also lower now? (/gen curious, I don't know a lot about this topic lol, just thinking out loud)

[-] Obi@sopuli.xyz 2 points 2 years ago

If you're "underwater" (your mortgage is higher than the value of the house) then yeah you're stuck unless you want to pay off that difference. That happened to friends of mine after 2008. If you own the house outright then yeah it matters less.