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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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[-] jcrm@kbin.social 12 points 2 years ago

There is not. An equivalently sized apartment in my neighbourhood is on the market for $1.6M at least. Because the only things being built are "luxury" units made for investment, not housing people.

Also, I wouldn't qualify for a mortgage equal to my rent despite the fact I've been paying rent at that rate for nearly a decade.

[-] CanadaPlus@lemmy.sdf.org 1 points 2 years ago

And you think your apartment is worth a lot less? I don't know if I buy that, honestly, unless it's an absolute tear-down. I've played with markets enough to learn that there's never an easy shortcut.

[-] jcrm@kbin.social 1 points 2 years ago

Alright, I'm done being nice here.

Yes, it is worth less. I know because they just did a valuation of it a week ago. A mortgage on it would be affordable for me. I don't care what's "believable" for you. Fuck off.