Bank of Canada interest rate pause could force landlords to sell properties: experts
She noted that those investment property owners who are currently operating at a loss will likely be forced to sell, or, increase the price of rent to keep up with costs. In either scenario, the renter gets squeezed, she added.
"Most landlords have to start charging more in rent just to keep up with heightened costs that come with interest rate hikes — which of course have a trickle down effect into the rental market at large,” Morrison added.Owners who are selling their properties due to financial stress have increased 300 per cent year-over-year in Toronto, Daniel Foch, broker at RARE Real Estate,“It’s time that’s killing landlords financially.
Renters are at the mercy of their landlords should they be forced to sell, he added. This leaves the average tenant at a disadvantage and creates a supply of units that will ultimately cost more to rent, he said. “This kind of pressure could likely drive some renters who have been on the sidelines for quite some time to enter the buyer market,” he said.
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