The Globe and Mail has an article on the rise of ‘mom and pop’ landlords – people that rent out portions of their homes to be able to afford their mortgage.
Online classified sites are filling with posts from pilots, lawyers, construction workers and people doing all kinds of other jobs who have tacked on being a landlord as an extra way to help cover their mortgage costs.
With cities such as Vancouver and Toronto struggling to cope with a housing-affordability crisis, many people are choosing to rent out secondary suites in, or attached to, their homes as they try to keep a handle on outrageous property prices.
The rapidly increasing cost of real estate, particularly in the Vancouver region, has rippled into the rental market, pushing vacancies near zero while causing rates to increase. At the same time, the number of units outside of purpose-built rental buildings has been steadily escalating.
The article goes on the examine some of the issues with bad tenants, bad landlords and the perceived lack of rights for both groups. Read the full article here.