Unsustainable increases in the prime rate for some, skyrocketing rents for others, it is difficult for some to keep up with the rising cost of living.
Joanie Savard thought she was making an excellent investment by buying an apartment building in 2020. Four years later, with a monthly mortgage increase from $2,225 to $3,800, according to her own calculations, she ‘ she quickly became upset.
She, like many owners, would like a review of the calculations used to set rent increases. “I bought from two elderly people who had been the owners for a long time. I have a 5 ½, it was rented for $690 a month. We have a maximum we can raise. I do not regret my investment […] but it’s definitely difficult,” she admits.
At the other end of the spectrum, Frédéric has to live in shared accommodation with a friend, even though he has custody of his son every other week.
“To be eligible to file for an HLM claim with a child, that’s $43,500 in income. This year I made $44,000. So I can’t ask for HLM,” he says.
Frédéric opposes the proposal of several owners to review the rent increase. Instead, he believes that the government should provide more support to poor families.
“Maybe the owners aren’t the problem. I think it is at the government level that something should be done to allow owners to recover their investment and allow people to find housing without having to cut off an arm,” he says. to say
“It’s just not playable. It’s not possible, we have no quality of life.”
For her part, Joan is expecting a big increase in the cost of her mortgage in the near future.
In any case, several owners are currently deciding to sell. In March 2023, the Quebec Real Estate Brokers Association listed 31,000 properties for sale across the province. This year there are 38,000, which is equivalent to an increase of 20%.
For the full report, watch the video.
2024-05-02 20:30:42
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