Quote:
Originally Posted by GGnoRE
You speak of this like your cousin owning a 3rd rental/investment property is an awesome thing but this is exactly the type of behavior/mentality that we need to curb in the residential RE market. I respect your cousin's hustle and financial discipline but I'd much rather see his capital directed towards other sectors of the economy where people aren't struggling to secure basic living needs. If people weren't so crazy about owning 2nd, 3rd, 4th investment properties, maybe the renters of those investment properties could actually own their own home? Like, imagine if we were allowed to buy up hospital beds to the point where price per bed becomes unattainable for the average person and we can charge people rent when they're sick?
From Globe and Mail, https://www.theglobeandmail.com/busi...ng-in-ontario/:
"There’s new evidence to suggest that a minority of Canadian homeowners are amassing large amounts of residential real estate in Ontario and B.C. New data reveal that 15.5 per cent of individual homeowners own 31.1 per cent of all residential properties in Ontario as of 2019. In British Columbia, 15 per cent of individual owners held 29.1 per cent of the provincial housing stock."
From Global News, https://globalnews.ca/news/8754816/m...housing-stock/:
"New data from Statistics Canada shows multiple-property owners held between 29 and 41 per cent of the housing stock in Ontario, British Columbia, Nova Scotia and New Brunswick in 2019 and 2020."
This is unchecked capitalism rearing its ugly head. |
That's the simplest way for an average person to get a head. My parents did the same thing. At one point they owned 4 duplexes and the house we lived in. Sold them all to build our gas station. 2 of the duplexes that where next to each other housed multiple relatives when they first arrived from India.
People get upset about the person owning a couple of houses but what about the corporations that own tens of thousands?
60 minute segment. Canadian company owns 30K single family houses in the US.
https://www.cbsnews.com/video/rising...-2022-03-20/#x
Quote:
Originally Posted by underscore
Sure, but after how many years of sharing a space and having to deal with managing tenants and their bullshit? I'm sure it's fine for some people, and for some it's the only way to make home ownership work, but if I'm buying a house for 4 million dollars I want to be able to let my kids bang around or watch the bank scene in Heat at the proper volume without having to worry about someone below me complaining.
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He is from India. His previous house looked like this. I don't think he or his tenants mind the noise.
