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You're not fucked tho if you have an existing tenant, you bought it at a deflated price if that's the case... maybe paying a bit more % wise mortgage but if you didn't build extra costing into your model from the getgo that's on you I think.
What's fucked right now is that even historically high/not sustainable rental rates can't cover CURRENT costs... so like Great68 said, you have to sell and it goes back into the housing market. It's not a boon for the new owner either cuz like I said, even at current rental rates nobody can offset the buy-in/ownership/lending costs of the current market by renting out.
This, if anything, if it outpaces demand is what's going to cause a cooling. So far that hasn't been the case though and Vancouver is fucked up because there's so much foreign money here and those people literally do not care if their unit or units are not occupied... in fact seem to prefer it... they just want somewhere safe to park their $$$
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