Welcome to Canada
Jan 01, 2023
A knew a few people at my workplace who were landlords. They got mortgages, bought a second property, and rented it out. There's risk because of rising interest rates. Also, you can end up with non-paying tenants. Your expenses explode at the worst time:
Just last year, Marco had two houses to his name, but for months has been sleeping in his car — all because his tenants, whom he's been unable to evict, haven't paid their rent.
Marco, 33, lost his marital home in a separation agreement in January. He still owns an income property — a two-suite house in Collingwood, Ont. — but says his upstairs tenant hasn't paid up since June; the one downstairs hasn't since February.
"I'm covering all housing expenses, the mortgage and property taxes and can't afford to rent in the terrible financial situation I'm in," he said. "I'm drowning in debt."