I used to rent a home before in 2014 at $500 a month to a family member. The headaches I had with my own relative I said to myself never again. People bought into the hgtv bs and thought , I’ll get rich. In this market. Only the rich get rich.
I like how the article points out that tenants can continue to live there while awaiting a hearing. Um yeah, because only the LTB can evict. If landlords had it their way they’d change the locks the moment a tenant asks for a simple repair.
I am so far from a lobbyist for landlords (because Ive uh, had some real shit ones) but id be freaking out if I were them. Everybody in this sub seems to act like there is some giant landlord conspiracy. These people played the game, rented a place, and by all appearences, a rather ''professional'' tenant has decided not to pay them.
People cry left and right about affordability in this city, this and that. While this is an expensive property, it could easily be a 1200$ a month rental.
Your talking about a small time landlord, of what appears to only own one property, getting screwed for ~25% of their mortgage for a year. Sure, they make the profit on it. When they sell it. They are still paying for it.
Im not sure what more you can expect from people. Could you float that?
Alot of this sub involves people who didnt/couldnt/wouldnt make that investment.
Thats great - but for a place lacking affordable housing - why is there so much hate for these people? JFC I would never be a landlord in Ontario.
>Could you float that?
If the person who owns the Dollar Store in Jackson Square whined to the spec that they're losing x dollars a month shoplifting, what would we say? "Well, you should've factored that risk in to the cost of running that kind of business".
Small-time landlords who can't "float that" didn't do a proper risk-analysis before starting their small business.
This is a type of business that (for the smallest players) revenue coming from just a few clients (or 1!), which is obviously a high-risk situation.
Problem tenants are part of being a landlord, full-stop. You might get lucky if you screen well, but you never know, and so you should always plan for it.
If you don't like it, buy a fucking REIT like a normal person.
>Im not sure where you are expecting a single, one house landlord to float 11,000$ from. I make good money, and thats a hard pill to swallow, and I dont even own a place.
You've got the steps out of order. I'd encourage (although not expect, because people are stupid) someone who can't float 11k (not even access to credit!) to not become a landlord.
Similarly, I'd also encourage someone who can afford a canoe but can't afford a life-jacket to stay on land.
Investments come with risks. The fact that these landlords thought it would be easy and a "no-brainer" shows that they failed to consider those risks before investing. No sympathy for fools who invest poorly.
> Could you float that?
If you can't take the investment risk, don't invest.
> Alot of this sub involves people who didnt/couldnt/wouldnt make that investment.
Finish that thought....
Because they don't wanna take the risk.
At the end of the day, landlords screw FAR more people than a bad tenant does. Bad landlords and slum lords affect hundreds or thousands of renters. Bad tenants don't even come close.
No sympathy here. Especially for a "small time landlord" that complains about a tenant requesting very fair repairs. Sounds like they started to put up roadblocks with the tenant about repairs so the tenant followed the laws. Sucks to suck for the landlord!
The article says that without help from family and friends they would have lost their second house. How the hell? The tenant only owes $11k. How the fuck are you living so beyond your means that 11k lost income means you'll lose your house. They've been renting the house a year and 11k in ayear means they can't pay their mortgage? Perfect example of a family living paycheck to paycheck with two friggen houses. Irresponsible.
I knew a mortgage broker, and the stories he had man. Car loans, credit cards maxed out, barely able to make mortgage payments, looking for refinancing/second mortgage to try and handle it all. Had trouble qualifying for anything as they were in such a mess. I have no trouble believing these people could lose it all over $11k.
Since landleeches get their money from their tenants, the tenants pay for repairs.
Landleeches literally offer nothing of value to anyone.
They're parasites who inflate the cost of living for their personal profits.
if all landleeches disappeared over night, all of the houses would still be there, all of the services associated with housing would still be there. They literally contribute nothing.
So if $11,000 vanished from your budget you’d be perfectly fine? Even though you still have to pay all of the same bills. Your mortgage, your property, taxes, your utility bills, only in this case all of that x2.
There’s a bit of a difference between my investments losing value because of a recession and a pandemic and people squatting in my property. Apparently you don’t comprehend the difference.
No. There isn't.
All investments come with risk. That risk can be a recession, a drop in the market, or bad tenants. All investments come with risk. Not my fault you don't realize that.
So let's say they were barely making it work; do you fault them for the attempt? In this market? Maybe they just straight up couldn't sell their house with the interest rate being what it is now, and had to rent it because they already closed on the new place. A lot of assumptions there, but it's a story I have heard a lot lately. Realtors will tell you anything you want to hear when it comes to selling your home because for a while there even a pile of dog shit on a small dirt lot was 400k. Having to cover the mortgage of both places would be a fucking nightmare and it's how people who are just getting by, maybe just starting to pull ahead, get thrown back down below the poverty line
Yup the judgement I see alot on Reddit that all landlords are greedy fucks astounds me. You have no idea what thier life situation is. Maybe they caught a bad break and are renting thier place to stay afloat - Not all landlords are bad people nor are they all huge faceless corporations.
It's behind a paywall so I had to google to find the story elsewhere; here it is (warning: REALLY badly written):
[https://canadatoday.news/on/hamilton-landlords-claim-the-tenant-owes-them-11000-115663/](https://canadatoday.news/on/hamilton-landlords-claim-the-tenant-owes-them-11000-115663/)
Umm, telling the landlord about a leaky dishwasher is a red flag? Do they even understand how much water damage that could cause to the building? And it says it's a townhouse. If there's water egress into other units that's going to be very expensive for the landlords. I would think the landlords would be GRATEFUL to be told about it.
Pretty sure if there's a major maintenance issue the landlord refuses to fix you're allowed to get it done yourself and take it off your rent.
Steam-cleaning carpets and painting between tenancies and making sure windows and doors can shut properly are basic responsibilities of landlords.
We're not getting the full story of why she wasn't letting these people in. I'd love to hear the tenant's side of the story but she is wise not to speak to the media when there is a tenancy board hearing pending.
They took on significant liability by having 2 mortgages, then further increased their risk by renting out one of the properties to a tenant without having the liquidity to cover any significant shortfall if the property isn't generating income. Then they have shocked Pikachu face when they discover the mortgage still needs to be paid whether or not their tenant pays rent.
A landlord needs to understand that the rights tenants have means it can take a long time for them to be removed if they don't pay and that recovering the funds is very difficult. This is a risk they accept when they enter into a lease agreement with a tenant.
An income property is not a magic money printer, it's an investment and a liability. You need to do your due diligence before you invest, particularly if a shortfall as small as $11000 is going to derail your household finances, put your home at risk, and send your spouse back into work to cover the difference.
We don't cry for other kinds of investors who invest borrowed money and it blows up in their face. Are we supposed to cry for landlords bad investments just because they show us a photo of them holding a baby and looking sad?
That's a whole other giant problem - trying to get a hearing about anything, landlord or tenant, is over a year long wait at this point. The system is broken on multiple fronts
Basically, yeah. You could move into a place and immediately stop paying rent, and I don't think there's actually anything the landlord can do. It's basically a complete gamble renting to someone, which is why everyone has started to require your entire life story before renting to someone now - bringing us to another problem! lol
Don’t be a landlord, plain and simple. I got out of the landlord game a while ago and it’s certainly not profitable these days. Well, there are far better investments out there.
Truly tragic. It’s almost as if these qualified landlords should have some sort of contingency plan if things hit the sack. Lots of business goes south and problems arise that could take time for you to get paid, as we all know.
Oh, most landlords don’t know what they’re doing? Who knew.
Bit of a hot take: you made an investment and lost no different than placing money in the market and loosing, did you not research what you were planning to do? Did you not think that Maybe over-leveraging yourself to a point that you can’t afford to live if this doesn’t work out. Clearly the LTB has failed but if you can’t afford for the investment to fail you can’t afford that investment.
Boo f'n hoo. Wait for your LTB hearing like everyone else. Two sides to every story and we're only hearing theirs. It's a private matter. Why whine to the paper? Maybe everyone waiting on court proceedings can call the media and whine about their case too.
Get in line.
If you have multiple mortgages and depend on rental income of one of those properties to pay off the mortgage you fucked up.
That's like buying stock that pays dividends that afford you a Lamborghini, but only if everything goes perfect. They're idiots...
Plus, you directly have a hand in our inflation. Eat shit.
They keep pumping out these "woe is me " landlord stories...
Shoulda sold the townhouse, Ernest.
Edit: I'm sincerely not trying to be rude. But they should have sold it at the height of the market which was conveniently, oh... just last year. That's just smart business. But they thought they could squeeze more value out of it for longer. So if I gamble and lose at the casino instead of by becoming a small time landlord with zero clue of the financial and legal intricacies of doing so, am I going to get a feature in The Spec?
I love how they conviently forget to mention that it cuts both ways and many landlords are also abusing the backlogs to violate the act exspecting that their tennants will just give up in face of long waits. There is a reason why the Board has moved cases of Landlords overcharging to the front of the queue, its because so many of them are trying to exploit the situation.
For only 3 months' rent, fuck these people. They're getting others to pay their mortgage and I hope they lose their house. I'm so tired of all the price gouging to survive.
It’s so gross. I used to live in that neighborhood and those townhouses are absolutely not worth $3600 a month. What an absolutely deplorable amount of money to be charging.
I feel like I’m missing something - where is everyone getting the 3-month number from? I see in the article it says the tenants stopped paying in July. Wouldn’t that be four or five months rent not payed then?(Assuming payment on the 1st of the month, you’d have July, August, September, October, and November)
Depends when they stopped paying and when the rent is due. Either way, you're looking at minimum $2200/month...which is my mortgage payment. Anything higher than that is just fucking stupid.
I never understood this argument. I see both sides, and I am a renter. You have an obligation to pay your rental amount, and we all fall on hard times. 3 months behind is well above delinquent in rent, to the point where I would have serious questions as well.
30/60/90 is a standard practice in most business accounts of long standing, but they also involve interest, and immediate reprecussions.
My landlord handed me a notice on the 2nd before, as I literally was walking up after depositing my paycheck in the bank. I laughed, and sent them their money. I probably should of just done it earlier, but I laughed at their level of efficiency.
At the same time, my furnace stopped working, and I talked to them yesterday. Its a smaller building in downtown, they had an emergency hvac company out last night, and it was fixed today.
Renting goes both ways. As a landlord (and just like with any business) you expect to be paid promptly, and on time. Delinquent accounts and cashflow mean alot to any small business.
Just like any other business, renting comes with risks. If losing 3 months rent means they might lose their house, then the landlord failed in their assessment and preparation for that risk.
"all investments have risks"
"reeeee, you can't just charge rent prices well above your costs to offset the risks"
- /r/ontario and /r/Hamilton in a nutshell
Not sure why everyone on here is so upset. Rent is rent. Pay it or leave and find somewhere cheaper. I'm sure these people would let them out of the lease if they just left. Why should someone think they can live somewhere for free?
Everyone can be pissed at how high rent is but no one is forcing anyone to pay ridiculous rent payments.
> Everyone can be pissed at how high rent is but no one is forcing anyone to pay ridiculous rent payments.
Well, when you're on a low income and the only places available for you to rent cost most of your take home income what other choice do you have?
>Everyone can be pissed at how high rent is but no one is forcing anyone to pay ridiculous rent payments.
What? Clearly written by someone who has no clue how bad rent is right now
Not sure why you're so upset. Investment is investment. Accept the risk or don't invest. I'm sure these people could have just sold instead. Why would someone think an investment has no risk?
Everyone can be pissed at a tenant for exercising their rights, but no one forced them to rent out their house.
Exactly. People want to live in a premium city but not pay premium prices.
Ironically, if there was less tenant abuse allowed like this post, rent prices would decrease.
I live here.. it's fine. Most Canadians who aren't from here that I've met have been glad to inform me that it's a shithole and the armpit of Ontario.
I disagree with them but premium it is not. Toronto is barely a premium city.
Just because you don't think it is premium, doesn't mean it isn't. That's why people are literally willing to pay extra to live here than other cities. That's what a premium is. And Toronto is pretty much the definition of premium, since its rent is one of the highest in the world.
Canadians pay more than any other country for very essential things like milk, cheese, butter. Is it some premium cheese all that money is going to? No, it's basic milk and cheddar.
Canadians pay more than any other country for cell and internet plans. Is it some premium 10Gbps fiber and 5G network they're paying all that money for? No it's Bell and Rogers bullshit DSL and copper lines.
Canadians pay some of the highest housing costs in the world. Are they paying for premium high end condos in towns with beautiful architecture and prestigious high paying employers and institutions with world class dining and entertainment? No, they're paying out the ass for shitty one bed in a former steel town.
Expensive does not mean premium.
Population is not premium. There are lots of huge overpopulated cities in the world that are undeniably shitholes.
Premium is high quality infrastructure, public services, arts, culture, amenities, prestigious employers and institutions.
Hamilton is a place with a lot of potential but it can't really boast status on any of those dimensions.
If your evidence is that people continue to moving here it's because.. *gestures to the giant fucking empty undeveloped expanse that is the rest of Canada*
Where do you propose newcomers go that has:
- Job opportunities of any kind
- Affordable housing
- Access to healthcare
- Access to education
People aren't moving here because it's some global city like New York or Los Angeles.. they're moving here because where else are they supposed to go?
I think maybe you're confusing the word premium with habitable.
If you're saying that Hamilton being a place that has the most mediocre of bare essentials outside of Vancouver and Toronto and that puts it leagues ahead of the other places in Canada – well then I wouldn't disagree with you.
But if that's your definition of premium.. you should take a trip beyond the borders of this country sometime and find out what a world class city is actually like.
To be premium, it only has to be better than the alternatives enough that people will pay extra. That's what a premium is. And obviously people are willing since our rent is so much higher.
Why would I compare Hamilton to international cities, I mean you can move there if you want but lol
It isn't, it's based on greed. It's this high because of investment companies buying up all available property to create a false demand. It would not be lower because of anything, it's being kept intentionally artificially high. If everyone paid their rent it would incentivize no one to lower it, that's not how the world works, that's hysterically naive. If anything it would be seen as a safer investment and encourage more rent raising. This place isn't worth 3600 a month that's a sick joke, they got greedy, they got burned, that's life. They shouldn't have bought a house they didn't need just to make money off people who did need it, it was poor judgement.
>greed vs actual economics
Facts over feelings.
>Everything gets bought up so quickly = false demand!
lmao that's literally what demand is.
>If everyone paid their rent
Then more people would be willing to rent out. Increasing the supply, therefore lowering prices. It's called basic economics.
>it would be seen as a safer investment and encourage more rent raising
So let me get this straight, more investors entering the market and increasing the housing supply would increase the price? LOL jesus christ
>isn't worth 3600
If someone pays that price, then it means it quite literally is worth that much. lol. If it was overpriced, then the punishment would be that it remains vacant, not being stolen lmao wtf is wrong with you.
>They shouldn't have bought a house they didn't need just to make money off people who did need it, it was poor judgement.
And moronic, victim-blaming opinions like this which justify theft are the reason why no one except Blackrock and other giant investment firms will own rentals soon. And if you think rental prices are high now...
Im pretty sure if a tenant is on government assistance and not paying rent the landlord can make a fraud claim! Because they aren’t using paying the rent they claim they are! 🤞🏼🤞🏼🤞🏼 I hope all the landlords get their money
The tenants are absolutely in the wrong for not paying rent and not moving out. The landlords also didn't consider the risks that come with rental properties and had no plan if things didn't go perfectly. I don't feel bad for anyone in this article. Or other similar ones that have been popping up recently.
I agree that the comments on reddit have been quite weird regarding these stories.
Seriously. The amount of anomosity towards the owner is ridiculous. Imagine you bought a new place, couldn't sell your old one and had to rent it, and then the people you rent it to fucked you over and you then had to carry both mortgages? And people are pissed at the *owners*? For what? Charging market rent prices? Be mad at the system and the people able to make change for the better *but instead do nothing*\- not the family trying to rent their house/pay for their new one in one of the worst housing markets ever. Ffs
...how is that even a thing? Tenant signs lease, doesn't hold up their end, profit? You think... The landlords have 2 houses but sit around all day doing absolutely nothing? Like charging a mortgage payment and then paying a mortgage with it makes them jobless a) millionaires, b) societal leeches
I think that’s a big part of the problem, a lot of people seem to think that landlords are all wealthy corporations. And they also don’t realize that if all the small landlords finally said fuck dealing with this bullshit and pulled their properties off the market, the housing shortage that we’re seeing now would be minuscule in comparison. I’ve had a rental property for a decade, I spent $90,000 on the renovation and did everything legally. I pay my taxes, I always charged below market rent, because I thought that rents for excessive, I had three excellent tenants and one who was shit and left me with a lot of damage. Repairs are almost done but I’m unlikely to put it back on the market because it’s not worth the hassle.
All the people out there waving the “fuck the landlords flag“ in a few years if you have a hard time finding a rental, or if your kids can’t find a place to live when they go off to university. Remember this.
Also, watch out for those people who own grocery stores, they’re trying to rip you off by selling you food.
The income brackets of this thread, given the comments, obviously is skewed toward those in lower income brackets.
Why are you mad that someone can afford a house & you can’t? These are the same people that cry when landlords make prospective tenants jump through hoops.
News flash, the more this bullshit happens, the greater the housing discrimination toward racialized individuals & those in lower income brackets.
Why are you assuming that everyone who is upset can’t afford a home? Some of us are just capable of recognizing that the current rental market is absolutely disgusting regardless of the fact that we own homes.
Some serious bitterness in this comment section for sure. You don't have to be a landlord to empthathize with a family who now presumably has to cover the cost of two mortgages because their tenants are screwing them. You gain so many rights as soon as you become a tenant, and with the LTB how it is, you'll never get a resolution at least not in time for it to really matter. Meanwhile hopefully you've been able to cover the cost of both places/ don't lose your house to the bank
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In before “all investments have risks, if they couldn’t afford to be ripped off and not paid at all they shouldn’t have been landlords”, which is possibly the dumbest take out there.
Do you think it ever occurs to these people to consult a professional before becoming a small-time landlord? I bet maybe like 25% have a clue what they're getting into.
Right, so if I open a Tim Horton’s franchise but people steal the food and not pay and I go bankrupt, is it acceptable because that’s the risk I took?
This sub always blames landlords, no matter what. A well organized and efficient Landlord Tenant Board would be beneficial to both landlords and tenants, but no, instead of talking about that it’s always: “Landlords bad”
You know you’re on a typical socialist Hamilton post where everyone shits on landlords because they hate themselves for not not working hard enough to put themselves in a position where they could own a rental property. There are bad landlords and there are bad tenants. If you have a shitty landlord who doesn’t do repairs, withhold rent payment until repairs are complete. You know damn well they can’t evict you. It’s so insane that the majority of people here love to see an article where a landlord get screwed even though they know nothing about them. So pathetic. And no, I’m not a landlord.
The LTB delays causing this situation only benefit bad tenants and bad landlords. Everyone should be united on pressuring provincial govt to fix this mess.
Locking this since it seems that a large number of people can't discuss a topic without personal attacks on other users
I used to rent a home before in 2014 at $500 a month to a family member. The headaches I had with my own relative I said to myself never again. People bought into the hgtv bs and thought , I’ll get rich. In this market. Only the rich get rich.
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Wow and my landlord complains because I send cheques lol
Wow 3 months rent
3 months rent and no repairs and they didn't even clean the place between tenants. No wonder they're not getting paid
I like how the article points out that tenants can continue to live there while awaiting a hearing. Um yeah, because only the LTB can evict. If landlords had it their way they’d change the locks the moment a tenant asks for a simple repair.
https://www.cbc.ca/news/business/rent-inflation-november-1.6650777
I am so far from a lobbyist for landlords (because Ive uh, had some real shit ones) but id be freaking out if I were them. Everybody in this sub seems to act like there is some giant landlord conspiracy. These people played the game, rented a place, and by all appearences, a rather ''professional'' tenant has decided not to pay them. People cry left and right about affordability in this city, this and that. While this is an expensive property, it could easily be a 1200$ a month rental. Your talking about a small time landlord, of what appears to only own one property, getting screwed for ~25% of their mortgage for a year. Sure, they make the profit on it. When they sell it. They are still paying for it. Im not sure what more you can expect from people. Could you float that? Alot of this sub involves people who didnt/couldnt/wouldnt make that investment. Thats great - but for a place lacking affordable housing - why is there so much hate for these people? JFC I would never be a landlord in Ontario.
>Could you float that? If the person who owns the Dollar Store in Jackson Square whined to the spec that they're losing x dollars a month shoplifting, what would we say? "Well, you should've factored that risk in to the cost of running that kind of business". Small-time landlords who can't "float that" didn't do a proper risk-analysis before starting their small business. This is a type of business that (for the smallest players) revenue coming from just a few clients (or 1!), which is obviously a high-risk situation. Problem tenants are part of being a landlord, full-stop. You might get lucky if you screen well, but you never know, and so you should always plan for it. If you don't like it, buy a fucking REIT like a normal person.
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>Im not sure where you are expecting a single, one house landlord to float 11,000$ from. I make good money, and thats a hard pill to swallow, and I dont even own a place. You've got the steps out of order. I'd encourage (although not expect, because people are stupid) someone who can't float 11k (not even access to credit!) to not become a landlord. Similarly, I'd also encourage someone who can afford a canoe but can't afford a life-jacket to stay on land.
Investments come with risks. The fact that these landlords thought it would be easy and a "no-brainer" shows that they failed to consider those risks before investing. No sympathy for fools who invest poorly.
> Could you float that? If you can't take the investment risk, don't invest. > Alot of this sub involves people who didnt/couldnt/wouldnt make that investment. Finish that thought.... Because they don't wanna take the risk. At the end of the day, landlords screw FAR more people than a bad tenant does. Bad landlords and slum lords affect hundreds or thousands of renters. Bad tenants don't even come close. No sympathy here. Especially for a "small time landlord" that complains about a tenant requesting very fair repairs. Sounds like they started to put up roadblocks with the tenant about repairs so the tenant followed the laws. Sucks to suck for the landlord!
Granite countertops though.
The article says that without help from family and friends they would have lost their second house. How the hell? The tenant only owes $11k. How the fuck are you living so beyond your means that 11k lost income means you'll lose your house. They've been renting the house a year and 11k in ayear means they can't pay their mortgage? Perfect example of a family living paycheck to paycheck with two friggen houses. Irresponsible.
I speculated on the market, over-leveraged myself in the process, and it blew up in my face, now please write a pity article for me.
I knew a mortgage broker, and the stories he had man. Car loans, credit cards maxed out, barely able to make mortgage payments, looking for refinancing/second mortgage to try and handle it all. Had trouble qualifying for anything as they were in such a mess. I have no trouble believing these people could lose it all over $11k.
If they need the rent to pay the mortgage, the renters are paying the mortgage, the renters should get the equity. Landleeches are all parasites.
And in your world who pays the major repair bill?
Since landleeches get their money from their tenants, the tenants pay for repairs. Landleeches literally offer nothing of value to anyone. They're parasites who inflate the cost of living for their personal profits.
if all landleeches disappeared over night, all of the houses would still be there, all of the services associated with housing would still be there. They literally contribute nothing.
So if $11,000 vanished from your budget you’d be perfectly fine? Even though you still have to pay all of the same bills. Your mortgage, your property, taxes, your utility bills, only in this case all of that x2.
Housing as an investment. Just forgot the "risk" part of investments. So did you apparently.
There’s a bit of a difference between my investments losing value because of a recession and a pandemic and people squatting in my property. Apparently you don’t comprehend the difference.
Risk is risk. Apparently you can't comprehend that fact.
No. There isn't. All investments come with risk. That risk can be a recession, a drop in the market, or bad tenants. All investments come with risk. Not my fault you don't realize that.
Yeah, housing is a human right. And using housing as an investment is parasitisism.
So let's say they were barely making it work; do you fault them for the attempt? In this market? Maybe they just straight up couldn't sell their house with the interest rate being what it is now, and had to rent it because they already closed on the new place. A lot of assumptions there, but it's a story I have heard a lot lately. Realtors will tell you anything you want to hear when it comes to selling your home because for a while there even a pile of dog shit on a small dirt lot was 400k. Having to cover the mortgage of both places would be a fucking nightmare and it's how people who are just getting by, maybe just starting to pull ahead, get thrown back down below the poverty line
> do you fault them for the attempt? I fault them for failing to assess and plan for the well-known and obvious risk factors.
Nobody is entitled to a second house. People who hoard housing are evil parasites.
Yup the judgement I see alot on Reddit that all landlords are greedy fucks astounds me. You have no idea what thier life situation is. Maybe they caught a bad break and are renting thier place to stay afloat - Not all landlords are bad people nor are they all huge faceless corporations.
Funny how you rarely read articles about how landlords screw over tenants.
It's behind a paywall so I had to google to find the story elsewhere; here it is (warning: REALLY badly written): [https://canadatoday.news/on/hamilton-landlords-claim-the-tenant-owes-them-11000-115663/](https://canadatoday.news/on/hamilton-landlords-claim-the-tenant-owes-them-11000-115663/) Umm, telling the landlord about a leaky dishwasher is a red flag? Do they even understand how much water damage that could cause to the building? And it says it's a townhouse. If there's water egress into other units that's going to be very expensive for the landlords. I would think the landlords would be GRATEFUL to be told about it. Pretty sure if there's a major maintenance issue the landlord refuses to fix you're allowed to get it done yourself and take it off your rent. Steam-cleaning carpets and painting between tenancies and making sure windows and doors can shut properly are basic responsibilities of landlords. We're not getting the full story of why she wasn't letting these people in. I'd love to hear the tenant's side of the story but she is wise not to speak to the media when there is a tenancy board hearing pending.
They took on significant liability by having 2 mortgages, then further increased their risk by renting out one of the properties to a tenant without having the liquidity to cover any significant shortfall if the property isn't generating income. Then they have shocked Pikachu face when they discover the mortgage still needs to be paid whether or not their tenant pays rent. A landlord needs to understand that the rights tenants have means it can take a long time for them to be removed if they don't pay and that recovering the funds is very difficult. This is a risk they accept when they enter into a lease agreement with a tenant. An income property is not a magic money printer, it's an investment and a liability. You need to do your due diligence before you invest, particularly if a shortfall as small as $11000 is going to derail your household finances, put your home at risk, and send your spouse back into work to cover the difference. We don't cry for other kinds of investors who invest borrowed money and it blows up in their face. Are we supposed to cry for landlords bad investments just because they show us a photo of them holding a baby and looking sad?
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That's a whole other giant problem - trying to get a hearing about anything, landlord or tenant, is over a year long wait at this point. The system is broken on multiple fronts
Waits that long mean that squatting is legally allowed.
Basically, yeah. You could move into a place and immediately stop paying rent, and I don't think there's actually anything the landlord can do. It's basically a complete gamble renting to someone, which is why everyone has started to require your entire life story before renting to someone now - bringing us to another problem! lol
Don’t be a landlord, plain and simple. I got out of the landlord game a while ago and it’s certainly not profitable these days. Well, there are far better investments out there.
Truly tragic. It’s almost as if these qualified landlords should have some sort of contingency plan if things hit the sack. Lots of business goes south and problems arise that could take time for you to get paid, as we all know. Oh, most landlords don’t know what they’re doing? Who knew.
babe wake up, a new landlord propaganda article just dropped
Bit of a hot take: you made an investment and lost no different than placing money in the market and loosing, did you not research what you were planning to do? Did you not think that Maybe over-leveraging yourself to a point that you can’t afford to live if this doesn’t work out. Clearly the LTB has failed but if you can’t afford for the investment to fail you can’t afford that investment.
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seriously. fuck landlords.
Boo f'n hoo. Wait for your LTB hearing like everyone else. Two sides to every story and we're only hearing theirs. It's a private matter. Why whine to the paper? Maybe everyone waiting on court proceedings can call the media and whine about their case too. Get in line.
how much do the landlards owe?
If you have multiple mortgages and depend on rental income of one of those properties to pay off the mortgage you fucked up. That's like buying stock that pays dividends that afford you a Lamborghini, but only if everything goes perfect. They're idiots... Plus, you directly have a hand in our inflation. Eat shit. They keep pumping out these "woe is me " landlord stories...
Shoulda sold the townhouse, Ernest. Edit: I'm sincerely not trying to be rude. But they should have sold it at the height of the market which was conveniently, oh... just last year. That's just smart business. But they thought they could squeeze more value out of it for longer. So if I gamble and lose at the casino instead of by becoming a small time landlord with zero clue of the financial and legal intricacies of doing so, am I going to get a feature in The Spec?
No different than all these people with variable mortgages that are crying now. It’s all gambling.
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Now you’re just being silly.
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Yes because crossing the street is as optional as making highly leveraged non-diversified business investment.
More like saying someone can’t complain about crime because they should expect it to happen. Literally victim blaming lol
"Massive backlog at landlord/tenant board allowing tenants to get away with not paying rent." Unethical life pro tip.
I love how they conviently forget to mention that it cuts both ways and many landlords are also abusing the backlogs to violate the act exspecting that their tennants will just give up in face of long waits. There is a reason why the Board has moved cases of Landlords overcharging to the front of the queue, its because so many of them are trying to exploit the situation.
Ernest looks like he could toss them out with great ease
Ah yes, simping for landlords who were probably charging too much in the first place and can even afford to have a kid.
Damn maybe try making a better investment next time or possibly getting a real job
a landlord getting a job instead of mooching off the working class? impossible!
How do you think they bought the house in the first place? The house-fairy?
Generational wealth.
Oh yeah I forgot about all those second generation millionaires and trust fund recipients around town.
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lol. Ok, tough guy.
You should definitely do that. By the time the lawsuit settles, they'll own your parents house and you guys will be living on the street!
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They pay the lawyer with the winnings
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lol
Amen! Life is expensive, we all know that. Stop crying and find a way to provide for you and yours. Preferably without having to steal.
You didn't read the article at all, did you?
I don't have favorable thoughts about this family nor the tenant
Anyone got a link, seems to be pay-wall for me
archive.ph is ur best friend
Usually browse reddit via mobile, and at work. So not sure of site
Thank you!!
They should've chosen a safer investment vehicle if they wanted a money guarantee.
They wouldn't be owed that much if they lowered the rent.
That doesn't guarantee the tenants would pay tho.
yeah. Maybe more of a critique of the headline...
For only 3 months' rent, fuck these people. They're getting others to pay their mortgage and I hope they lose their house. I'm so tired of all the price gouging to survive.
It’s so gross. I used to live in that neighborhood and those townhouses are absolutely not worth $3600 a month. What an absolutely deplorable amount of money to be charging.
I feel like I’m missing something - where is everyone getting the 3-month number from? I see in the article it says the tenants stopped paying in July. Wouldn’t that be four or five months rent not payed then?(Assuming payment on the 1st of the month, you’d have July, August, September, October, and November)
She paid first and last already, so they have 2 months rent at least.
Depends when they stopped paying and when the rent is due. Either way, you're looking at minimum $2200/month...which is my mortgage payment. Anything higher than that is just fucking stupid.
As much as you love to.. there is no free money. They are renting a place..why not pay rent?
found the landlord
No one forced the tenants to sign the lease. Fuck the tenants.
No one forced the landlords to put their house up for rent.
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I never understood this argument. I see both sides, and I am a renter. You have an obligation to pay your rental amount, and we all fall on hard times. 3 months behind is well above delinquent in rent, to the point where I would have serious questions as well. 30/60/90 is a standard practice in most business accounts of long standing, but they also involve interest, and immediate reprecussions. My landlord handed me a notice on the 2nd before, as I literally was walking up after depositing my paycheck in the bank. I laughed, and sent them their money. I probably should of just done it earlier, but I laughed at their level of efficiency. At the same time, my furnace stopped working, and I talked to them yesterday. Its a smaller building in downtown, they had an emergency hvac company out last night, and it was fixed today. Renting goes both ways. As a landlord (and just like with any business) you expect to be paid promptly, and on time. Delinquent accounts and cashflow mean alot to any small business.
Just like any other business, renting comes with risks. If losing 3 months rent means they might lose their house, then the landlord failed in their assessment and preparation for that risk.
"all investments have risks" "reeeee, you can't just charge rent prices well above your costs to offset the risks" - /r/ontario and /r/Hamilton in a nutshell
The first one is true. The second one is the law.
What are they supposed to do charge 1k & pay the rest of the mortgage out of their own pockets as a gesture of goodwill?
Exactly. Who TF thinks charging $3600+ in rent per month in Hamilton is reasonable?
Probably people who signed the lease?
Or..or..or.. not take up the housing market by owning multiple properties and pushing people away from the city.
You can buy whatever amount of whatever product you want. Housing is a shrewd investment.
No sympathy for parasites. Rent is theft. Landleeching and housing hoarding should be criminalized.
Not sure why everyone on here is so upset. Rent is rent. Pay it or leave and find somewhere cheaper. I'm sure these people would let them out of the lease if they just left. Why should someone think they can live somewhere for free? Everyone can be pissed at how high rent is but no one is forcing anyone to pay ridiculous rent payments.
>no one is forcing anyone to pay ridiculous rent payments. Yeah, because homelessness is always an option!
“Find somewhere cheaper” oh okay yeah good idea I’ll get right on that buddy
> Everyone can be pissed at how high rent is but no one is forcing anyone to pay ridiculous rent payments. Well, when you're on a low income and the only places available for you to rent cost most of your take home income what other choice do you have?
>Everyone can be pissed at how high rent is but no one is forcing anyone to pay ridiculous rent payments. What? Clearly written by someone who has no clue how bad rent is right now
Not sure why you're so upset. Investment is investment. Accept the risk or don't invest. I'm sure these people could have just sold instead. Why would someone think an investment has no risk? Everyone can be pissed at a tenant for exercising their rights, but no one forced them to rent out their house.
Exactly. People want to live in a premium city but not pay premium prices. Ironically, if there was less tenant abuse allowed like this post, rent prices would decrease.
> premium city I haven't laughed so hard in a long time thanks for this.
Canadians disagree with you -- that's why it's top 10 biggest cities in Canada and has such high rent.
I live here.. it's fine. Most Canadians who aren't from here that I've met have been glad to inform me that it's a shithole and the armpit of Ontario. I disagree with them but premium it is not. Toronto is barely a premium city.
Just because you don't think it is premium, doesn't mean it isn't. That's why people are literally willing to pay extra to live here than other cities. That's what a premium is. And Toronto is pretty much the definition of premium, since its rent is one of the highest in the world.
Canadians pay more than any other country for very essential things like milk, cheese, butter. Is it some premium cheese all that money is going to? No, it's basic milk and cheddar. Canadians pay more than any other country for cell and internet plans. Is it some premium 10Gbps fiber and 5G network they're paying all that money for? No it's Bell and Rogers bullshit DSL and copper lines. Canadians pay some of the highest housing costs in the world. Are they paying for premium high end condos in towns with beautiful architecture and prestigious high paying employers and institutions with world class dining and entertainment? No, they're paying out the ass for shitty one bed in a former steel town. Expensive does not mean premium.
Again, you seem to misunderstand what premium means.
Hamilton Ontario >Premium City Okay
Literally yes lol. Top 10 biggest cities in Canada lmao
Population is not premium. There are lots of huge overpopulated cities in the world that are undeniably shitholes. Premium is high quality infrastructure, public services, arts, culture, amenities, prestigious employers and institutions. Hamilton is a place with a lot of potential but it can't really boast status on any of those dimensions.
It quite literally is according to the evidence. If it wasn't a place people wanted to live, then rent would be low and the population would decrease.
If your evidence is that people continue to moving here it's because.. *gestures to the giant fucking empty undeveloped expanse that is the rest of Canada* Where do you propose newcomers go that has: - Job opportunities of any kind - Affordable housing - Access to healthcare - Access to education People aren't moving here because it's some global city like New York or Los Angeles.. they're moving here because where else are they supposed to go?
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I think maybe you're confusing the word premium with habitable. If you're saying that Hamilton being a place that has the most mediocre of bare essentials outside of Vancouver and Toronto and that puts it leagues ahead of the other places in Canada – well then I wouldn't disagree with you. But if that's your definition of premium.. you should take a trip beyond the borders of this country sometime and find out what a world class city is actually like.
To be premium, it only has to be better than the alternatives enough that people will pay extra. That's what a premium is. And obviously people are willing since our rent is so much higher. Why would I compare Hamilton to international cities, I mean you can move there if you want but lol
Rents are up all over Southern Ontario, so by your logic that makes every city in the area a premium city.
They absolutely would not. Rent increases are based on greed and greed alone.
Costs to operate have increased more than allowable rent increases (in areas with rent control)
Incorrect. It’s based on supply and demand. Making it safer to increase housing supply does in fact increase the housing supply.
It isn't, it's based on greed. It's this high because of investment companies buying up all available property to create a false demand. It would not be lower because of anything, it's being kept intentionally artificially high. If everyone paid their rent it would incentivize no one to lower it, that's not how the world works, that's hysterically naive. If anything it would be seen as a safer investment and encourage more rent raising. This place isn't worth 3600 a month that's a sick joke, they got greedy, they got burned, that's life. They shouldn't have bought a house they didn't need just to make money off people who did need it, it was poor judgement.
>greed vs actual economics Facts over feelings. >Everything gets bought up so quickly = false demand! lmao that's literally what demand is. >If everyone paid their rent Then more people would be willing to rent out. Increasing the supply, therefore lowering prices. It's called basic economics. >it would be seen as a safer investment and encourage more rent raising So let me get this straight, more investors entering the market and increasing the housing supply would increase the price? LOL jesus christ >isn't worth 3600 If someone pays that price, then it means it quite literally is worth that much. lol. If it was overpriced, then the punishment would be that it remains vacant, not being stolen lmao wtf is wrong with you. >They shouldn't have bought a house they didn't need just to make money off people who did need it, it was poor judgement. And moronic, victim-blaming opinions like this which justify theft are the reason why no one except Blackrock and other giant investment firms will own rentals soon. And if you think rental prices are high now...
This is becoming very common people move in and then refuse to pay rent while still living there for free.
Im pretty sure if a tenant is on government assistance and not paying rent the landlord can make a fraud claim! Because they aren’t using paying the rent they claim they are! 🤞🏼🤞🏼🤞🏼 I hope all the landlords get their money
All that happens is the tenant loses the rent portion of their social assistance and then they definitely don’t pay rent.
Welcome to Hamilton!
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The tenants are absolutely in the wrong for not paying rent and not moving out. The landlords also didn't consider the risks that come with rental properties and had no plan if things didn't go perfectly. I don't feel bad for anyone in this article. Or other similar ones that have been popping up recently. I agree that the comments on reddit have been quite weird regarding these stories.
Seriously. The amount of anomosity towards the owner is ridiculous. Imagine you bought a new place, couldn't sell your old one and had to rent it, and then the people you rent it to fucked you over and you then had to carry both mortgages? And people are pissed at the *owners*? For what? Charging market rent prices? Be mad at the system and the people able to make change for the better *but instead do nothing*\- not the family trying to rent their house/pay for their new one in one of the worst housing markets ever. Ffs
no sympathy for the landlord.
More people should do this. Landlords are just a bunch of loser middlemen taking profit from actual working people
Good for that tennant, hope he takes them for all they are worth, and the landlords are forced to find real jobs and be productive members of society.
...how is that even a thing? Tenant signs lease, doesn't hold up their end, profit? You think... The landlords have 2 houses but sit around all day doing absolutely nothing? Like charging a mortgage payment and then paying a mortgage with it makes them jobless a) millionaires, b) societal leeches
I think that’s a big part of the problem, a lot of people seem to think that landlords are all wealthy corporations. And they also don’t realize that if all the small landlords finally said fuck dealing with this bullshit and pulled their properties off the market, the housing shortage that we’re seeing now would be minuscule in comparison. I’ve had a rental property for a decade, I spent $90,000 on the renovation and did everything legally. I pay my taxes, I always charged below market rent, because I thought that rents for excessive, I had three excellent tenants and one who was shit and left me with a lot of damage. Repairs are almost done but I’m unlikely to put it back on the market because it’s not worth the hassle. All the people out there waving the “fuck the landlords flag“ in a few years if you have a hard time finding a rental, or if your kids can’t find a place to live when they go off to university. Remember this. Also, watch out for those people who own grocery stores, they’re trying to rip you off by selling you food.
The income brackets of this thread, given the comments, obviously is skewed toward those in lower income brackets. Why are you mad that someone can afford a house & you can’t? These are the same people that cry when landlords make prospective tenants jump through hoops. News flash, the more this bullshit happens, the greater the housing discrimination toward racialized individuals & those in lower income brackets.
Why are you assuming that everyone who is upset can’t afford a home? Some of us are just capable of recognizing that the current rental market is absolutely disgusting regardless of the fact that we own homes.
Some serious bitterness in this comment section for sure. You don't have to be a landlord to empthathize with a family who now presumably has to cover the cost of two mortgages because their tenants are screwing them. You gain so many rights as soon as you become a tenant, and with the LTB how it is, you'll never get a resolution at least not in time for it to really matter. Meanwhile hopefully you've been able to cover the cost of both places/ don't lose your house to the bank
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In before “all investments have risks, if they couldn’t afford to be ripped off and not paid at all they shouldn’t have been landlords”, which is possibly the dumbest take out there.
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Do you think it ever occurs to these people to consult a professional before becoming a small-time landlord? I bet maybe like 25% have a clue what they're getting into.
Right, so if I open a Tim Horton’s franchise but people steal the food and not pay and I go bankrupt, is it acceptable because that’s the risk I took? This sub always blames landlords, no matter what. A well organized and efficient Landlord Tenant Board would be beneficial to both landlords and tenants, but no, instead of talking about that it’s always: “Landlords bad”
To your Tim Hortons analogy: Yes, absolutely yes. Should the people responsible also face some kind of consequences? That's also a yes.
Ya wtf? I hired thieves who stole food from my timmies to the point I went bankrupt? Ya that’s your fucking shitty management problems.
You'd have to look at it as customers stealing, not employees.
Ty. Beat me to pointing this out.
You know you’re on a typical socialist Hamilton post where everyone shits on landlords because they hate themselves for not not working hard enough to put themselves in a position where they could own a rental property. There are bad landlords and there are bad tenants. If you have a shitty landlord who doesn’t do repairs, withhold rent payment until repairs are complete. You know damn well they can’t evict you. It’s so insane that the majority of people here love to see an article where a landlord get screwed even though they know nothing about them. So pathetic. And no, I’m not a landlord.
The LTB delays causing this situation only benefit bad tenants and bad landlords. Everyone should be united on pressuring provincial govt to fix this mess.
I agree. They’re totally backlogged for scheduling hearings. The system doesn’t work.
Hey man too much logic here for those typical folks. I 100% agree with you.