Real Estate
‘In the Red Pretty Deep’: Canadian Housing Investors Try to Sell to Stanch Losses
- Outlook ‘not great’ for housing investors, RBC economist says
- Rental rates have flatlined recently as immigration slows
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Bawelaya Isho is ready to end his foray into real estate investing.
The 28-year-old car mechanic became a landlord two years ago, paying C$600,000 ($436,000) for a two-bedroom condo in the small but fast-growing city of Barrie, about an hour north of where he lives in Toronto’s suburbs. It’s been costing him about C$1,600 every month because his mortgage payments spiked with higher interest rates, outpacing what he can charge in rent.