this post was submitted on 04 Oct 2023
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Ontario apartment buildings bring investors double-digit returns. Some tenants say they're paying the price (www.cbc.ca)
submitted 1 year ago by grte@lemmy.ca to c/canada@lemmy.ca
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[–] grte@lemmy.ca 27 points 1 year ago (1 children)

Equiton's strategy is to buy buildings where existing tenants pay below-market rent, and renovate units when those tenants move so they can be rented out at higher rates, generating profits for its more than 8,000 investors, said its vice president Lavelle Lindo. Lindo shared the business insights in an interview with a wealth management company posted online in 2022.

It seems like their business strategy is buying out places charging below market rates and renovicting the people living there. Demons.

[–] ultratiem@lemmy.ca 12 points 1 year ago (1 children)

That’s exactly what these places do. Met Cap is a huge one. They were “renting” units for 50% more than most others in my neighborhood.

The “renovations” are laminate floors, new paint, and new cabinet doors. Nothing remotely worth what they are asking.

I’m still floored that this country monetizes homes.

[–] LostWon@lemmy.ca 3 points 1 year ago

I’m still floored that this country monetizes homes.

The folks who made that possible want everything monetized, but I'm hopeful this way of thinking is on its way out, for a few reasons.