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I was in Toronto this summer, and it seemed like the entire condo was inhabited by Airbnb-ers. We were told in the instructions not to talk to the concierge or
by remote_phone 8y ago
I was in Toronto this summer, and it seemed like the entire condo was inhabited by Airbnb-ers. We were told in the instructions not to talk to the concierge or neighbors and when asked just say we are friends of the airbnber.
The funny thing is that everyone we saw was doing Airbnb. A bunch of people were entering the condo with luggage every time we were in the lobby, and when we left there were 8 other people were leaving at the same time.
It might or might not be legal in Toronto but it’s a poorly kept secret. I’m curious what an economic downturn would do because you can’t walk away from mortgage debt in Canada the same way you can in most states of the US.
- killjoywashere 8y agoWow, how can I walk away from mortgage debt? Did I miss something?
- jxi 8y agoYou can default on properties.. like Trump did.
- asdfasgasdgasdg 8y agoStop paying your mortgage, and the bank will eventually take your house. But they can't take anything else, no matter how much you owe. In many other countries, this is not the case.
- nikanj 8y agoMortgages are non-recourse in 11 states. The expression "jingle mail" might also be worth googling. In Canada, and the rest of the US, if your mortgage is underwater it's a problem for you. In those 11 states, it's a problem for the bank.
- remote_phone 8y agoDuring the housing bust, no one was held liable for foreclosures. Their credit rating was busted but that’s it.