I was renting a $1.4m home for $2200/mo in Vancouver. Something like a $10k/mo mortgage payment for 25 years at current rates. But they had bought it like 6 or

I was renting a $1.4m home for $2200/mo in Vancouver. Something like a $10k/mo mortgage payment for 25 years at current rates. But they had bought it like 6 or 7 years before so _their_ mortgage was substantially lower. We haven’t even seen the full brunt of this—every time one of these properties changes hands at this point as the current owner cashes out, we’re going to see one more of these “affordable” rentals off the market in one way or another. (Either they hike the rent to the point of unaffordability, occupy it themselves, or leave it sit empty to just store or accumulate value.) And just to put it in some perspective—to afford that shitty run down house I was renting, you’d need to be making somewhere around $720k/yr pre-tax to pay the mortgage and maintain the “1/3 toward housing” ratio. People in Canada do not make $720k/yr.