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房客的满意是对房屋投资者最好的回报(观点)
Opinion: After purchasing a second home, we’ve joined the army of housing investors

2019年我们在多路多郊区买了一栋大一点的房子后,便面临一个是否要将我们居住了二十年的住宅卖掉的问题。卖掉房子当然会使减轻我们的财务压力,但考虑到当时低迷的房价,这似乎不是一个良好的选择。加之利率呈下降走势,我们决定将这栋已付清贷款的房屋背上房贷,并在房租市场登了出租广告,几天后,两个加拿大难民大家庭签了租约,搬了进来。

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A decision to purchase a bigger house in a GTA suburban neighborhood in 2019 put us in a dilemma of whether to sell the home we've lived in for over two decades. Selling the house would alleviate our financial burden, but given the depressed market price at the time, it wasn't an appealing choice. With the interest rate poised to decline, we decided to mortgage the debt-free home and put it on the rental market. A few days later, two large families of refugees in Canada signed the lease and moved in.

这一决定让我们加入了加拿大1300万人,占加国房贷的19%的房屋投资者大军,而在疫情期间,他们所占房贷比例扩展至22%。由于加国房价飙升,加国出现房屋承受力的危机,具有多栋房产的业主为失控的房价背上了黑锅。在2021年11份加拿大央行对房市修正之高风险提出的警告词中,将投资者单独列为潜在风险因素,指出这一群体是加剧房屋市场繁荣和萧条的不稳定因素。针对房市投资者的攻击接踵而至,房市投资者顷刻成为加拿大房市高价危机的罪魁。



That decision left us to join the 13 million-strong army of housing investors in Canada who accounted for 19 percent of mortgages, which soon expanded to 22% during the pandemic. The surge in market prices created an affordability crisis, and the multiple property owners became the perfect scapegoat for the runaway housing prices. In its warning statement against the high risk of a housing correction in Nov.2021, the central bank singled out the domestic investors as a potential problem, pointing out the cohort was a source of instability by "exacerbating the boom-bust cycles." A backlash ensued. Real estate investors became the villains of Canada's housing crisis.

但如果说加拿大的房地产繁荣让投资者成为嫉妒和攻击的对象,那么市场潮流的变化给他们带来了财务上的痛苦。 加拿大央行为降低通胀率而采取迅猛加息政策,使家庭住房投资者陷入困境,使他们面临抵押贷款支付飙升和房地产价值下降的双重打击。 加国央行警告说,在 2020-2021 年的大好岁月里享受最低利率的抵押贷款者在 2025-26 年续约时,其贷款额中位数可能会增加 30% ,或每月增加 420 元,并指出那些债务与收入比率超过 450% 或更高者将遭受更大的影响,而投资者在此人群中所占成比例高达 44%。



But if Canada's housing boom made investors the object of envy and attacks, the market tide changes have inflicted them with financial pain. BOC's rapid and aggressive rate hikes to bring the inflation back down put mom-and-pop housing investors in a bind, leaving them to face a double whammy of soaring mortgage payments and declining real estate value. The central bank warned that mortgage holders who enjoyed the lowest rate in the good days of 2020-2021 may see their median payments increase by 30 percent or $420 more per month at renewal in 2025-26. It pointed out that those with a debt to income ratio over 450 percent or higher – where investors account for a disproportionate 44 percent -- will suffer more dramatic impacts.

加拿大央行的警告突显了房地产投资者所处的财务窘境,既不得不勒紧腰包以保住一栋价值迅速下跌的房产。《环邮》的一篇社论称: “那些面临账面损失,但尚可支付抵押贷款的房屋自住者还能度过难关,但那些第一套房屋净值下跌,第二套房屋的抵押贷款付款增加的房屋投资者就另当别论了。”



The BOC warning has highlighted the precarious state that housing investors are in --they are facing financial struggles to keep holding onto a property with a value in rapid decline. "A homeowner, who lives in their home and faces a loss on paper but can pay the mortgage, is probably okay, but an investor with diminishing equity in their first home and rising mortgage payments on the second is another story," said the Globe editorial.

但尽管遭遇种种挫折,笼罩房屋投资者的并非都是黑暗和阴影。 一些研究得出结论,投资者不是加拿大人住房成本高的原因,而是其效应和结果。 加拿大住房当局对投资者给予了积极的肯定,承认他们在填补 1990 年代开始的租赁住房短缺方面的所起的重要作用。 联邦住房部长艾哈迈德侯赛因说:“小业主确实增加了出租存量,为很多加国人士提供出租服务。”




But despite the setbacks, it's not all dooms and glooms for housing investors. Some studies concluded that investors were not the cause of the high housing costs for Canadians but rather the effect. Canadian housing authorities have put a positive spin on investors, recognizing their essential role in filling the rental-housing shortages that started in the 1990s. The federal housing minister Ahmed Hussein said, "Small-time landlords do add to the rental stock, providing rental services to a lot of people."

我的难民租客一直很感激我们为他们提供的能支付得起的且具有很体面的生活条件的住房。这使他们终于得以在移民国度安顿下来,养育着将来能为加国经济做出贡献的儿女们。他们的快乐和满足是给我们的最好的回报,让我们感到作为房产投资者所经历的所有痛苦和磨难都是值得的。



My refugee tenants have been grateful for what we provided them -- housing with decent living conditions they can afford. They've finally settled in the adopted country, raising sons and daughters who will help meet Canada's future labor demand. Their happiness and satisfaction is the best reward, making us feel all the pains and sufferings we went through as housing investor were worthwhile.

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