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Landlords among most vulnerable homeowners during COVID-19 pandemic

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globalnews.ca

Data on Canada’s housing market have yet to reveal the full impact of the novel coronavirus pandemic. But market watchers say one group of homeowners looks especially vulnerable: over-leveraged residential landlords. “You have investors who were sitting on a portfolio of maybe five to 10 rental properties, and had been renting them all out on the short-term rental market,” said Stephen Brown of Capital Economics.

In the pre-coronavirus economy, “Airbnb’s seemed like the best game in town,” said David Larock, a Toronto mortgage broker and owner of Integrated Mortgage Planners.

Often, real estate investors would make much more money renting a home for weeks or days at a time than they would have with a traditional lease, he added.

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