CMP

It’s a refrain Mortgage Broker News readers will be all too familiar with: “Why isn’t my credit score better? I pay my rent every month. How can that not matter?”

Rent is the biggest monthly expense for independent Canadians who don’t own their own homes. Paying it on time isn’t always easy. For thousands of Canadians, paying rent requires making a choice between meeting one financial obligation or another, but they overwhelmingly make rent a top priority.

If there’s one misconception about landlords, it’s that they’re rich. While many do eventually make the ascension from mortal and mogul, most real estate investors own, or are still paying off, a relatively small assemblage of residential properties. With cap rates shrinking across the country, many of these investors are grateful to reach month-end without an unforeseen maintenance emergency wiping out the few hundred dollars in cash flow they rely on to make their investments worthwhile.