B.C. condo owner says soaring interest rates forcing him to sell
He doesn’t want to move. He just doesn’t think there’s another option. South Surrey resident Adam Cantor has lived in the same condo for 14 years.
“It’s been fantastic,” he said. “Anything and everything you want is within walking distance.”
But last week, Cantor put his place on the market after learning his payments will soon double.
“Selling for me right now is realistically, the only option in order to not take my entire pay cheque,” he explained.
Cantor said his fixed five-year mortgage is coming up for renewal in January and though he’s going through a divorce, he was able to make payments until the rates increased significantly. That increase, he said, will mean going from paying about $1,900 a month to almost $4,000 on a mortgage for the same term.
“It was shocking to kind of know what I would have to pay in order to stay in a place that I’ve been here for so long,” he told CTV News.
He said he looked at getting a roommate, but worried about a budget that left him financially dependant on a tenant to make ends meet.
Mortgage planner Sharon Davis believes that while everyone’s situation is different, it’s important to seek professional advice and weigh all options.
“It’s going to be tough for the next short while, but you know, it’s not going to be tough forever,” Davis said, explaining that homeowners may need to take a closer look at their monthly budgets.
“Do you have a car payment that maybe could be reduced? Could you maybe consolidate some lines of credit, some credit cards?” she asked.
“If you can save a little bit here and a little bit there, it might make your payment not as bad as it feels,” she explained.
She said some clients are looking at short-term rates.
“We are expecting, in the next couple years, that rates are going to come back into check. They’re not going to stay at these highs for this very long period of time,” Davis said.
As for Cantor, he wants to have enough left over each month to go out with friends and family or take a vacation.
So once he sells, he expects to become a renter and potentially move further out for lower cost housing until he can afford to buy again.
CTVNews.ca Top Stories
Canadian gov't proposes new foreign influence registry as part of wide-spanning new bill
Prime Minister Justin Trudeau's government is proposing a suite of new measures and law changes aimed at countering foreign interference in Canada, amid extensive scrutiny over past meddling attempts and an ever-evolving threat landscape.
Boeing Starliner capsule's first crewed test flight postponed
The long-awaited first crewed test flight of Boeing's new Starliner space capsule was called off for at least 24 hours over a technical issue that launch teams were unable to resolve in time for the planned Monday night lift-off.
Teacher charged in historical sexual assault of Calgary teenage girl
Calgary police have charged a teacher with the alleged sexual assault of a teenage girl more than 20 years ago.
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
East-end Ottawa family dealing with massive rat infestation
Residents in Ottawa’s Elmridge Gardens complex are dealing with a rat infestation that just won’t go away. Now, after doing everything they can to try to fix the issue, they are pleading with the city to step in and help.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Newfoundland and Labrador latest province to tighten rules on Airbnbs
Newfoundland and Labrador is the latest jurisdiction to bring in stricter rules for short-term rentals, with a coming set of regulations that will force operators to register with the provincial government.