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
Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
U.S. paused bomb shipment to Israel to signal concerns over Rafah invasion, official says
The U.S. paused a shipment of bombs to Israel last week over concerns that Israel was approaching a decision on launching a full-scale assault on the southern Gaza city of Rafah against the wishes of the U.S.
Former homicide detective explains how police will investigate shooting outside Drake's Bridle Path mansion
Footage from dozens of security cameras in the area of Drake’s Bridle Path mansion could be the key to identifying the suspect responsible for shooting and seriously injuring a security guard outside the rapper’s sprawling home early Tuesday morning, a former Toronto homicide detective says.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Susan Buckner, who played spirited cheerleader Patty Simcox in 'Grease,' dead at 72
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Jeremy Skibicki has 'uphill battle' to prove he's not criminally responsible in Winnipeg killings: legal analysts
Accused killer Jeremy Skibicki could have a challenging time convincing a judge that he is not criminally responsible for the deaths of four Indigenous women, a legal analyst says.
Bye-bye bag fee: Calgary repeals single-use bylaw
A Calgary bylaw requiring businesses to charge a minimum bag fee and only provide single-use items when requested has officially been tossed.
Alcohol believed to be a factor in boating incident after 2 men die: N.S. RCMP
Two Nova Scotia men are dead after a boat they were travelling in sank in the Annapolis River in Granville Centre, N.S., on Monday.