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
Freeland leaves capital gains tax change out of coming budget implementation bill, here's why
Deputy Prime Minister and Finance Minister Chrystia Freeland will be tabling yet another omnibus bill to pass a sweeping range of measures promised in her April 16 federal budget, though left out of the legislation will be the government's proposed capital gains tax change.
Ontario woman surprised after 20-year-old fines suddenly tank credit score
An Ontario woman says that she was shocked when provincial fines from 20 years ago suddenly tanked her credit score last week, but the situation may not be as unusual as it seems, according to at least one debt expert.
Anger can harm your blood vessel function, study shows
Stress and anger can have a negative impact on cardiovascular health, studies have shown. New research points to just how the mechanism may work.
Avalanche eliminate Winnipeg Jets from playoffs with 6-3 road win
Mikko Rantanen's first two goals of the playoffs propelled the Colorado Avalanche to a 6-3 victory over the Winnipeg Jets on Tuesday that clinched their opening-round playoff series in five games.
Protesters clash at UCLA after police clear pro-Palestinian demonstrators from Columbia University
Dueling groups of protesters clashed Wednesday at the University of California, Los Angeles, grappling in fistfights and shoving, kicking and using sticks to beat one another. Hours earlier, police carrying riot shields burst into a building at Columbia University that pro-Palestinian protesters took over and broke up a demonstration that had paralyzed the school while inspiring others.
Will an 'out of sight, out of mind' cellphone policy make a difference in Ontario schools?
Ontario’s cellphone ban in schools has been met with mixed reaction, with some teachers concerned about constant policing of kids and experts applauding the change as necessary for student learning.
WATCH Arnold Schwarzenegger spotted filming in Elora, Ont.
The name of the project has not been officially released although it’s widely believed to be the Netflix series FUBAR.
Poilievre kicked out of Commons after calling Prime Minister Justin Trudeau 'wacko'
Testy exchanges between the prime minister and his chief opponent ended with the Opposition leader and one of his MPs being ejected from the House of Commons on Tuesday -- and the rest of Conservative caucus walking out of the chamber in protest.
National strategy must recognize caregivers as 'backbone' of society: centre
Canadians need help looking after family members who are aging, sick or have disabilities, and many caregivers are seniors who need help themselves, says a new report calling for a national strategy that recognizes the mental and financial toll of the job.