How Vancouverites are dealing with mortgage rate hikes | Urbanized

From getting a roommate to extending the time they’ll carry a mortgage, Budhwani is one of many Metro Vancouverites thinking of creative ways to avoid selling their home as interest rate increases drive up monthly payments. Borrowers could see a 30 to 40% uptick in monthly mortgage payments, the CMHC warned, and the lion’s share of that shock is yet to come. About a third of mortgage holders have already seen their monthly payments increase, but another 2.2 million mortgages are scheduled to be renewed in the next two years.