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.

Continue to full article






Leave a Reply

Your email address will not be published. Required fields are marked *