When James Sloan Mell bought this Langley town home in 2018 it was to fulfill a dream family growing growth but with growing interest rates owning this home came at a steeper price than he ever imagined having to give up a certain quality of life everything has changed the grocery habits
The the food my dog eats the um the length of distance of which vehicle we drive and for how long and so he and his husband have decided to sell their dream and go back to the rental market oh we’re gutted we are absolutely gutted downsizing something many are
Considering now given the bank of Canada’s historic surge in its key interest rate from 1% in April of last year to 5% in its most recent bump but oddly enough BC’s mortgage delig quency rate which is the percentage of homeowners that are overdue in their mortgage payments has stayed steady so
How are people still able to make their mortgage payments with interest rates skyrocketing people are modifying their payment strategies so instead of the accelerated payments that they were making previously they’re reducing that to the minimum and even getting creative with finding savings elsewhere they’re going down to a one car household or
Getting less expensive veh Vehicles they’re taking on students billets or renting out parking or storage areas within their home mortgage brokers say banks are also allowing some leniency there is a lot of options as far as the reamortization relooking at a at a refinance different things like that
Before you get into a um into a situation where you’re not paying your mortgage but how long can that last pessimist side hopes hopes hopes like crazy it doesn’t go up much more cuz I don’t there we’re I think we’re at a Breaking Point right now for those who feel
Stretched thin their downsizing has a big upside we’ll be in a position after we move into this rental from the sale of our house to actually bank money hoping a smaller home means a grander quality of life kaml corali Global News
With interest rates now at multi-decade highs, some families are selling their homes to get out from under their mortgages and soaring monthly payments.
After crunching the numbers, James Sloan-Minshull and his husband decided to sell their Langley, B.C., townhouse and dive back into the rental market.
They purchased their home in 2018 with the dream of owning property, having more space and access to trails and the outdoors.
“At that point, the interest rates were low enough where your mortgage payments were actually lower than your rental payments,” Sloan-Minshull explained.
However, with growing interest rates, owning the home came at a steeper price than they ever imagined, meaning they had to give up a certain quality of life. Global News reporter Kamil Karamali has more.
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You make everything so easy to understand, thank you for breaking it down?
It's very useful, thank you!?
You have my full attention, thank you for your videos!?
Serves them right for choosing a prime + mortgage. Idiots will always lose money it is just a matter of when.
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I said no way the Canadian media could do a honest report and they it got all gay
His ears say it all
Hit 200k today. I'm really grateful for all the knowledge and nuggets you had thrown my way over the last months. Started with 14k in June 2022<<
I would keep the home and use it as a rental for someone who can afford it or make it an Airbnb and charge 300 -400 a night.
Amazing, lets raise the rates to protect the most vulnerable. Meanwhile most vulnerable destroyed by those rates. Today they figured out frequent businesses increases are the ones contributing to the inflation and can’t be tamed by just increasing the rates.
Breaks my heart! Blessing to this family!
I cant go back to renting. Atp its more expensive
To rent!!!!!???
Thank FJT he is solely responsible.
Perhaps BC will start to vote differently at the provincial and federal level.
Maybe more interest rate hikes will solve it? ?
ok, if he bought it in 2018 and selling it now, he made some decent money…
in 2018, Langley TH, I'm going to guess, would been around $500k. Currently Langley TH are selling $800k and up.
He's didn't lose everything….
and hoping that bubble will burst and he can get back in the market…that's a big mistake…
This is sad for him and his husband but I’m afraid this is going to become all too common in the next 2 years. Please Canada we need to get rid of Trudeau so this country has a chance and people losing their homes stops happening.
If the government stops Chinese money laundering into BC, then they can control housing prices.
I escaped the debt spiral 6 years ago, it’s way to easy to borrow when you’re a home owner with equity. It is going to be devastating for over leveraged home owners if the market cools.
The debt and high rents is insane, I don’t think enough people have made peace with this reality yet. Let’s hope things normalize and the bank doesn’t pump the rates up anymore.
Nice decision, recession now.