The variable rate mortgage on his primary and investment properties reached historic lows of 1.5 per cent. The monthly payment for his primary residence sat at around $730 and his rental property payments came in at around $1,100 .
“I basically have no life,” he says. “Luckily my income is still strong but I’m very conservative when it comes to financial stability. If interest rates rise drastically, I back off on everything else to avoid filing for bankruptcy.” “People are getting hit from all sides right now with rising costs,” he said. “But the last thing you want to do it sell your home. So, you cut back costs everywhere else.”
“People really need to cut back,” she says. Oftentimes, cutting discretionary spending can help pay for added mortgage costs.“People think an emergency fund is when you lose your job, but it’s not always the case. It can be used for moments like this to help with increased mortgage payments.” “Don’t default if you don’t have to,” Gray says. “It’s a big red flag to the bank if you miss a payment or two.”
He most likely got a fraudulent mortgage backed by the taxpayer CMHC_ca. Mortgage fraud is so easy in Canada. Immigrants come here just for the fraudulent mortgages. This person needs to sell and get sued for the difference. These speculators have ruined Canada.
Does anyone feel sympathy for this guy?
Increasing interest payments on what is now a depreciating asset. Ouch!
Guess he wasn't around when the first trudeau tried to ruin Canada.
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