In the frigid depths of February, Josie Dye is already dreading the summer. It should bring sunnier times. But instead the thought fills her with fear.“My mortgage is up for renewal.”
“For some people who are looking at renewals this year, they are getting a bit stressed in terms of how much that amount is going to be compared to what they had before,” said mortgage broker and LowestRates.ca expert Leah Zlatkin. Dye bought her home, on the border of the old city of Toronto and Scarborough, about seven years ago and still has a “huge” mortgage of around $680,000. When she blended it with a line of credit in 2018 she signed at about 1.9 per cent. Which means she’s soon going to be facing a “really scary,” “significant jump” in her monthly spending.
People live beyond their means and don’t budget accordingly I think people should be required by law to take house budget course before granting them their mortgage
When my partner and I got married in 2000 we purchased our first home. In the first few years we had little furniture and two crappy old cars . We made ends meet. We did not buy fancy electronics and other toys
And?
Remember what they said in 2021
This is nothing new, it happened in the 80's. When you make poor financial decisions, decide to overextend your budget and take the risk, then you accept the consequences.
You voted for Trudeau Liberals though 🤔🤔.
Votes have consequences. Enjoy the suffering GTA. You’ve earned it.
here come the big players with big bread to re-scoop it all up... cycle of life...
“The readiness is all “
Paid an extra $7,000 in last 6 months interest alone!
Wait t'il they figure out that there's nowhere for them to go they're stuck in that house, no apartments to be had, whatever is left is dwindling every day, every fire, every 'transformation' into condos there's less and less apartments.
Time for government to reduce taxes and cut the civil servants!
Mine renewed in Nov. wow I find it difficult on a fixed pension.
I always had fixed mortgage rates. As the interest rate was always low, I changed to variable rates. Then a few months later, interest rates goes up. Lucky me!
Predictable outcome… when mortgage rates were 1.9% so many people thought it was a great idea to take on a big mortgages but now it’s time to renew and now they are hovering around 5.5%… and suddenly they realize they can’t afford it?!
Yup, this will have a ripple effect in the overpriced markets. That’s why I really doubt this “mild” recession is going to be mild.
Votes have consequences. I hope the GTA suffers immense loss, it is seemingly the only thing that will slap them into reality.
It's great to have multiple properties, all mortgage free.🤣🤣🤣
No Sh*t sherlock. The horrors these people are about to experience are once again being understated.
Please remember: it wasn’t the pandemic, it was the response to the pandemic.
ask them how many homes they bought in sold in 5 years
Blame him
For her sake, I hope it's not with Scotia.....
And yes it's all the governments fault that they are financial dunces. When rates were at historical lows the prudent thing to do would be to lock in for ten years. Did they think interest rates would go into the negative 🙄
Underwater home owners are their own worst enemy! Banks who gave these people $$$ for properties they couldn't afford should be penalized, as well!
This is coming for many people....buckle up.
Here come the sob stories. When her home was going up 30% a year it was good times. Now rates are up and it’s time to suck it up and figure out what options are available.