Higher rates have slowed overall sales but prices in markets like Toronto have increased by about 3% since last year.
Those not buying or selling but whose mortgages are up for renewal are facing challenges, with some being forced to sell or risk losing their homes.
In this episode Des and Jason Georgopoulos of Dominion Lending Centres discuss strategies for managing these tough times, including re-amortizing mortgages to 25 or 30 years for lower payments, taking out short-term second mortgages, and using lines of credit for interest-only options.
They also discuss the power of sale proceedings in Canada, where banks sell properties for homeowners in arrears, and the potential for interest rate relief in the near future.
Listen For
3:33 The Impacts of Rate Increases on Homeowners
5:37 Forecast of Mortgage Renewals and Market Impacts
16:50 Strategies for Managing Higher Interest Rates
Guest: Jason Georgopoulos, Mortgage Broker
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