Rising Interest Rates Compel B.C. Condo Owner to Sell Property

A South Surrey condo owner, who has lived in the same property for 14 years, is reluctantly putting the place on the market. The decision comes after learning that the mortgage payments will nearly double, leaving the owner with no viable alternative. Despite considering the option of getting a roommate, they are concerned about the financial dependency it would entail. A mortgage planner advises homeowners to seek professional advice and explore all available options, suggesting that temporary measures may help alleviate the impact of the current high interest rates. The owner, aiming to maintain some financial flexibility, plans to become a renter after selling the condo, possibly moving to a more affordable area until re-entering the housing market

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