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Calgary senior forced out of longtime home amid rising interest rates

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A Calgary senior said he’s been forced out of his home of more than 30 years after rising interest rates lead to an “unaffordable” mortgage payment.

“I was paying something like $1,100 a month,” John Cufflin told Global News. “Now with the increase in the interest rates I’m paying $2,600 a month.”

Not able to come up with the extra money, the 76-year-old said he had no choice but to sell his character home.

But Cufflin’s struggles didn’t end there. After selling his home, the U.K. native then struggled to find a place to rent.

Calgary’s low vacancy rate has greatly reduced any available rentals and caused prices to spike. The senior, who had to be out by Tuesday at noon, finally found a temporary place through a “friend of a friend” Monday night.

Global's Tomasia DaSilva reports.

For more info, please go to https://globalnews.ca/news/10062116/calgary-senior-forced-out-home-rising-interest-rates/

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Category
U.S. & Canada
Tags
global news, calgary, senior
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