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"Gutted": BC couple sells home to go back to renting amid rising mortgage rates

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With interest rates now at multi-decade highs, some families are selling their homes to get out from under their mortgages and soaring monthly payments.

After crunching the numbers, James Sloan-Minshull and his husband decided to sell their Langley, B.C., townhouse and dive back into the rental market.

They purchased their home in 2018 with the dream of owning property, having more space and access to trails and the outdoors.

“At that point, the interest rates were low enough where your mortgage payments were actually lower than your rental payments,” Sloan-Minshull explained.

However, with growing interest rates, owning the home came at a steeper price than they ever imagined, meaning they had to give up a certain quality of life. Global News reporter Kamil Karamali has more.

For more info, please go to https://globalnews.ca/news/10000476/mortgage-rates-rising-bc-selling-versus-renting/

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Category
U.S. & Canada
Tags
global news, global bc, bc mortgage rates
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