While the Bank of Canada has raised its key rate several times since 2022, a woman in Ontario must now sell her house because she cannot make her mortgage payments, reports VAT News.
It was in January 2022 that Cora Cook bought a single-family home in Springwater, north of Toronto.
At the time, she was paying $2,850 a month in mortgages. But with rising rates, she now has to pay more than double that, or $6,200 a month, according to the Barrie Advance.
She opted for the variable rate when purchasing her property.
Although she wants to keep her house, she feels she has no choice but to sell it.
“Having to leave the house that we have put so [d’effort], sweat, tears to build. Everything was tailor-made for our family, and to give it up is really hard […] we are considering renting [un logement] at $4,000 a month,” says the woman whose husband works two construction jobs.
“We make a good living. We have good jobs,” adds the young woman.
Ms. Cook also had to make up for the losses suffered during the COVID-19, where she had to close her business for a few weeks.
Many reacted to this sad news, including the leader of the Conservative Party of Canada (CPC), Pierre Poilievre.
“A woman loses her house, while the mortgage payments amount to $6,200. Trudeau said rates would stay low just before his deficits forced the Bank of Canada to raise them,” the conservative denounced on X, formerly Twitter.
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2023-08-18 22:13:33
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