{"id":19122,"date":"2023-06-14T18:25:48","date_gmt":"2023-06-14T18:25:48","guid":{"rendered":"https:\/\/ambassadornews.org\/?p=19122"},"modified":"2023-06-14T18:25:52","modified_gmt":"2023-06-14T18:25:52","slug":"the-increasingly-narrow-path-to-owning-a-house-without-becoming-house-poor%ef%bf%bc%ef%bf%bc","status":"publish","type":"post","link":"https:\/\/ambassadornews.org\/en\/the-increasingly-narrow-path-to-owning-a-house-without-becoming-house-poor%ef%bf%bc%ef%bf%bc\/","title":{"rendered":"The increasingly narrow path to owning a house, without becoming house poor\ufffc\ufffc"},"content":{"rendered":"

What it’s like when rents, purchase prices and interest rates all rise at the same time<\/p>\n\n\n\n

Like many Calgarians, Joss Engen\u00a0was looking for a bigger house for his growing family and finding few options within their budget<\/p>\n\n\n\n

They started looking in the $350,000 to $400,000 range. That was four years ago<\/p>\n\n\n\n

They did put in offers on four homes, he said, only to find they’d been outbid by people bringing all-cash offers, waiving conditions or offering as much as $50,000 over the asking price<\/p>\n\n\n\n

It’s kind of a dog-eat-dog world<\/q>\u00a0he said<\/p>\n\n\n\n

After years of looking and saving, they were able increase their budget to the $450,000 to $500,000 range, and started to find more options that met their needs. But that’s also when interest rates started to rise<\/p>\n\n\n\n

Ultimately, they bought a house in the deep southeast community of Cranston, where they moved in\u00a0just last week. It’s a bit further afield than the condo they used to rent near Mount Royal University and \u2014 at $521,000 and a 4.89-per-cent interest rate \u2014 a fair bit more than they were initially hoping to spend<\/p>\n\n\n\n

But they made a conscious decision to adjust their lifestyle in order to afford their new home<\/p>\n\n\n\n

“We basically have to cut all discretionary \u2014 well, not\u00a0all<\/em>\u00a0discretionary \u2014 but basically all discretionary spending,” he said<\/p>\n\n\n\n

For them, it’s worth it to give their kids, aged 3 and 5, a larger home with a yard. They had also looked at renting a house but found the\u00a0asking prices for rent<\/a>\u00a0to be even higher than what they figured their monthly costs would be for purchasing a similar home<\/p>\n\n\n\n

More and more Calgarians are finding themselves in similar situations as rents, house prices and interest rates all increase at the same time, while\u00a0the number of available homes shrinks\u00a0<\/a><\/p>\n\n\n\n

The reality of finding a place to live in the city has changed so much, so quickly, that people who haven’t been actively looking might not recognize what it’s like these days<\/p>\n\n\n\n

‘Two solitudes’<\/h2>\n\n\n\n

It’s a issue across the country, says\u00a0Ron Butler, a longtime mortgage broker who’s based in Toronto but watches trends in the real-estate market nationally<\/p>\n\n\n\n

Today, he doesn’t mince words \u2014 using terms like\u00a0crisis<\/q>\u00a0and\u00a0calamity<\/q>\u00a0\u2014 when it comes to the situation prospective homebuyers are facing, especially in cities like Toronto and Vancouver but, increasingly, Calgary as well<\/p>\n\n\n\n

We have this rapid rise in interest rates and we have crazy house prices<\/q>\u00a0he said<\/p>\n\n\n\n

“Calgary has gotten crazier\u00a0in the last 18 months<\/a>, that’s for sure”<\/p>\n\n\n\n

He notes the surge in mortgage rates has come after a long period of rock-bottom interest\u00a0and effectively free money\u00a0(new window)<\/a>, so the\u00a0calamity<\/q>\u00a0might not be so obvious for those who have lived in the same home for years<\/p>\n\n\n\n

There’s kind of two solitudes in Canada,<\/q>\u00a0he said<\/p>\n\n\n\n

There are people who bought a house 10, 15 years ago and their mortgage payments are ultra manageable. And there’s … the rest of the people, who are faced with either move-up buys, buying for the first time, rental rate increases\u00a0\u2014\u00a0 and you’d be surprised how much the first group thinks zero about the second group<\/q><\/p>\n\n\n\n

The Bank of Canada, which continues to\u00a0ratchet up lending rates\u00a0(new window)<\/a>\u00a0in its ongoing battle with inflation, certainly thinks about the second group<\/p>\n\n\n\n

‘Financial vulnerabilities’<\/h2>\n\n\n\n

Among\u00a0the “indicators of financial vulnerabilities” that the bank tracks\u00a0<\/a>is the proportion of new mortgages in which the borrower is spending more than a quarter of their gross income on mortgage payments, alone<\/p>\n\n\n\n

Tat proportion has tripled among first-time homebuyers, growing from less than 13 per cent to nearly 44 per cent, in the span of a year<\/p>\n\n\n\n

Other data suggest a growing number of people are becoming house poor, devoting so much of their money to basic shelter costs that it leaves little\u00a0\u2014 or nothing\u00a0\u2014 left for everything else<\/p>\n\n\n\n

Mortgage delinquencies are not on the rise, but people tend to pay their mortgages first. Consumers are increasingly relying on credit, however, and missing payments on other types of loans, according to the credit monitoring agency Equifax Canada<\/p>\n\n\n\n

At the end of last year, younger and lower income individuals were showing increased difficulty in making payments<\/q>\u00a0Equifax analyst Rebecca Oakes\u00a0said in a recent report<\/a><\/p>\n\n\n\n

We are now starting to see more homeowners struggle as well, especially following mortgage renewals where payments have risen significantly<\/q><\/p>\n\n\n\n

Average monthly mortgage payments for first-time homebuyers\u00a0in Alberta grew by 33 per cent in the past year, according to Equifax data<\/p>\n\n\n\n

Coupled with the broader effects of inflation, Butler says, surging interest rates have also created stress for families with variable-rate mortgages or those who have recently renewed<\/p>\n\n\n\n

Some of these folks are having to borrow on their credit cards to get some key things done in their lives<\/q>\u00a0he said<\/p>\n\n\n\n

Because let’s face it, when your car insurance comes up for renewal and you’re used to paying it annually, and all of a sudden there’s the bill and it’s: ‘How are we going to pay this? ‘Cause my mortgage payment just went up $800’<\/q><\/p>\n\n\n\n

‘Bizarre feudalism’<\/h2>\n\n\n\n

In some of Canada’s priciest real-estate markets, Butler says home ownership has almost become a type of\u00a0bizarre feudalism<\/q>\u00a0in which the only way most people can afford to buy a home is if they receive an\u00a0inheritance or other forms of financial support from family members<\/p>\n\n\n\n

If your parents were well off and had a paid-for home that escalated greatly in value, then you too can have a home<\/q>\u00a0he saidBut, by the way, all of you people whose parents didn’t own a home, I guess your destiny is a lifetime of serfdom. You will never own a home<\/q><\/p>\n\n\n\n

Calgary, he notes, is not like that, but he worries about what the current situation will mean not just for people struggling to buy a home today, but for those same people decades from now, when they’re trying to retire<\/p>\n\n\n\n

Not having to make a mortgage payment when you’re 60, 65 … is an incredibly important piece of your future retirement planning<\/q>\u00a0he saidAnd if we make it impossible for young people to start, that is a profound societal disservice<\/q><\/p>\n\n\n\n

As for Engen, his family is loving their new house, even if it comes with some sacrifices<\/p>\n\n\n\n

It may mean longer commutes and\u00a0less money to spend on restaurant meals and going out for entertainment, but it means more time having friends over for dinner and\u00a0kids playing in the yard<\/p>\n\n\n\n

It’s the right fit, for them, but they had to walk a narrow path to get there. And with home prices and interest rates still on the rise, they consider themselves lucky to have found what they were looking for, after four years of searching<\/p>\n\n\n\n

Robson Fletcher<\/a>\u00a0\u00b7\u00a0CBC News\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

What it’s like when rents, purchase prices and interest rates all rise at the same time Like many Calgarians, Joss Engen\u00a0was looking for a bigger house for his growing family and finding few options within their budget They started looking in the $350,000 to $400,000 range. 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