Interesting discussion regarding the weight of debt that many millenials are currently struggling with in Canada. See video at bottom of this post. In recent years, especially during the pandemic, many millenials and first-time buyers jumped into a frenzied real estate market to make a purchase. That was especially true in Metro Vancouver and the Fraser Valley housing markets.
It may be that many of these recent homebuyers didn't adhere to long-standing affordability metrics and maybe got swept up by emotion and/or FOMO.
If you are a Metro Vancouver or Fraser Valley area homeowner struggling under the weight of mortgage debt and would like an exit from being house poor, consider listing your home for sale. I can work out a flexible commission structure that could help ease the pain of selling, if that is a factor. The mental and physical stress that debt can have on an individual, couple or family can be consequential.
If you would like a free market evaluation of your home and to discuss some alternative housing options that may be more affordable and sustainable, please don't hesitate to contact me.
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