Mortgage renewals, insurances costs put the squeeze on B.C. homeowners

Looming mortgage renewals and mushrooming home insurance hikes are set to put the squeeze on B.C. homeowners in 2024.

“I'm just looking at some of the renewals that I did in March and April. … There's somebody that's got three homes of value and last year they paid about $15,500 for their insurance. Their renewal was $21,000, which is a 29 per cent increase.” “The renewal conversations are different than in my 17 years, we're having more conversations around, ‘What does your budget look like? How much is left at the end of the month? Or is there anything left? Have you accumulated debt outside your mortgage?”

While the Equifax numbers show the weight of interest rates and inflation on households, Deane said these numbers look more alarming than they are.Vancouver’s delinquency rate is 1.07 per cent as of the fourth quarter of last year, with B.C.’s delinquency rate at 1.19 per cent, according to Equifax.

Source: Loan Digest (loandigest.net)

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