The disturbing news that foreclosures are rising in parts of B.C. comes at the same time as banks are planning to hike mortgage rates. This is not good news for homeowners barely making their payments.
Frankly, it's surprising that so many hardworking Metro Vancouver residents are actually able to afford buying their own homes in the first place, what with our region's very expensive prices. How expensive? This recent survey ranked Metro Vancouver as the most unaffordable metropolitan area in the world.
Many reasons explain why housing prices are so astronomic here, most involving the scarcity of land due to natural and artificial influences. But regardless of the causes, the prices are very high and there's no sign of a decline.
That's why city governments have to be so careful with their budgets--careful not to burden homeowners with the sort of property tax and utility bill hikes we've been seeing in Coquitlam in recent years.
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