Calgary senior concerned she won't be able to afford mortgage come her renewal
Calgary senior Brenda Willy is still living in the house she bought 36 years ago, but now she's worried she might have to sell.
"I had left my husband and was looking for a place to live," said the Midnapore resident.
"I came across this place and snapped it up. I've been in love with it ever since. I have so many memories here."
Willy says her mortgage is up for renewal next summer, and with interest rates going up, she expects to pay close to $300 more a month – money she says she doesn't have.
"Things are very tight for me, very tight," she said. "I'm a low-income senior, I have my mortgage, I have my taxes, I have a small loan that I had to take out for my water tank because I couldn't afford to pay it all at once - those are my major expenses. Food, utilities is huge, to run a vehicle and all that, just overall maintenance of a house is expensive."
Willy says the only way she may be able to stay in her home is if she extends her mortgage for 30 more years, an arrangement she says will likely outlive her.
Charles St. Arnaud, chief economist with Alberta Central, says more and more Canadians are being forced into similar situations.
"It started earlier this year with some people who had variable rate mortgage where their interest payments started to eat up all the payments that were going toward the principle," he said.
"We are seeing more and more borrowers that are in the same situation, and will have to extend their loan period to be able to cope with the high interest rates."
Willy says she never thought at this point in her life she'd be struggling to find a place to live."
"I've paid taxes in this country, I've worked since I was 16 years old," she said.
"They say they want seniors left in their homes, yet its getting to the point of how can we afford to stay in our homes?"
CTVNews.ca Top Stories
4th Indian national arrested, charged with murder of Hardeep Singh Nijjar
Homicide investigators in B.C. say murder charges have been laid against a fourth Indian national in connection to the killing of Sikh activist Hardeep Singh Nijjar outside a Surrey gurdwara last year.
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
Man ticketed after allegedly trespassing again at Drake's Bridle Path mansion to get his bike
A man who tried to access Drake’s Bridle Path mansion earlier this week returned to the property Saturday and was apprehended again for allegedly trespassing, Toronto police say.
Couple randomly attacked, 1 stabbed, by group of teens in Toronto, police say
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
Millions of Canadians have been exposed to potentially toxic chemicals, and they're not going anywhere
For decades, North Bay, Ontario's water supply has harboured chemicals associated with liver and developmental issues, cancer and complications with pregnancy. It's far from the only city with that problem.
Biden calls Trump 'unhinged,' says 'something snapped' in former president after he lost 2020 U.S. election
U.S. President Joe Biden on Saturday called Donald Trump “clearly unhinged” and claimed that “something snapped” in the former president after he lost the 2020 election.
Wildfire that forced evacuation of Fort Nelson, B.C., caused by tree falling on wires, mayor says
The wildfire that prompted the evacuation of more than 3,000 people near Fort Nelson, B.C., was caused by a tree falling on wires, according to the municipality's mayor.
Switzerland's Nemo wins 68th Eurovision Song Contest
Swiss singer Nemo won the 68th Eurovision Song Contest on Saturday night with 'The Code,' an operatic ode to the singer’s journey toward embracing their nongender identity.
IN PICTURES Northern lights dance across the night sky in southern Ont.
From London, to Grand Bend, Collingwood and Guelph, here are some highlights of Friday night and Saturday morning's northern lights display.