But experts say while that option may be on the table, there are steps financially stretched homeowners can take before putting a "For Sale" sign on their front lawn.
"It's not the time to focus on cutting out lattes," she said. "You want to make sure you're making some big changes and it needs to be sustainable." "If you have the opportunity to work with a mortgage broker, make sure you shop around," he said. "Because one per cent or a half per cent savings could be very valuable in today's environment."
"It is a bit misleading," he said. "Whether you are low-income or a high-income person, provided you have a mortgage, these rates are affecting you." "We see that happening in our community," he said. "A lot of older generations would like to see the fruits of their hard work benefit the family while they're still alive.""Mortgage is typically the very last thing that someone would let go," said Western-Macfadyen. "They probably maxed out their credit cards and lines of credit and at that point, they just don't see any other alternatives.
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