Christine and Barry S. relocated to Campbell River, B.C., in the summer of 2016. They had lived and worked in Vancouver with their three young children, paying very high rent. They moved back to Vancouver Island to get into the real estate market and to be closer to family. Due to the limited rentals in Campbell River, they could not find a place and they moved in with Christine’s parents. They both have jobs, including Christine, who is a registered nurse, working both in Campbell River and a hospital in Vancouver for two weekends per month.
In September 2016, they had pre-approval and were ready to move forward on a modest house just under $300,000, with a suite for a mortgage helper.
Unfortunately, the deal fell through just prior to the deadline of the new mortgage rules. Because the deal collapsed, they were now under the new rules and no longer qualified for a suitable home for a family of five. Ironically, they are now renting a home for $1,500 per month, which is $300 more than they would have been paying on their new home before the changes.