{"id":291819,"date":"2023-09-11T19:00:15","date_gmt":"2023-09-11T19:00:15","guid":{"rendered":"https:\/\/wahi.com\/ca\/en\/?p=291819"},"modified":"2026-02-24T10:35:29","modified_gmt":"2026-02-24T15:35:29","slug":"10-things-to-do-if-you-cant-afford-your-mortgage","status":"publish","type":"post","link":"https:\/\/wahi.com\/ca\/en\/learning-centre\/real-estate-101\/sell\/no-longer-afford-home\/","title":{"rendered":"10 Steps to Take if You Can’t Afford Your Mortgage"},"content":{"rendered":"

[et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width=”95%” max_width=”100%” custom_margin=”||-24px||false|false” custom_padding=”55px||||false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb _builder_version=”4.20.2″ _module_preset=”default” global_colors_info=”{}”][wahi_breadcrumb-link title=”Real Estate 101″ _builder_version=”4.18.0″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjcyMiJ9fQ==@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”Sell” _builder_version=”4.20.2″ _dynamic_attributes=”link_option_url” _module_preset=”default” link_option_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjIxMDYifX0=@” global_colors_info=”{}”][\/wahi_breadcrumb-link][wahi_breadcrumb-link title=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IiIsImFmdGVyIjoiIn19@” _builder_version=”4.18.0″ _dynamic_attributes=”title” _module_preset=”default” module_text_color=”#686E6E” global_colors_info=”{}”][\/wahi_breadcrumb-link][\/wahi_breadcrumb][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”16px||4px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.18.0″ _dynamic_attributes=”content” _module_preset=”default” header_font_size=”3.5rem” header_line_height=”4.5rem” header_font_size_tablet=”42px” header_font_size_phone=”2rem” header_font_size_last_edited=”on|phone” header_line_height_tablet=”4.5rem” header_line_height_phone=”2.75rem” header_line_height_last_edited=”on|desktop” global_colors_info=”{}”]@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF90aXRsZSIsInNldHRpbmdzIjp7ImJlZm9yZSI6IjxoMT4iLCJhZnRlciI6IjwvaDE+In19@[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||1px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][wahi_socialsharing _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][\/wahi_socialsharing][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”15px||0px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|desktop” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}”]<\/p>\n

Higher interest rates are burning mortgage borrowers, but what happens when you can\u2019t afford your next monthly payment? Wahi speaks to financial experts for advice.<\/p>\n

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By Josh Sherman<\/a>\u00a0<\/span>| 3 minute read<\/p>\n

[\/et_pb_text][et_pb_post_title title=”off” author=”off” date_format=”M j Y” categories=”off” comments=”off” featured_image=”off” _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”||17px|||” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][\/et_pb_post_title][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”0px||3px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” width_tablet=”” width_phone=”100%” width_last_edited=”on|desktop” custom_padding=”0px||9px|||” global_colors_info=”{}” width__hover_enabled=”off|desktop”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9mZWF0dXJlZF9pbWFnZSIsInNldHRpbmdzIjp7fX0=@” align=”center” force_fullwidth=”on” _builder_version=”4.18.0″ _dynamic_attributes=”src” _module_preset=”default” custom_margin=”1px||29px|||” border_radii=”on|32px|32px|32px|32px” border_radii_tablet=”on|32px|32px|32px|32px” border_radii_phone=”on|0px|0px|0px|0px” border_radii_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” text_font_size=”1.13rem” text_line_height=”1.75rem” custom_margin=”-18px||2px|||” custom_padding=”||7px||false|false” custom_padding_tablet=”||7px||false|false” custom_padding_phone=”|15px||15px|false|true” custom_padding_last_edited=”on|phone” hover_enabled=”0″ text_font_size_tablet=”1.13rem” text_font_size_phone=”0.9rem” text_font_size_last_edited=”on|phone” locked=”off” global_colors_info=”{}” sticky_enabled=”0″]<\/p>\n

Selling your home because you can\u2019t afford the carrying costs should be the absolute last resort \u2014 there are many alternatives to exhaust first.
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[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”1px||39px|||” da_disable_devices=”off|off|off” locked=”off” global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row _builder_version=”4.18.0″ _module_preset=”default” custom_padding=”16px||16px|||” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.18.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.20.2″ _module_preset=”default” text_font_size=”21px” text_line_height=”1.6em” header_2_font=”||||||||” header_2_font_size=”36px” header_2_line_height=”1.3em” header_3_font_size=”1.25rem” header_3_line_height=”1.88rem” header_4_font=”|700|||||||” header_4_font_size=”1.25rem” header_4_line_height=”1.88rem” text_font_size_tablet=”21px” text_font_size_phone=”16px” text_font_size_last_edited=”on|phone” header_2_font_size_tablet=”36px” header_2_font_size_phone=”25px” header_2_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

It\u2019s not easy out there right now for Canadian mortgage borrowers. Since March 2022, the Bank of Canada has hiked its overnight policy rate 10 times, bringing it from 0.25% up to 5%. These increases have left many homeowners with stretched budgets as they\u2019re on the hook for thousands of dollars more in mortgage payments<\/a> per year.<\/span><\/p>\n

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\u201cIt is a tough time,\u201d says Elan Weintraub, co-founder and director at Mortgage Outlet<\/a>, an independent brokerage. \u201cThere are a lot of people in this scenario, and it\u2019s stressful and tough,\u201d he says. In the worst-case scenarios, borrowers are confronted with the prospect of losing their homes. However, depending on personal circumstances, those who are afraid of going underwater on their loans often have a number of options at their disposal before having to give up their property. Wahi turned to Weintraub and other experts to find out more about what homeowners can do if they can\u2019t afford their homes any longer.<\/p>\n

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1. Take Time to Reflect\u00a0<\/b><\/h2>\n

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Don\u2019t do anything impulsive, and also realize there is no magic solution to financial problems. \u201cWe should take take a very big-picture view, and the first thing that anyone needs to do is to do some self reflection and just ask themselves, \u2018How important actually is owning a home for me, versus having quality of life in other areas?\u2019\u201d Anita Bruinsma, founder of Clarity Personal Finance<\/a>, tells Wahi. \u201cObviously, if you\u2019re stretched on your mortgage payment, you\u2019re going to have to make sacrifices and that means a different kind of life than you\u2019re used to,\u201d says Bruinsma, who holds a chartered financial analyst (CFA) designation. \u201cCertainly talking with a financial coach or financial planner is helpful.\u201d<\/span>\u00a0<\/span><\/p>\n

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2. Look for Ways to Boost Your Income\u00a0<\/b><\/h2>\n

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Weintraub generally breaks down the problem of struggling to meet mortgage payments into two buckets: revenue and expenses. We\u2019ll address the latter in a moment, but in terms of revenue, it really boils down to finding ways to increase your income. \u201cCan you rent out your basement? Can you get a side gig? Drive Uber. Paint houses. Do something on the side to boost your income,\u201d says Weintraub, who also suggests asking your employer for a raise, if possible. In terms of renting out a basement, you could also consider moving into the basement and renting out the rest of the house for more rental income. \u201cThose are the revenue levers,\u201d he explains.<\/span>\u00a0\u00a0<\/span><\/p>\n

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3. Spend Less\u00a0\u00a0<\/b><\/h2>\n

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On the expenses side of the equation, Weintraub talks about reevaluating how you spend your money on a day-to-day basis: \u201cAre you going to Starbucks every day and having a $7 latte? Do you go out to eat? Do you go on vacation? Can you go camping instead of going on a plane?\u201d Trimming discretionary spending can help if you\u2019re a few hundred dollars short each month. But it\u2019s likely not enough in more serious scenarios, Bruinsma cautions. \u201cWhen you\u2019re in\u2026 a more dire situation, cutting back on little things like eating out and buying fewer clothes or whatever \u2014 that\u2019s probably not going to cut it. You\u2019re not going to find $1,000 a month unless you\u2019re spending excessively.\u201d (An exception is if you\u2019re leasing a car and can live without it.)<\/span><\/span><\/p>\n

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4. Extend the Amortization Period\u00a0\u00a0<\/b><\/h2>\n

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The most common amortization period in Canada is 25 years. Amortization is the length of time a borrower will be paying off a loan \u2014 but it\u2019s not always set in stone. For example, if a homeowner has been making mortgage payments for five years, their original amortization should have decreased by the same number. In that case, there could be the opportunity to bump the amortization period back up to 25 or 30 years. Doing so brings down monthly mortgage payments, although the <\/span>borrower pays more towards interest<\/span><\/a> over time.<\/span> Note: This isn\u2019t really a viable option for more recent borrowers who have less wiggle room in terms of extending the amortization period. \u201cIn general, it\u2019s not going to work for a more recent buyer. Maybe if they put a massive downpayment or something like that, but for the typical most-recent buyer, I don\u2019t think that\u2019s going to help.\u201d\u00a0<\/span><\/p>\n

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5. Get an Unsecured Line of Credit\u00a0\u00a0<\/b><\/h2>\n

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Make no mistake: Taking out an unsecured line of credit is not a sustainable long-term solution. But it could be a short-term fix to cover immediately looming payments. \u201cYou could potentially borrow money just to manage your cash flow in the short-term,\u201d says Weintraub. \u201cThat\u2019s just to solve the very acute and short-term problem that you\u2019re facing,\u201d he adds. For example, if you\u2019re expecting a bonus in the coming months or perhaps starting a new job in the not-too-distant future, this additional loan could help you avoid unnecessarily missing a mortgage payment or two. \u201cUnfortunately, you\u2019re borrowing money at a higher rate to pay down a lower rate,\u201d notes Weintraub. Worse yet, using an unsecured line of credit to float finances for more than a few months runs the serious risk of adding to a borrower\u2019s woes. <\/span>\u201cYou could just end up with even more debt and you still have the same problem,\u201d says Bruinsma.\u00a0<\/span><\/p>\n

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[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ admin_label=”Section” module_id=”sell-widget” _builder_version=”4.24.2″ _module_preset=”default” background_color=”#f0faf4″ custom_padding=”0px||0px||false|false” da_popup_slug=”sell-widget” da_disable_devices=”off|off|off” global_module=”300579″ global_colors_info=”{}” da_is_popup=”off” da_exit_intent=”off” da_has_close=”on” da_alt_close=”off” da_dark_close=”off” da_not_modal=”on” da_is_singular=”off” da_with_loader=”off” da_has_shadow=”on”][et_pb_row column_structure=”1_2,1_2″ make_equal=”on” _builder_version=”4.24.0″ _module_preset=”default” background_enable_color=”off” module_alignment=”center” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_image src=”https:\/\/wahi.com\/wp-content\/uploads\/2025\/01\/Realtors-Card.png” alt=”Find a Realtor for You” title_text=”Find a Realtor for You” src_tablet=”” src_phone=”https:\/\/wahi.com\/wp-content\/uploads\/2024\/04\/Frame-7115-1.png” src_last_edited=”on|phone” _builder_version=”4.24.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.24.0″ _module_preset=”default” custom_css_main_element=”margin: auto;” global_colors_info=”{}”][et_pb_text _builder_version=”4.24.2″ _module_preset=”default” header_font=”Poppins|700|||||||” header_line_height=”44px” header_2_font=”|700|||||||” header_2_font_size=”22px” header_2_line_height=”44px” max_width=”100%” max_width_tablet=”” max_width_phone=”270px” max_width_last_edited=”on|phone” module_alignment=”center” custom_margin=”||10px||false|false” header_text_align_tablet=”” header_text_align_phone=”center” header_text_align_last_edited=”on|phone” header_font_size_tablet=”” header_font_size_phone=”30px” header_font_size_last_edited=”on|desktop” custom_css_main_element=”font-weight: 800 !important;” custom_css_free_form=”#sell-widget h1{|| font-weight: 700 !important;|| font-size: 30px;||}” global_colors_info=”{}”]<\/p>\n

Find the Right REALTOR\u00ae for You<\/h2>\n

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We’ll match you with a proven agent in your area.<\/p>\n

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6. Ask the \u201cBank of Mom and Dad\u201d for Help \u00a0<\/b><\/h2>\n

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\u201cAnother idea is to borrow money. Borrow money \u2014 I hate to say it \u2014 from parents,\u201d says Bruinsma. Many first-time have already received help from parents when purchasing a home, she notes. One 2020 survey even suggests 90% of first-time buyers in BC<\/a> got a hand from parents. \u201cIf your parents didn\u2019t do that for you but they are in a position to do it, this is probably the time to ask for that money,\u201d she says. \u201cThat money can be a loan and then you want to agree to the loan terms. It could be a straight-out gift, or it could be an early inheritance.\u201d Bruinsma acknowledges that it can be difficult to discuss an early inheritance but that it might be the best solution sometimes.<\/span><\/p>\n

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7. Sell Other Assets\u00a0<\/b><\/h2>\n

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Whether it\u2019s a hard asset, like a secondary property, or a soft asset, like stocks, anything is hypothetically on the table. However, be aware of the tax implications. For example, in both the case of selling a cottage or some stocks, you\u2019ll have to pay tax on the capital gains<\/a>. <\/span>That said, selling certain assets can have the added benefit of helping you reduce overall monthly spending moving forward. For instance, say you sold a Sea-Doo or a boat. You\u2019d also be canceling your insurance, marina fees, and associated upkeep and gas expenses. \u201cIt\u2019s not just selling the asset, it\u2019s changing your lifestyle\u2026 to eliminate all of those extra costs,\u201d says Bruinsma.<\/p>\n

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8. Dip Into Your Savings\u00a0<\/b><\/h2>\n

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\u201cDipping into your savings is definitely an option for those people who are only short a little bit every month, and it\u2019s not super-drastic,\u201d says Bruinsma. However, she realizes that many younger to middle-aged Canadians don\u2019t have much in the way of rainy-day funds. That raises concerns for the Clarity Personal Finance founder. \u201cSo then the temptation is to dip into the retirement fund, and this is where I would get very, very cautious and very nervous, particularly if those funds are sitting in an <\/span>RRSP<\/span><\/a>,\u201d she says. For one, any money you take out of a Registered Retirement Savings Plan is considered taxable income, but that\u2019s not all. \u201cOf course, you\u2019re sacrificing your future,\u201d Bruinsma points out. \u201cWhen you get out of this mortgage crisis, you have to rebuild your retirement savings again, and that can genuinely defer your ability to retire by five or 10 years \u2014 or more.\u201d<\/span><\/p>\n

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9. Consolidate Your Debt \u00a0<\/b><\/h2>\n

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For homeowners with various sources of debt \u2014 such as outstanding credit card debt or car loans, or the aforementioned unsecured line of credit \u2014 all those payments can add up. Working with your bank to consolidate the debt by refinancing it into a single loan is an idea worth exploring. \u201cGetting a debt consolidation loan can lower the monthly payment. It may even lower your interest rate, if you have credit-card debt, so I think that is a very smart solution whether you have problems with your mortgage or not.\u201d<\/span><\/p>\n

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10. Sell Your Home \u00a0<\/b><\/h2>\n

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Throwing in the towel and selling your home is the \u201clast resort,\u201d both Weintraub and Bruinsma agree. For starters, there could be penalties for breaking your mortgage. And, earlier, when you purchased the home, you would\u2019ve already paid land transfer taxes, REALTOR\u00ae fees, legal fees, movers, and more. All of these expenses can erase any potential gains. Depending on when you purchased it, selling your home might even leave you further in the hole. The total transactional costs of buying and selling could equal 7 to 10% of the price of the home, Weintraub estimates. He emphasizes the importance of exhausting all other options before selling. \u201cIf you sell, then what are you going to do?\u201d he asks, noting how competitive and expensive Canada\u2019s rental markets are today. \u201cAre you just solving one problem and getting another one the next day?\u201d<\/span><\/p>\n

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Wahi Writer<\/p>\n

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Become a Real
Estate Know-It-All<\/span><\/h2>\n

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