Having trouble paying your mortgage in Winnipeg? You’re probably not alone.

Depressed oil prices, shaky international stock markets, the plunging value of the Loonie and dramatically increasing food prices are just a few of the factors that have made it more difficult for Canadians to get their the bills paid on time. And it’s not about to get any easier.
Food prices are expected to increase by another 2-4 percent in 2016, in addition to the five percent they increased in 2015.

A recent Ipsos poll found that almost 4/10 Canadians believe it’s harder to make ends meet than it was five years ago and according to the recent Household Indebtedness and Financial Vulnerability report released by the Parliamentary Budget Officer, “In the third quarter of 2015, total household debt (i.e., credit market debt plus trade payables) reached 171 per cent of disposable income. In other words, for every $100 of disposable income, households had debt obligations of $171. This is the highest level recorded since 1990.”

The point is, there are more Canadians struggling to pay their mortgages than you might think, and while Winnipeg’s economy and associated home prices might not be subject to the wild fluctuations that occur in markets such as Toronto and Vancouver, there are indications that Winnipeg foreclosures could be on the increase. This is occurring despite the fact that there are other options that should be explored by homeowners facing financial hardship.

Foreclosures can cause long-term problems for homeowners including but not limited to: poor credit scores; limited ability to get a mortgage in the future; inability to get security clearances; and reduction in employment opportunities.

People can run into financial difficulties for a variety of reasons that are often no fault of their own. What most homeowners facing a financial crisis don’t know is that there are additional options available to them that can help them prevent foreclosure and save their credit rating

Take the first step towards avoiding foreclosure and visit us at WinnipegShortSale.com