Foreclosure all too common in B.C.

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VANCOUVER (NEWS1130) – One in five Canadian households struggles to afford the cost of their home, according to a new study from the Conference Board of Canada.  Foreclosure is already a reality in many communities across the province.

Vancouver foreclosure lawyer Brian Markus says smaller markets like Vancouver Island, and the Interior are mostly responsible for an increase in business lately.

But trouble looms closer to home in areas like Surrey, Maple Ridge, and Mission. “[It’s] a little bit surprising at this stage.  I’m seeing there’s a bit of an increase in the instructions I’m receiving to foreclose.”

He says people with privately held first, second and third mortgages appear to be most at risk and are most vulnerable to a rate hike by the Bank of Canada.

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