Divorce brings many challenges, including finding new accommodations under duress. The high cost of housing is making that part of the process that much harder for couples going their separate ways, according to real estate and family law professionals.
are also causing pain for people going through a divorce, as they are making it more expensive for people to purchase new accommodations or to potentially buy out the share their soon-to-be-ex's hold in a property.This woman says she's had to live in her car as she hunts for affordable housingTeresa Chhina, 53, says she's resorted to living in her car and couch-surfing with friends during her months-long struggle to secure housing in Metro Vancouver.
Barry Nussbaum, senior lawyer and owner of Nussbaum Family Law, says higher interest rates have made it harder for divorcing couples to buy one another out of a home they own together — as well as for the other party to purchase a new home. These financial challenges sometimes force divorcing couples to live under the same roof, he said.
Maggie Horsburgh, a Kitchener, Ont.,-based real estate sales representative, works with a client who split with his spouse and has since found himself having to manage a $3,000-a-month rent on his own — equivalent to what he makes as income.But it was what he had to pay to find something suitable for himself and his children — and it has forced him to draw from personal savings to pay for that housing, given his income, Horsburgh said.
"That always comes down to what they qualify for on a purchase," said Horsburgh, who advises people to focus on maintaining the credit and mortgage payments associated with any matrimonial property so they can prepare to move on from the marriage in the smoothest possible manner.
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