Nearly 80 per cent of homeowners in Milton have a mortgage. And as rates and living costs surge, it’s causing stress, anxiety and some hard choices.
ariable mortgages now make up one-third of total outstanding mortgage debt nationally, up from about 20 per cent at the end of 2019.
Robin Read Griffin, who bought her freehold townhouse in the “oldest of the new Milton,” in the early aughts, is already thinking about her renewal, even though it’s not coming up until 2025. When Read Griffin bought her then brand new home in 2000 with her now late husband, there was still farmland across the street. They came from Mississauga and were attracted to the affordability, as well as the low property taxes. The couple also just loved the area — “close enough to the big city and the airport; but closer to the beauty of the Niagara Escarpment.”She’s proud of the fact that Milton is a town, not a city, and still has a community feel.
This reflects the “phantom affordability” of looking for cheaper housing through sprawl, which sometimes doesn’t actually work out once the cost of owning a car, a necessity in many of these communities, is factored in.
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