BC residents not losing homes due to high mortgage interest rates, yet

The mortgage foreclosure rate in Kelowna, BC and the rest of Canada has been declining steadily for the past decade. Rising house prices have allowed people to sell their homes to pay off their mortgages and unsecured debt. However, the capacity to sell homes and access home equity lines of credit has decreased, leading to financial difficulties for some. Despite this, mortgage foreclosures are not a major factor in insolvency rates, which are primarily driven by job loss, marital separation, and health issues.

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