In this episode, host Jessica Samuels is joined by Jaime Edmondson (Beem Credit Union) and Mike Gawliuk (CEO CMHA Kelowna) to unpack how rising housing costs are impacting mental health across British Columbia.
From renters feeling locked out of the market to homeowners struggling with rising interest rates, this conversation explores the emotional toll of financial stress—and what support looks like.
Key Themes
1. The Emotional Weight of Housing Costs
- Housing affordability is one of the top stressors affecting mental health today
- Feelings of hopelessness, anxiety, shame, and guilt are increasingly common
- Financial stress often leads to avoidance, preventing people from seeking help
2. Renters vs. Homeowners: Shared Pressure, Different Realities
- Renters: (Struggle to save due to high rent and cost of living; Many feel homeownership is out of reach)
- Homeowners: (Facing rising interest rates and mortgage renewals; Managing increased costs while rental income may be declining)
3. The “YOLO Effect” and Saving Fatigue
- Saving for a home can take ~7 years on average
- High monthly savings requirements lead many to give up
- Result: people choose to live in the moment rather than save, reducing chances of entering the housing market
4. The Mental Health Impact
- Housing is a social determinant of health
- Financial instability can: (Trigger or worsen mental health challenges; Increase isolation and stress cycles)
- Younger people are especially affected, facing long-term uncertainty
5. The Hidden Costs of Living
- Beyond rent/mortgage: (Utilities, taxes, insurance, internet, repairs)
- Unexpected expenses (e.g., repairs) can push people into debt cycles
6. Shame and Financial Avoidance
- Many people avoid financial conversations due to: Fear of judgment; Misunderstanding (e.g., mortgage renewal myths)
- This avoidance often leads to worse financial outcomes
Practical Takeaways
Financial Strategies
- Talk to a financial advisor early
- Build a clear, realistic budget
- Review and cut unnecessary expenses (subscriptions, etc.)
- Explore restructuring debt for manageable payments
Mental Health & Community Support
- Seek support early—financial and emotional stress are linked
- Programs available include: Rent support and eviction prevention; Financial literacy resources; Community-based assistance
Programs & Resources Mentioned
- Central Okanagan Rent Bank: https://www.cmhakelowna.com/programs-supports/central-okanagan-rent-bank (Emergency grants/loans to prevent eviction)
- BC Housing Rent Supplement (https://www.cmhakelowna.com/programs-supports/bc-housing-rent-supplement)
- Financial literacy partnerships (e.g., community organizations)
- Beem Credit Union programs: First Home Advantage (down payment support); Debt restructuring and advisory services
More information and links can be found on the A Way Forward Podcast page at cmhakelowna.org.
Have questions or suggestions? Email us at awayforward@cmhakelowna.org
Notable Insights
- Many British Columbians spend 30–50%+ of income on housing
- A significant portion are one paycheck away from financial crisis
- Increased housing supply does not automatically equal affordability
Key Message
You are not alone in feeling overwhelmed by housing costs.
Support exists—and starting the conversation is often the most important step.
About the Podcast
A Way Forward: Conversations on Mental Health is presented by Beem Credit Union, supporting conversations that help build stronger, more connected communities across British Columbia.
