Episode 25: Rising Housing Costs & Mental Health

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 Themes1. The Emotional Weight of Housing CostsHousing affordability is one of the top stressors affecting mental health todayFeelings of hopelessness, anxiety, shame, and guilt are increasingly commonFinancial stress often leads to avoidance, preventing people from seeking help 2. Renters vs. Homeowners: Shared Pressure, Different RealitiesRenters: (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 FatigueSaving for a home can take ~7 years on averageHigh monthly savings requirements lead many to give upResult: people choose to live in the moment rather than save, reducing chances of entering the housing market 4. The Mental Health ImpactHousing is a social determinant of healthFinancial 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 LivingBeyond rent/mortgage: (Utilities, taxes, insurance, internet, repairs)Unexpected expenses (e.g., repairs) can push people into debt cycles 6. Shame and Financial AvoidanceMany people avoid financial conversations due to: Fear of judgment; Misunderstanding (e.g., mortgage renewal myths)This avoidance often leads to worse financial outcomes Practical TakeawaysFinancial StrategiesTalk to a financial advisor earlyBuild a clear, realistic budgetReview and cut unnecessary expenses (subscriptions, etc.)Explore restructuring debt for manageable payments Mental Health & Community SupportSeek support early—financial and emotional stress are linkedPrograms available include: Rent support and eviction prevention; Financial literacy resources; Community-based assistance Programs & Resources MentionedCentral 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 servicesMore 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 InsightsMany British Columbians spend 30–50%+ of income on housingA significant portion are one paycheck away from financial crisisIncreased housing supply does not automatically equal affordability Key MessageYou are not alone in feeling overwhelmed by housing costs. Support exists—and starting the conversation is often the most important step. About the PodcastA Way Forward: Conversations on Mental Health is presented by Beem Credit Union, supporting conversations that help build stronger, more connected communities across British Columbia.