this post was submitted on 22 May 2024
12 points (77.3% liked)

Canada

7203 readers
357 users here now

What's going on Canada?

Communities

🍁 Meta

πŸ—ΊοΈ Provinces / Territories

πŸ™οΈ Cities / Local Communities

πŸ’ SportsHockey

Football (NFL)

  • List of All Teams: unknown

Football (CFL)

  • List of All Teams: unknown

Baseball

Basketball

Soccer

πŸ’» Universities

πŸ’΅ Finance / Shopping

πŸ—£οΈ Politics

🍁 Social and Culture

Rules

Reminder that the rules for lemmy.ca also apply here. See the sidebar on the homepage:

https://lemmy.ca/

founded 3 years ago
MODERATORS
otter@lemmy.ca
12
Facing a costly mortgage renewal, this family decided to downsize and instead saved thousands (www.theglobeandmail.com)
submitted 5 months ago by sbv@sh.itjust.works to c/canada@lemmy.ca
5 comments fedilink hide all child comments
 

The family is moving to find more financial flexibility. Owning their current home is a financial burden, and the stress would only get worse with a mortgage renewal coming up soon.

...

Proceeds from the sale plus a cash top-up will mean they can live mortgage-free in their new three-bedroom townhouse. Current mortgage costs are $3,965 per month.

As well, Ms. Deane has estimated that her family will save on electricity, heating, insurance, property taxes and maintenance. Even with strata/condo fees of $710 per month at the new place, Ms. Deane calculates overall savings of $4,640 per month.

Props to them for making a smart move.

you are viewing a single comment's thread
view the rest of the comments
[–] sbv@sh.itjust.works 13 points 5 months ago

Many have never really stopped working nor begun living the life they worked all their lives working for.

That's sad. We have the stereotype of the rich boomer enjoying an easy retirement, but that isn't the case for a lot of people.

Their dreams die in their sleep. As do they.

That's the most evocative thing I've read in a while. Props.

I'm sorry about your friends.