this post was submitted on 22 May 2024
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Facing a costly mortgage renewal, this family decided to downsize and instead saved thousands (www.theglobeandmail.com)
submitted 5 months ago by [email protected] to c/[email protected]
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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.

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[–] [email protected] 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.