I had a conversation a few years ago with a couple in their late seventies. They had decided to sell their home and rent an apartment. They shared with me that they had been in the home for decades and wanted to remain, but when they reviewed their situation, renting became the best option.
I did some work researching their decision, and it made perfect sense. If you live in Durham Region, property taxes on a home are in the $5,000 to $8,000 range. As people age and begin to hire companies to do maintenance, it is not uncommon to spend upwards of $2,500 yearly on yard maintenance and snow removal. Add to that insurance that is upwards of $1,500 a year, and the cost of living in a home with no mortgage can be in the range of $10,000 to $15,000 a year.
