3 ways to lower your housing costs by moving
- Sell and downsize – Selling your home and moving to a smaller place like a condo or apartment can reduce your living costs, including heating, hydro and other costs associated with maintaining a home. Downsizing can also free up equityEquity Two meanings: 1. The part of investment you have paid for in cash. Example: you may have equity in a home or a business. 2. Investments in the stock market. Example: equity mutual funds.+ read full definition in your home. Learn more about the pros and cons of selling your home to free up cash.
- Move to a less expensive city or province – Living in a big city can cost you more than living in a town or smaller city (a home in Toronto costs a lot more than one in Orillia, for example). You could also consider moving to another province with a lower tax rateTax rate The rate at which you or a business pays tax on income. Often stated as a percentage, such as 25%.+ read full definition.
- Move to another country – Lower living costs in some countries can save you money and allow you to retire on modest savings. But moving to another country is a big decision. Be sure to do your research and understand how immigration laws and taxes could affect you. You may want to consult an expert before you decide.
Living year-round in a different city or country, no matter how nice it is, is not the same as a short holiday visit. So before you decide to move, arrange a trial run. For example, consider renting a home in the location you’re considering for 6 months to a year.
Save money on housing by:
- moving to another town or province, or
- living in another country