Early Retirement and No Mortgage: Yes, It is Possible!

We get that owning a home in a major Canadian city is a distant dream for most. No matter which way you slice it, home buyers have it tough in today’s economy. With astronomical housing prices and a poor job market, the horizon looks bleak. Canadians who strive for homeownership will struggle to reach that goal, and struggle further to maintain it.

With the average rental price in the greater area of Toronto (check out the difference in prices around the city) sitting well below the cost of a repaying a $746,546 mortgage (and that soars to $1.22 million if you want a detached house!) you can see why the dream of home ownership seems unrealistic. This doesn't just apply to Toronto, Vancouver is also known for its astronomical housing prices, with the average cost of a detached house in Greater Vancouver sitting at $1.77 million.

Is there an alternative, though? A new way of thinking that could free people from the stress of saving to buy a leaky old shack for hundreds of thousands of dollars? Perhaps a different route that doesn’t come with complete debt slavery?

Invest, Don't Buy

Kristy Shen and Bryce Leung say yes. They say the solution is pretty simple: don’t buy a house. Don’t get sucked into the hype. Just don’t do it.

Kristy and Bryce opted out of homeownership after looking to buy houses in Toronto led them from one dump to the next. They took their down payment and invested it instead and now they say they’re millionaires.

The couple struggled to pay their own way through university, and lived in an old, $800/month apartment in Toronto. They chose not to buy a car and, instead, they walked and used transit to get everywhere. It took discipline and sacrifice to save and invest every penny, nickel and dime, but it has paid off with debt-free financial freedom. They’ve even retired and they’re still in their early thirties. While most people their age are struggling to make mortgage payments and have decades of working ahead of them, Kristy and Bryce are globetrotting, happy and free.

Millennial Revolution

They have even begun a website to tell you how you can do it, too: millennial-revolution.com

Of course, this option is not going to be as easy for everyone and it may not be the right choice for you, but that’s where Refresh Financial comes in. Every Refresh Financial client gets access to the Refresh Financial Intelligence Training (FIT) while they’re building their credit and FIT can teach you how to invest wisely.

While Kristy and Bryce's story feels far-fetched and out of reach, it’s very true. This couple started out just like you and me, and by their thirties, were retired with a million bucks in the bank. They've proved that anything is possible, if you’re smart about your money. Get smart about your money now with the FIT program, and become a Refresh client today: click here.