Housing costs are most people’s highest monthly expense. In cities like Toronto, Vancouver, or Calgary, it can easily cost $1,500 to $2,000 per month to rent a nice place in a reasonable neighborhood. Many folks without six-figure salaries have problems paying for such inflated costs.
Here are some effortless ways to save money on housing.
The first solution is to find a friend and rent a place together. Two-bedroom apartments are almost always more expensive than a one-bedroom, but not twice as much. Say a two-bedroom place rents for $1,800 while a one-bedroom place costs $1,400 per month. Sharing a two-bedroom place will put $500 per month in each roommate’s pocket versus living alone.
The savings are magnified even more if the place has more bedrooms. Thousands of Canadians are living for free by acquiring four or five-bedroom houses and renting out all the other rooms. They make enough money to not have to pay rent, although such an arrangement often comes with some extra work and stress.
In most Canadian cities today, renting is a better deal that buying. Remember, don’t just look at the mortgage payment when buying a place. You must factor in all expenses such as taxes, insurance, and upkeep.
Many millennials want to live downtown. That’s where all the action is. But it costs a premium to live there. Moving just a short commute from downtown could save hundreds per month.
Finally, keep an eye out for unusual living situations. Perhaps you can score a great deal by living with an older relative or housesitting for someone who winters in a warmer climate.
