Should you buy a vacation property? Aug 27th

There are more insurance options in Canada than you can shake a stick at! Stay on top of the best policies right here.
Latest News

Fire insurance claims: When to tell your home insurance provider + MORE Sep 12th

“You don’t have to file a home insurance claim if you have a house fire,” is not something you would expect to hear from insurance experts. But in the wake of the increasing fire-related fatality numbers from the Ontario Fire Marshal, we couldn’t help but ask. First, the numbers. Between Jan.... More »

What does a fee-only financial planner do, exactly? Sep 16th

Q. How do you make money, Jason, if you don’t sell any products? –Rob A. Your question is a good one that I get a lot, Rob—even from people in the industry. So let me explain.  Something that I like to reinforce frequently is that I do not sell any financial products. I feel this is an import.... More »

Will the average home insurance cost go up because of COVID-19? Aug 31st

What does home insurance have to do with the pandemic? Canadians have been spending more time at home as a result of the COVID-19 pandemic, and that’s a good thing–we’re all trying to stop the spread of the coronavirus and get back to life as we knew it. However, all of that extra time in our .... More »

Wealthsimple review 2020 Sep 20th

Maybe you’re here for our Wealthsimple review because its slick ads featuring frank talk on finances from Hollywood actors, such as Mark Duplass and Aubrey Plaza, made you curious. Or maybe its highly relatable celebrity social media posts, like Queer Eye’s Jonathan Van Ness declaring his First .... More »
The benefits of owning a vacation property are obvious. A cottage, cabin, condo or trailer a short drive from your home can provide a quick weekend recharge. A property down south can serve as a regular vacation destination or extended winter stay for a snowbird.
There are many emotion-driven reasons for buying a vacation property, or not. I like to evaluate a property purchase from a financial point of view—and here’s how. 
Say a property’s purchase price is $500,000. Whether you use cash, a mortgage/home equity line of credit, or a combination, there are other costs to consider. If you purchase with cash that you could otherwise invest at a 4% return (to use a conservative assumption), there is an opportunity cost of not investing that money. If you borrowed money, despite current mortgage rates being around 2%, over the long run the interest rate is likely to go higher. On a $500,000 property, there may therefore be an initial cost of 4%, or $20,000.
Property taxes, utilities, insurance, condo fees and maintenance could easily add another 2% to 4% per year in costs…

Continue Reading On »


Compare insurance quotes through - save time and money!