It's common for families to buy a house in the city they work and rent a cottage on some weekends or holidays - but some millennials are flipping that on its head. With home prices in Toronto still skyrocketing, some young couples are deciding to buy a cottage and rent in the city. Using the property in cottage country as a rental property to offset the mortgage is always an option, and renting in the city is more cost-effective.
“Want to buy an island, hahaha?” That’s what Shantel Clark recalls her father-in- law saying when he texted her and her husband, Ian. Ian had grown up cottaging on an island about 30 minutes from Honey Harbour in Ontario’s Georgian Bay. Now, the family that owned the one-acre island next to them was selling. The text arrived as they were on the way to a family wedding, only a few months after Shantel and Ian’s own wedding. The couple had been thinking about starting to hunt for a house in Toronto, but weren’t very excited about the task. “I knew...
It's common for families to buy a house in the city they work and rent a cottage on some weekends or holidays - but some millennials are flipping that on its head. With home prices in Toronto still skyrocketing, some young couples are deciding to buy a cottage and rent in the city. Using the property in cottage country as a rental property to offset the mortgage is always an option, and renting in the city is more cost-effective.