{"id":449207,"date":"2025-12-15T18:44:19","date_gmt":"2025-12-15T18:44:19","guid":{"rendered":"https:\/\/www.europesays.com\/us\/449207\/"},"modified":"2025-12-15T18:44:19","modified_gmt":"2025-12-15T18:44:19","slug":"extreme-saving-and-an-inheritance-helped-jake-35-buy-a-mortgage-free-415000-burlington-condo","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/us\/449207\/","title":{"rendered":"Extreme saving and an inheritance helped Jake, 35, buy a mortgage-free $415,000 Burlington condo"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Illustration by Diana Bolton<\/p>\n

After five years of planning and saving and a sizable inheritance from his late father\u2019s estate, 35-year-old Jake bought his first home. <\/p>\n

At the end of the summer, the digital marketer closed on a one-bedroom condo for $415,000. The building has a gym, pool and lounge. His monthly condo fee is $550, and he takes possession this month. <\/p>\n

While Jake acknowledges this country\u2019s cult of home ownership \u2013 it\u2019s \u201ckind of an obsession in Canada\u201d \u2013 owning his own place was still important to him.<\/p>\n

He buckled down near the start of the pandemic, when he set a goal to save about $200,000 \u2013 roughly the same amount he expected to receive from his father\u2019s estate. He figured that together that would be enough for a condo on the outskirts of Toronto.<\/p>\n

\u201cI basically set out a plan where I would live at home, work at my home office, accumulate savings, invest \u2026 and once I had the amount of funds required to buy property outright, I would then pull the trigger and make that a reality.\u201d<\/p>\n

Living at home allowed him to save aggressively. Jake lived on about 10 per cent of his income, which is now a little more than $100,000. That left room for one vacation a year. \u201cSome extreme measures were definitely taken. Some compromises were made,\u201d he said.<\/p>\n

Growing up, he was exposed to minimalism, which taught him that you could get by with less, making financial discipline an easier pill to swallow.<\/p>\n

How to cut down on spending and save money on household finances, according to our experts<\/a><\/p>\n

What he saved went straight into guaranteed investment certificates that offered low-risk, stable returns. He chose GICs because he needed the money accessible and safe, but with better rates than savings accounts. During the pandemic, he was at times earning as much as 5-per-cent interest. <\/p>\n

\u201cI just locked in for a year continuously and then reupped once the year was over. But in hindsight, I should have been more aggressive when the interest rates were high. It was a good deal back then,\u201d he said.<\/p>\n

By 2024 he began viewing condos in Hamilton and Burlington and eventually found one that balanced size, price and amenities.<\/p>\n

Jake is at peace with using the money his dad left him to buy a place, noting that a growing number of people are relying on gifts and inheritances<\/a> to make it happen. Buying without some form of help, he says, is increasingly difficult. \u201cThat is not the Canadian reality for our generation.\u201d<\/p>\n

Unlike most first-time buyers, Jake bought his condo outright, with no mortgage and no monthly payments beyond his condo fee, utilities and taxes. Owning the unit fully means he can focus on saving for the future instead of paying off debt. <\/p>\n

\u201cThe thing with mortgages is that you\u2019re essentially just making minimum payments. \u2026 I like my money in my pocket,\u201d he said.<\/p>\n

Jake moves into his condo this month and plans to live there for at least the next five years, using the time to continue saving and building equity. \u201cThe next thing is bridging the gap between a $400,000 condo and a million-dollar home,\u201d he said. \u201cThat gap is significant.\u201d<\/p>\n

\u201cYou pass one journey, from having credit-card debt and student loans to owning property. Then you have to bridge the next one to owning a full-sized home. That\u2019s a whole other journey.\u201d<\/p>\n

Closing costs:<\/b><\/p>\n