Introduction

Your Home Is Your Key to Well-Being

I can’t remember a time when real estate—or, more specifically, a home—hasn’t factored prominently in my life. My parents and I immigrated to Canada in the 1970s and, like many immigrants, began our journey in this country renting apartments in large urban centres close to transit hubs. As our life became more established and more secure, my parents aspired to that North American dream of homeownership. After spending a few years in London, United Kingdom, where I was born, my parents were keen to become masters of their domain, kings of their castle.

Their first attempt was to purchase a bungalow perched on the bluffs of Scarborough in the east end of Toronto, Ontario. As part of the negotiation, they put down $1,000 as a deposit and then got a home inspection. The report prompted my father to cancel the deal and walk away from his deposit money (worth about $6,000 in today’s dollars). Turns out, the inspector and my father were not comfortable with the crumbling sandstone that surrounded the foundation and footings that held up the home.

The second attempt was a single-family home with a large mortgage helper that took up the second floor and attic. It was a semi-duplex in a fantastic neighbourhood in the heart of midtown Toronto. The Summerhill neighbourhood was quiet and known for its excellent schools; it felt residential but was also completely accessible to both public transit and the downtown core. My parents stretched their budget to get the home—assured that the mortgage helper would help pay the bills. A few short months later they received a notice from the fire department: upgrade to meet today’s fire code standards or remove the tenants and convert the home back to a single-family residence. The upgrades would’ve cost tens of thousands—money my single-income family did not have—and within the year, my parents were back to renting an apartment.

My parents would become property owners again but not before learning a few vital lessons—lessons my father passed on to me and lessons I have used to make better decisions not just about buying property but about debt management and regarding the achievement of all financial goals.

Believe it or not, the first lesson I learned wasn’t about finding the best property (you know, location, location, location) or following the obvious advi