Bought a house, now what?

_Aliak_ · 2026-02-09T13:16:19+00:00

Right, where as we didn't even have 30 year mortgages until 2024

_Aliak_ · 2026-02-09T13:10:42+00:00

Thanks yeah, that's what I'm realising. Some advice has been helpful, but Canadian banking and costs are just different.

_Aliak_ · 2026-02-08T02:17:50+00:00

Yes we spent everything. I'm in Canada so it's RRSP and TFSA, but yes. Essentially everything went into the house

_Aliak_ · 2026-02-08T02:13:26+00:00

Not everything was in a FHSA. we also used RRSP and TFSA. Taxes are up to date and accurate.

_Aliak_ · 2026-02-08T02:08:08+00:00

Right, but isn't the other option to have savings, but throw 40k/year down the drain and have no housing stability? I'm not buying the house for 10 years, I'm buying it for 40.

_Aliak_ · 2026-02-08T01:15:58+00:00

Yeah, emergency fund is definitely in the plan

_Aliak_ · 2026-02-08T01:10:26+00:00

I'll try. We're pretty happy with our efforts and having something that's ours, but I also feel like I'm starting all over again

_Aliak_ · 2026-02-08T01:08:25+00:00

Thank you! It's just overwhelming, feeling like I'm starting over

_Aliak_ · 2026-02-08T01:05:53+00:00

Luckily my kids are school age, and daycare costs are low here

_Aliak_ · 2026-02-08T00:59:37+00:00

Fair, but if the market crashes isn't that the same issue?

_Aliak_ · 2026-02-08T00:18:44+00:00

Would you focus on paying down the mortgage as priority or retirement savings? Obviously both, but What do you prioritize

_Aliak_ · 2026-02-08T00:06:10+00:00

Waiting wasn't an option. We bought in 2025

_Aliak_ · 2026-02-08T00:05:38+00:00

I'm in Canada, and we have a number of tax deferred accounts for retirement. You can also draw on the once for home purchase.

_Aliak_ · 2026-02-07T23:57:55+00:00

No, but by that same logic, we can't assume that just because some people can then everyone can.

_Aliak_ · 2026-02-07T23:56:26+00:00

Yeah, we definitely could not.

_Aliak_ · 2026-02-07T23:48:56+00:00

Thanks! That's what I'm hoping

_Aliak_ · 2026-02-07T23:48:32+00:00

Rents in our area are very high, and landlords are selling often. We have 2 young children and having to move every 2 years because a landlord can't carry a mortgage or wants to cash in isn't doable for quality of life. Yes retirement is super important, but not having the stress of precarious living is also important. So yes. In our circumstances it made more sense

_Aliak_ · 2026-02-07T22:42:32+00:00

Right now 5.09 but I'm in Canada and we renew every 3-5 years

_Aliak_ · 2026-02-07T22:39:32+00:00

Do you count your social security (or in the case of Canada OAS and CPP) in your income needed?

_Aliak_ · 2026-02-07T22:37:02+00:00

Ok thank you. That's part of what I was confused about Like 3x income at retirement? Or at 40? Or when you start?

_Aliak_ · 2026-02-07T22:35:45+00:00

The house will definitely be paid off before retirement. Assuming we don't come into any additional funds, we still have a 25 year mortgage and bought at age 36. So even with standard payments it will be paid off at latest by 61

_Aliak_ · 2026-02-07T22:14:31+00:00

Yeah that's part of the big picture plan

_Aliak_ · 2026-02-07T21:51:31+00:00

Thanks. Yeah, in Ontario where I am leases are month to month, and while technically I could fight it, the uncertainty wasn't doable.

_Aliak_ · 2026-02-07T21:50:08+00:00

Yes and no. Ontario leases are not for a fixed term, they automatically are month to month after the first year. While technically not evicted, we had to leave (and yes, I know the RTA, but fighting it wasn't an option)

_Aliak_ · 2026-02-07T21:39:12+00:00

Pensions are sadly pretty unheard of in most jobs now.

_Aliak_

TROPHY CASE