I’ve written before about the pros and cons of using real estate as a nest egg, but here’s a different perspective on it: small town Canada. Take Elliott Lake or any other small town currently attracting retirees with low housing prices that help to make the proceeds from big city homes go much further.
I grew up in Northern Ontario, so I’m partial to Elliott Lake. When I was a kid it was a mining town, but over the years I’ve seen it re-invent itself as a destination for retirees looking for affordable real estate and a quiet life. A $300,000 house in a larger centre like Ottawa costs about $100,000 in Elliott Lake.
Obviously, there isn’t the same choice in terms of restaurants, theatres and shopping, but for many people the pros outweigh the cons.
While I’m not retiring for quite a while, I’m not sure if small town Ontario is for me. I think I’ll wait until they put in a Starbucks.
