Illustration by Diana Bolton
For about 18 months, Nicholas and his fiancée didn’t pay rent. Instead, they moved from house to house across Yellowknife, taking care of homes, pets and plants while owners were away.
The unconventional arrangement helped the couple save for a $72,000 down payment on a detached house in Whitehorse, which they bought for $779,000 in November, 2024.
Nicholas, 35, an electrician, and his 36-year-old fiancée, a speech therapist, spent 4½ years living in Yellowknife before moving to Whitehorse in July, 2024. Together, they earn about $205,000 a year.
Nicholas said he saved for at least seven years and became serious about home buying about five years before the purchase.
Earlier in his career, he took shift work at remote sites in Alberta and northern British Columbia, working long hours and overtime while staying in work camps. Because accommodation and food were provided, he saved a bundle.
“It’s a good way to save money when you’re young and you don’t have a family,” he said.
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But the couple’s biggest savings push came during their final stretch in Yellowknife, where Nicholas says they had been paying about $2,500 a month in rent.
He had discovered house-sitting when he moved to the city and struggled to find an apartment. Locals suggested he look after someone’s home temporarily while the owners were away. He tried it for about three months.
“I was like, ‘this is pretty sick,’” he recalled. “I get this whole house by myself and I get to enjoy some pets.”
Later, about a year before the couple planned to leave Yellowknife, they decided to give up renting and to house-sit for as long as they could.
Nicholas says the practice is popular in the North, where some residents leave during the long winters. In return, the couple could stay without paying rent.
It isn’t always easy living, he said. Over 18 months, Nicholas estimates they stayed in at least nine homes, sometimes for several months and other times for just a couple of weeks. They essentially lived out of boxes and their car, constantly arranging their next place. When there were gaps, they stayed with friends or booked Airbnbs.
But eliminating a major monthly expense was worth it. “Just not having to pay rent for 18 months was crazy. We were saving half of our paycheques.”
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To build their down payment, Nicolas saved and invested through his tax-free savings account (TFSA) and registered retirement savings plan (RRSP). He also contributed the maximum $16,000 to a first home savings account (FHSA).
He primarily invested in broad exchange-traded funds, along with some semiconductor ETFs and a handful of individual stocks. Nicholas estimates his investments rose by at least 50 per cent.
Nicholas contributed $52,000 of their down payment, and his finance $20,000.
While living in Yellowknife, they both qualified for the federal northern residents deductions. Nicholas gauges the tax benefit worked out to roughly $4,000 a year for each of them, although he noted that high wages and tax benefits come alongside a higher cost of living.
When they got back to Whitehorse, the couple spent about four months searching and lost two properties to cash offers before finding their home.
The four-bedroom, 3½-bathroom house was built in the eighties and needs updating, but one feature makes the higher price workable: a self-contained bachelor suite. They rent the suite for $2,200 a month – offsetting more than half of their $4,133 monthly mortgage payment.
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Without the rental income, Nicholas said they wouldn’t have been able to comfortably carry their monthly costs. They have a 25-year fixed mortgage at 4.29 per cent.
The house is heated electrically and their electricity bills soar from $200 in the summer to around $2,000 in winter months. They’re planning to install a wood stove to reduce heating costs.
If they have children, they may move closer to his fiancée’s family in Alberta in about five years. Otherwise, he sees himself staying long-term.
Purchase price: $779,000
Down payment: $72,000 (about 10 per cent)
Legal fees: $3,388
Land title fee: $795
Repairs: Nicholas said he completed a few small projects himself, but no major repairs have been needed so far.
Furniture: They bought some furniture second-hand, plus a $5,000 couch, two TVs for $2,000, a $1,200 snowblower and about $1,200 of furniture and other items from the sellers.
Monthly ongoing costs
Mortgage: $4,133
Home insurance: $297
Utilities: $200 in summer and approximately $2,000 in winter. One exceptionally cold month reached $4,000.
Property taxes: $302
Advice: Don’t be discouraged by how unattainable home ownership can look early in your career. “Don’t rush the process. Just take your time,” he said. He also recommends looking at plenty of properties rather than getting attached to one home.
Some details may be changed to protect the privacy of the people profiled. Are you a first-time homeowner who would like to share their story? Send us an e-mail.
Are you a first-time homeowner who would like to share their story?
My First Home is a regular series in The Globe and Mail that looks at how buyers are entering the real estate market. Where are they saving and for how long? Are they getting family help? And where and what kind of homes are they buying? We’d like to hear from first time buyers from a diverse range of backgrounds, geographic locations, and housing situations.
If you’re a recent first-time buyer of a home in Canada and would like to participate, fill out the form below or send an email to Roma Luciw at [email protected]. Please include your name, age, email as well as where and when you bought, how much the home cost and how you made it happen. If you fit the profile, we could contact you for a profile and yes, you can remain anonymous.
