What does it mean to be house poor in today’s Canadian economy? With home prices rising much faster than wages, more people are stretching their finances to buy property, only to find themselves stressed, overleveraged, and without a financial safety net.

We explore how the definition of "house poor" has evolved, the role gig work and income instability play, and whether it's ever worth it to stretch your finances for a home. Most importantly, we share practical tools to help you avoid becoming house poor—or to recover if you’re already there.

(0:00) Defining "House Poor": Understanding the Basics
(2:00) The Changing Definition of House Poor Over Time
(3:45) House Prices vs. Wages & Inflation
(6:00) Gig Work & the Modern Workforce
(8:30) When Is Being House Poor Acceptable?
(13:00) Rethinking Homeownership as Investment
(14:30) Practical Advice: How to Avoid Becoming House Poor
(19:30) Financial Planning Tools: Calculating Your Homeownership Affordability
(22:00) The Link Between Homeownership & Unsecured Debt
(26:00) Getting Out of the House Poor Situation: Actionable Strategies

What To Do If You Can’t Pay Your Mortgage

Second Mortgage Home Equity Loan or Interest Free Consumer Proposal?

Can You Get A Mortgage With Bad Credit?

DEBTASIZED - How Our Reliance on Credit Leads to Price Inflation FREE YouTube Doc

Sign Up for the Debt Free Digest E-Newsletter

Debt Free in 30 Podcast YouTube Channel

Hoyes Michalos YouTube Channel


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personal guidance from a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions, strategies, or digital tools/apps discussed.