I Bought A House At 50
(Photo: Courtesy author. Illustrations: Sacha Stephan.)
When my husband and I separated in 2009, I realized I needed to make some major life changes. I had been working in the commercial insurance sector, and I wanted to tap into my entrepreneurial spirit. I also wanted to find my independence, personally and financially.
My husband and I divided the equity on our Toronto home, which we had owned for less than five years, and I decided to forgo spousal support. I got by as a French tutor, and I did some modelling on the side. I moved into a basement apartment—it was all I could afford at the time. I worried about what my two daughters, who split their time between my husband and me, might think. But I wanted them to see me find my own footing.
After four years of making ends meet, I decided to return to an insurance job. By this point, my daughters were starting to consider universities, and I knew I needed to make more money. Because I had been away from my field for so long, I wound up in an entry-level job, and had to work my way back up. But it eventually paid off: In 2018, I was offered a promotion in Montreal.
The move made sense: I’m originally from Quebec, my parents and brother were living in the province, and my daughters wound up studying there, too. I thought Montreal would be a temporary stop before returning to Toronto. Then I met my partner. I was living downtown, and he was in the suburbs.
For years, we commuted to one another. That experience opened my eyes to an opportunity: If I bought a house, I could move closer to him and also build some equity of my own. The idea spoke to that early vision of financial independence I’d so desperately wanted. I decided to make it happen.
In 2020, I got serious about saving for a down payment. I invested my savings to start rebuilding my credit score. When I first thought about buying a house, I wasn’t sure I’d even qualify for a mortgage. But by the following year, I was able to purchase a townhouse just outside of Montreal. I was 50, and I’d finally bought a house that was my own.
I’ve now lived in the townhouse for five years. My mortgage is actually cheaper than my rent was in the city. I have financial freedom and I’ve created a space I love.
Now, I’m looking to buy a new place and rent out my townhouse. I want to create wealth through real-estate investments, and my goal is to have $1.2 million in assets and equity by 2028. I’m so proud of what I’ve built for myself. I’m 55 years old, but I feel like my life has just begun. —As told to Erica Lenti
