Toronto is made up of an incredibly vibrant mix of unique neighbourhoods, each one with its own personality, amenities and charm.

Are you looking for the best neighbourhoods in Toronto for families, districts filled with great schools, large parks and an enthusiastic community spirit? Or maybe you’re searching for a welcoming spot for young professionals; areas with a youthful vibe, bustling bars and independent shops? No matter what you’re searching for, Canada’s largest metropolis likely has it, so read on to discover our list of the 12 best neighbourhoods in Toronto.

Methodology

When considering our list of the best neighbourhoods in Toronto, we looked at things, including housing prices, community spirit, the quality of the schools, amenities such as proximity to parks and shopping, as well as overall safety. To source average home and rental costs, we relied mainly on sources like Zumper, Zolo and the Canada Mortgage and Housing Corporation (CMHC).

Here are the top 12 neighbourhoods in Toronto

1. Danforth

Key features: Easy transit access, family friendly with a good mix of young couples, older residents and urban professionals

Average house price: $1,300,000

Average rental cost of a 2-bedroom apartment: $1,732

Located on Toronto’s east end, this neighbourhood is perhaps better known as Greektown — home to the fabulous foodie frenzy “Taste of the Danforth” festival. The area has an attractive mix of historic and modern homes, as well as condos. Considered a safe area with good schools and lots of parks, it’s conveniently located on Line 2 of the TTC subway system, making travel throughout the city more accessible.

2. North Riverdale

Key features: Safe, highly ranked schools and gorgeous green space

Average house price: $1,500,000

Average rental cost of a 2-bedroom apartment: $1,948

Bordering Danforth, charming, multicultural North Riverdale shares many of its assets, including a family-friendly environment and good schools, as well as a variety of walkable shops. It’s also home to lovely Riverdale Park, which has lots of amenities and offers beautiful views of the Toronto skyline. Don River Valley Park, with an extensive network of biking and hiking trails, is also a short drive away.

3. The Beaches

Key features: Beach access, safe and family friendly with lots of outdoor activities  especially in the summer

Average house Price: $1,300,000

Average rental cost of a 2-bedroom apartment: $2,152

The name truly says it all: What could be better than easy access to four beaches right in the middle of an urban jungle? The streetcar is the main form of public transit, and while slower than the subway (especially during a snowy winter) it will get you to where you want to go. Home to plenty of urban professionals and young couples, the neighbourhood has a relaxed, friendly vibe that is hard to resist. There’s also three kilometres of boardwalk, which makes it great for runners and walkers alike.

4. West Queen West

Key features: Hip, local shops and an artistic vibe with lots of entertainment and restaurant options

Average house price: $1,290,000

Average rental cost of a 2-bedroom apartment: $2,778

Arguably Canada’s hippest ‘hood, Vogue magazine once declared West Queen West the second coolest neighbourhood in the world. This downtown neighbourhood is certainly jam-packed with funky local stores and clothing boutiques, top-notch restaurants and bustling bars. The neighbourhood is generally regarded as Toronto’s creative core with a plethora of galleries, the Queen West Art Crawl and the Museum of Contemporary Canadian Art. It’s also home to the expansive Trinity Bellwoods park. Commuting is relatively easy via the Queen streetcar.

5. High Park-Swansea

Key features: Near to Toronto’s largest park, family friendly and tree-lined streets with well-maintained homes

Average house price: $1,200,000

Average rental cost of a 2-bedroom apartment: $3,047

Active, outdoor lovers won’t want to pass up the chance to live close to Toronto’s largest park. High Park is 400 acres of walking, running and biking trails, allotment gardens,  picnic spots, ponds and an outdoor amphitheatre for Shakespeare performances in the summer. There’s even an off-leash area for dogs. Kids will love the park’s playground, splash pad, wading pool and petting zoo. There’s a High Park subway stop on the Bloor-Danforth subway, making transit convenient and easy.

6. Runnymede-Bloor West Village

Key features: Near High Park, great transit and solid schools

Average house price: $1,300,000

Average rental cost of a 2-bedroom apartment: $2,899

This attractive area is known for its locally-owned shops, energetic bars and excellent eateries. Close to High Park, the neighbourhood is safe and peppered with reputable schools, making it one of the best neighbourhoods in Toronto for families. Bloor West Village is particularly known for its sense of community and independent boutiques and food stores. Jane and Runnymede subway stations provide quick access to public transport.

7. Palmerston-Little Italy

Key features: Walkable and bikeable neighbourhood with easy access to transit

Average house price: $1,300,000

Average rental cost of a 2-bedroom apartment: $3,148

So much more than just delicious Italian restaurants, this neighbourhood has nearly everything you need within walking distance, including shops, restaurants offering a variety of cuisines and clothing boutiques. Car-free residents appreciate the extensive bike lanes. The area also gets high grades for public transportation as it’s served by both a bus and subway line.

8. Yonge and Eglinton

Key features: Midtown, superb transit access, great schools

Average house price: $1,600,000

Average rental cost of a 2-bedroom apartment: $2,269

One of the best neighbourhoods in Toronto for young professionals, the area is thick with restaurants, clothing stores and shops of all kinds. Condos abound but there’s also a good mix of different housing types. Safe and family-friendly, some of Toronto’s most highly regarded schools are found here. Line 1 of the subway will get you downtown or to line 2 in under 20 minutes, and it also hooks up with line 4 (Sheppard line). It’s also a quick drive to Ontario’s main highway, the 401.

9. Roncesvalles

Key features: Attractive, friendly neighbourhood close to High Park

Average house price: $1,200,000

Average rental cost of a 2-bedroom apartment: $2,052

This west-end neighbourhood was once home to a large Polish community. While some Polish shops and restaurants remain (and it still hosts the country’s largest yearly Polish festival), it’s a multicultural area filled with independent shops and restaurants. A friendly community spirit, walkable streets and proximity to verdant High Park, add to the area’s attractiveness, as do the slightly more affordable housing and rental prices.

10. The Annex

Key features: Good transit, affordable eateries and hip, lively vibe

Average house price: $1,500,000

Average rental cost of a 2-bedroom apartment: $3,316

Sharing a bit of the same youthful, creative vibe as West Queen West, the bustling Annex in the city’s west end is popular with students (University of Toronto is nearby) who appreciate its many affordable eateries, pubs and bars. The old historic homes and tree-lined streets are attractive to a more monied, professional crowd. Close to three subway stations, it’s easy to get around.

11. Cabbagetown-South St.James Town

Key Features: Designated historic district, gorgeous Victorian homes, excellent sense of community

Average house price: $1,800,000

Average rental cost of a 2-bedroom apartment: $2,232

Cabbagetown (named after the immigrants who moved into the neighbourhood in the mid 1800s and would grow cabbages in their yards) just oozes charm and character. The officially designated heritage district boasts the largest collection of preserved Victorian homes in all of North America, meaning it’s one of the best neighbourhoods in Toronto to walk around and take in the ambiance. It scores well for transit and schools, and also has an enticing selection of restaurants.

12. Bridle Path-Sunnybrook-York Mills

Key features: Huge mansions, safe and extensive green space

Average house price: range up to $4.7 million.

Average rental cost: Estimates range from $6,000 to $10,000.

One of the county’s most affluent and budget-busting neighbourhoods, you’ll find mainly celebrities and Canada’s 1% living in these mega mansions. With a reputation as one of Toronto’s safest neighbourhoods, it also boasts lovely parks (such as Sunnybrook Park) and proximity to Sunnybrook Health Sciences Centre. As might be expected, public transit is not a priority and is not easily accessible.

FAQs:

What is the nicest neighborhood in Toronto?

There is no one single nicest neighbourhood in Toronto as it depends on your needs. However, some of the best neighbourhoods in Toronto that are popular and have lots of amenities include the Danforth, North Riverdale and The Beaches.

What is the safest neighborhood in Toronto?

Overall, Toronto is generally a safe city. Some of the safest neighbourhoods are The Beaches, Roncesvalles and Runnymede-Bloor West Village. Additionally, Bridle Path-Sunnybrook-York Mills and Lawrence Park North have some of the highest safety ratings in the city, but they are also among the most expensive neighbourhoods in Toronto and are well out of most people’s budgets.

What is the hippest neighborhood in Toronto?

West Queen West and The Annex are commonly ranked as some of the hippest neighbourhoods in Toronto because of their lively, artistic vibe, hip bars and restaurants and funky boutiques.

What is the most luxurious neighborhood in Toronto?

Bridle Path-Sunnybrook-York Mills is one of the most luxurious neighbourhoods in Toronto, as well as in Canada as a whole. With average home prices sitting at about $4.7 million, the area is known for its sweeping mansions, huge, fenced lots and exclusivity.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Chantelle Lucyshyn, a Kitchener, On based Canada Post employee who’s been with the company for 24 years, is fighting to get her long-term disability benefits while undergoing chemotherapy treatment for stage 4 ovarian cancer.

Lucyshyn was diagnosed on November 8 and went on strike with other Canada Post workers on the 15th, she told CTV News, adding that her doctor took her off work on the 25th. Because of her health issues, she submitted a short-term disability claim with the insurance company Canada Life.

The response she received was devastating. “Canada Post has advised at this time that they will not be paying any disability benefits to employees who were considered disabled … within the strike period,” an email to Lucyshyn stated as per CTV.

Thankfully, the decision was overturned due to unknown advocating efforts. But, Lucyshyn is now fighting another uphill battle: her long-term disability claim.

A spokesperson from Canada Post, in a statement provided to CTV, noted how “prior to Canadian Union of Postal Workers (CUPW) taking strike action, Canada Post provided CUPW with the opportunity to cover the cost of employee benefits so they would be maintained once CUPW was in a legal strike position. This is a common practice during a potential labour disruption. CUPW refused to cover the cost of employee benefits.”

“To qualify for long-term disability under the insurance plan, employees’ disability insurance premiums must be paid. Unfortunately, if the premiums were not being paid on the first day of the employee’s disability, they are considered ineligible for long-term disability under the insurance plan. This is standard practice across the insurance industry,” the statement continued.

Given the ubiquity of the practice, it seems unlikely that, in Lucyshyn’s case, Canada Life or Canada Post will budge an inch to make up for missed premium payments.

“The insurance company wouldn’t be obligated to pay those benefits while the premiums weren’t being paid, as long as the disability arose during the period where premiums were, in fact, not being covered,” James Fireman, a disability lawyer with Samfiru Tumarkin LLP, told the news outlet.

“I can assure you, I don’t make a habit of saying things in support of insurance companies, but as a fundamental rule, if they’re not getting the premium, then they’re not on the hook for the benefit,” he added.

Fireman also thinks it unlikely Canada Post or the insurance company will pay up again.

Is missing a premium payment a problem in Canada?

According to Ontario-based brokerage, Mitch Insurance, the number of clients missing insurance payments has increased a staggering 104% since 2019. The reasoning is mostly circumstantial and informed by particularly unfavourable economic conditions.

The first being premium hikes from insurers after the pandemic and once people returned to the workforce in person, while the current cost of living crisis has made it more difficult to keep up with payments while making other more important purchasing decisions.

“We hear things like, ‘I can’t afford all of my bills and you were the last one to come out,’ or that they just need some extra time, a few extra days before they get their next paycheque so that they can pay everything,” said Mitch retention manager, Cassie Gilroy, in a statement.

Repeatedly missing payments is likely to result in outright policy cancellation, which can be devastating for those needing the protection in case of serious injury or illness, like Lucyshyn.

However, insurers differ on how they treat this scenario, with some attempting to access funds days after the initial failed payment, while others may send a registered letter for cancellation once a payment is missed, which contains what is needed in order to keep a policy active (typically an NSF fee and the next month’s payment).

Racking up three of these letters within a calendar year will result in an insurer not reinstating a policy.

If you have a hard time managing all your financial obligations and fear that certain payments may be missed, a budgeting app can help you action your money more efficiently to make sure you can afford all your essentials.

You can also look into creating an emergency fund, stowing away a little bit of money with each paycheque into a high-interest savings account in order to have backup funds saved for a rainy day.

How to protect your benefits when you really need them

Lucyshyn’s harrowing ordeal is one that should make all employees think hard about what they can do to protect their benefits — the ones they put hundreds and thousands of dollars into — during times they are most vulnerable.

Strikes are becoming more severe and widespread, harkening back to the massive strikes in the 1970s and 1980s. According to research from the Canadian Centre for Policy Alternatives, over 500,000 workers “walked off the job” in 2023. This resulted in over 6.5 million workdays lost, which is the most lost in a single year in the last four decades.

Here’s some pointers to help you before you find yourself in a precarious situation from a strike.

• Talk with your union/insurance plan representative. If your union is planning to strike for any reason, you need to clarify exactly what that could do to your benefits if you need them. Don’t wait until the unthinkable happens.
• Talk to an expert. Law firms such as Fireman’s deal with disability insurance claim denials on a day-to-day basis. If you are having concerns your insurance company isn’t treating you fairly, book a free consultation with a lawyer.
• Continue to work. In some cases, you may be able to refuse to strike with your bargaining group and work as normal. In doing so, you may avoid the risks Lucysyn faced — though this option is not always possible.

Sources

1. CTV News: Canada Post employee denied short-term disability claim because cancer diagnosis came during strike, by Spencer Turcotte (Jan 16, 2025)

2. Mitch Insurance: What are the implications of missing an insurance payment?, by Gabrielle Reid (Feb 1, 2024)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Nvidia (NASDAQ: NVDA) employees apparently make so much money from their stock options that the company has a Slack channel dedicated to offering up personal finance tips.

Yet many of the chipmaker’s employees can’t simply enjoy their millions. Instead, they’re stuck in the office. Bloomberg recently spoke with 10 former and current employees, who report that a “cultural problem is brewing” within the chipmaking company as the work hours remain long, stressful and grueling.

Nvidia stock (NASDAQ: NVDA) has increased 2,374% since 2019 thanks to the chips it makes being used in AI technology. The 31-year-old company’s employees can vest their share options after four years. And Bloomberg reports that with the massive increase in the company’s stock, many employees have become overnight millionaires.

The Nvidia (NASDAQ: NVDA) employees get worked by their job, rather than letting their job — and their money — work for them. But you don’t have to be chained to your desk to build yourself a tidy fortune.

Find a lazy girl job

Although most Nvidia (NASDAQ: NVDA) employees told Bloomberg they’re working long hours for a CEO who likes to “torture people into greatness,” there are rumors that there are some who skate by doing nothing at all. A former employee explained how some colleagues who acted “semi-retired,” keeping their jobs long enough to let their stocks vest.

Though another Nvidia (NASDAQ: NVDA) employee told Bloomberg that it’s fairly hard to get away with “resting and vesting,” it can happen at the company.

But this semi-retirement path is the one that can make you the most money, according to Gabrielle Judge, a self-proclaimed “anti-work girlboss” who is popular on TikTok.

Judge advocates for getting a “lazy girl job.” She explained in a 2022 TikTok that this is usually a remote or hybrid position with a high salary, low expectations and no technical skills required. You can finish your work for the day in less than eight hours. Examples of lazy girls jobs in the U.S, where Judge resides, include customer success manager or marketing associate. In Canada, similar roles could include account coordinator, communications assistant, or junior project manager; all of which offer remote flexibility with competitive salaries around $55,000 to $80,000 depending on industry and region.

In a later video she put out this year, Judge breaks down the math of how a lazy girl job with an $100,000 annual salary earns you more money per hour than a more demanding job (e.g. a 16-hour day) with a $200,000 annual salary.

By Judge’s argument, an employee will bring in $52 per hour whether they work eight hours at a $100,000 a year job or if they work 16 hours at a $200,000 per year job.

“Hustle culture makes you broke,” Judge tells her followers.

Unshackle yourself from the golden handcuffs

Many Nvidia (NASDAQ: NVDA) employees have enough money to retire. But they’re waiting on the next big stock payout until they finally do, Bloomberg reports. The “golden handcuffs” keep many people at their desks, rather than out enjoying their millions.

You don’t have to endure a never-ending hustle in order to retire with a comfortable amount of wealth. You can make your money work for you to get to a point where you don’t have to work in order to survive.

A good way to do this is to contribute regularly to your registered retirement savings plan (RRSP) or Tax-Free Savings Account (TFSA). Like U.S. teachers who become 401(k) millionaires, many Canadian workers build significant wealth through consistent investing in tax-advantaged accounts, like RRSPs and TFSAa.

Although teachers don’t earn millionaire money — with the national average salary for Canadian teachers hovering around $75,000, according to Statistics Canada — with disciplined contributions to an RRSP or pension, many teachers retire comfortably — even millionaires.

Pay attention to the bottom line

Consider speaking with a fee-only financial planner through services like AdviceOnly or FP Canada – certified professionals, who can help you with investing, retirement planning, and tax optimization tailored to Canadian rules.

Sources

1. Bloomberg: Nvidia rally mints millionaires too busy to bask in new wealth (Aug 26, 2024)

2. Moneywise.com: This TikToker touts ‘lazy girl jobs’ that allow you to live the easy life on a comfortable salary. Her insight has viewers stirred up — but is she onto something? (Sept 12, 2023)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

You’ve spent days researching and you think you’ve finally found the perfect car for you. You’re ready to drive it off the lot and into freedom. There’s just one slight snag: You can’t drive your dream car anywhere because you don’t have auto insurance.

Auto insurance is one of those pesky financial necessities in life. Although most of us don’t enjoy shopping or paying for it, it is a legal requirement if you want to be able to drive that car.

This article is a primer on everything you should know before you choose auto insurance in Canada. We’ll take a look at the different types of coverage available, factors that influence premium costs and the important details you should consider before you buy.

How does car insurance work?

Car insurance works a lot like home insurance, where the premiums you’ll pay to an insurance company are based on the carrier’s estimated annual cost of covering your vehicle.

Premiums are calculated based on several factors. One of them is how much the insurance company believes it will have to pay out in claims in the coming year. You’ll pay your car insurance company premiums on a monthly or annual basis in exchange for taking on your vehicle’s risk.

The insurance company then collects all the premiums from the drivers it protects and places it into one large pool to cover the losses from customers filing for claims throughout the year.

You’re covered for the losses in your car insurance contract only, which means it’s important to review you policy in detail before signing up to make sure you understand the extent of your coverage.

However, car insurance contracts aren’t always the easiest to understand. If you need clarification about your coverage, it’s a good idea to speak with your insurance representative to get a better understanding.

Who needs auto insurance?

Simply put, if you’re a motorist in Canada, you’re required to have auto insurance, and skimping out on it can lead to a major fine. Ontarians caught without auto insurance, for example, are looking at a fine between $5,000 and $50,000 for a single offense, and they could also have their driver’s license suspended and car impounded.

But that’s not all. Anyone found to be driving without valid auto insurance could be considered a high-risk driver, and as a result might face higher auto insurance premiums or be refused auto insurance in the future. If an uninsured driver is involved in a collision and found at fault for an accident causing injury or death, they could be found personally responsible for the injured party’s medical costs and any other losses.

What are the different types of car insurance available?

The minimum level of auto insurance required in Canada varies throughout the country, so it’s important to familiarize yourself with your province or territory’s requirements to ensure compliance.

Third-party liability coverage

The most basic car insurance is third-party liability coverage. This protects you, the driver, against paying for damage you cause to someone’s property. It also protects you if someone else is killed or injured as a result of an at-fault collision committed by you. The minimum coverage varies by province, but at the very least it should cover the medical costs of anyone injured in an accident: Third-party liability coverage is mandatory in Canada.

Collision coverage

In addition to protecting you from third-party liability, collision coverage also covers you if you hit something other than a vehicle, such as an embankment or guardrail. It’s fairly common for this policy to also protect you if you’re involved in an accident with a motorist who isn’t insured. This broader level of coverage typically costs more than liability.

Comprehensive coverage

As its name suggests, comprehensive coverage provides the broadest range of protection. Not only does it usually cover medical and collision-related damages, but it may also protect you in the event of theft and floods. However, this comes at a cost, as comprehensive premiums are usually the highest among the three.

Specified perils and all perils

Two other optional types of auto insurance you might consider signing up for are specified perils and all perils. As its name implies, specified perils coverage protects you against specific damage to your vehicle, like theft or attempted theft, and weather-related damage, such as fire, lightning, windstorms and earthquakes. Meanwhile, all perils coverage combines the protection you receive under collision and comprehensive coverage.

It’s important to weigh the amount of coverage you need with the premium you’ll pay in order to find the auto insurance coverage that’s right for you. A lot of us like to shop for the option with the lowest premium, but as the old saying goes, you get what you pay for. When shopping around, it’s important to also look at the amount of coverage you’ll receive to ensure it’s sufficient. The last thing you want is to end up paying a lot of money out of pocket if you ever need to file a claim.

Is auto insurance different from province to province?

Although auto insurance is mandatory for drivers in all provinces across the country, there are key differences depending on where you reside, including the rates that are available to you.

For years, Ontario has consistently had the highest auto insurance rates in the country. Although it’s hard to pinpoint the exact reason why, reports have cited insurance fraud and auto theft as the main reasons. Meanwhile, Quebec has consistently had among the lowest auto insurance rates in the country over the years.

In most provinces, your only choice is to get auto insurance from private companies. That being said, there are some provinces that offer private and public auto insurance coverage, such as B.C., Manitoba and Saskatchewan, plus the option of extra coverage from private companies.

However, Quebec falls into its own category, as public insurance protects you in the event of injuries or death, while private companies protect you for property damage.

What factors influence the cost of auto insurance?

If you’re anything like me, you may have a tendency to complain that your auto insurance premiums are too high. But your premium might make more sense if you understand how it’s calculated. Insurance companies set its prices based on a number of factors, including:

Vehicle make, model and production year

Your vehicle’s make, model and production year has major bearing in premium costs. For example, sports cars are typically more expensive to insure compared to sedans. This boils down to two factors: Sports cars not only tend to have a higher retail price, but they’re also more likely to be involved in a collision.

Driving history

Your driving history is another big factor. If you’ve never received as much as a speeding ticket, you could save thousands of dollars in auto insurance premiums compared to someone who has several speeding tickets and has been involved in collisions.

Demerit points

Incurring demerit points for driving infractions, such as dooring a cyclist or speeding, can impact the auto insurance premiums you’ll pay, as well. Demerit points won’t affect your premium immediately, but they will when the policy comes up for renewal, as long as your insurance company checks your driving record.

Place of residence

A lot of motorists aren’t aware that where you live can have a big impact on their auto insurance premiums. Some neighbourhoods have a history of filing more claims than others. If your area has a lot of break-ins and collisions, be prepared to pay for it.

Age and gender

Two more factors that influence car insurance premiums are the driver’s age and gender. Insurance is one of the few industries where companies can legally discriminate based on age and gender in pricing. All things considered, you’ll generally pay less for auto insurance the older you are—at least until you hit your golden years, when you’ll be forced to fork over more for premiums. Men generally pay higher auto insurance premiums than women, as they are known for exhibiting riskier driving behaviour.

How can drivers minimize what they pay in auto insurance?

Who isn’t looking to pay less for your auto insurance? Here are some simple ways to cut down on what you pay and free up room in your monthly budget for savings or investing.

Bundle and save

Are you a homeowner? By bundling your home insurance with your auto insurance (using the same insurance company) you can expect to receive a discount. Typical discounts range between 5% and 25% on the overall cost of both insurance products.

Raise your deductible

Your deductible is the amount that you’re required to pay out of pocket before your insurance company will chip in in the event of a claim. By choosing a higher deductible, you could save a substantial amount on your monthly premiums. Typical deductions range from $500 to $5,000 — the higher the deductible the cheaper your insurance premiums. Just be sure that the deductible you select is manageable, should you need to make a claim. Inquire with your insurance company and check out the deductible options that are offered.

Shop around and save

Many of us have our car insurance on auto pilot; we’re too busy to allocate time toward shopping around and simply renew with our existing insurance company. While that may be convenient, it’s not necessarily cost effective. By shopping around, you’ll have the peace of mind that you’re getting a good rate and adequate coverage.

How to get insurance for a car in Canada

You can buy auto insurance from a licensed insurance broker, which is someone who offers insurance from a number of different insurance providers. The broker will research the market for you to find the carrier with the coverage you’re looking for at the best rate.

Another choice is to use an insurance agent. They typically represent a single insurance company, so it might still be a good idea to do your own additional research into possible alternatives to what the agent suggests. Similar to insurance agents are direct writers, who work for carriers that sell directly to consumers.

A third choice is to shop online on your own behalf. The upside to this option is that you feel like you’re in the driver’s seat. The downside is that insurance can be complicated, so you’ll probably want to speak to a human being at some point.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Dave Ramsey has fervently preached financial advice to North Americans for decades — but younger generations are now slamming the white-bearded radio host for offering counsel that doesn’t quite account for the current cost-of-living crisis.

One frothy example is Ramsey’s repeated attacks on those who spend money to buy their daily cuppa Joe. In a 2021 blog post, Dave Ramsey claimed a daily coffee habit could cost someone US$766 a year (about C$1,044 at the time). As of 2024, with rising café prices, that cost is closer to US$950 annually (C$1,300), according to Statista and recent coffee price data. That’s quite a bit of money, explains Ramsey — money that could be spent on paying down student debt, boosting savings or investments or even towards better consumable purchases, such as a newer vehicle.

But the younger generation argues that they’d rather sustain their mental well-being and hold onto the small luxuries that bring them joy rather than save a little extra cash.

“Self-care is extremely important,” Jarrod Benson, a 32-year-old comedian from Orlando, Florida told Business Insider. Benson considers his daily coffee purchase a self-care routine. He adds: “I’d rather be caffeinated than depressed with $6.”

Does Benson have a point? Is it important to spend on the small luxuries? Or should more people heed the advice of Dave Ramsey (and other financial influencers) and cut back on the little luxuries in life?

Social media users scorn Dave Ramsey’s advice

As of May 2025, the hashtag #daveramseywouldntapprove has about 85 million views on TikTok, with scores of users posting videos criticizing the finance personality for being out of touch with reality and shaming their money habits.

Benson, for example, didn’t hesitate to jump on the bandwagon with his own content, featuring himself sipping a pumpkin cream cold brew or getting a US$4 Crumbl cookie before cutting to his Ramsey impersonation watching menacingly from a distance.

It’s clear that Ramsey’s advice, which often includes living frugally or taking on more work to increase your income, doesn’t quite resonate with younger listeners.

Not willing to do anything to get out of debt

In a recent TikTok, Kate Hindman, a 31-year-old administrative assistant in Pasadena, California, emphasizes that her mental health and quality of life are far more important to her.

“I’m not willing to do anything to get out of debt,” she says. “I’m not willing to eat rice and beans everyday, I’m not willing to have three jobs and not spend time with my children. I’m not willing to forgo my favourite salad on a Friday.”

Hindman explains that her bills are so massive that a little extra cash saved here and there isn’t making a major dent in paying down her debt.

“The cost-of-living and low wages is to blame for the financial woes of most,” she says. “Being told that we can incrementally make these big differences if we just give up our quality of life for five, 10 years is absurd.”

According to Equifax Canada, Gen Z and Millennials carry average non-mortgage debts of C$17,338 and C$29,056 respectively — levels that have grown even as wages stagnate.

Ramsey’s financial advice isn’t always right

There’s another reason for the backlash against Dave Ramsey: His financial advice isn’t always the right.

For instance, Hindman decided to convert $30,000 in credit card debt into a debt consolidation loan with an 8% interest rate. Keep in mind, interest rates on debt consolidation loans currently range between 7.5% and 13.5%, depending on credit score and lender type. To find the best rates, consider using a loan consolidater, such as Loans Canada. Despite the advantage of lowering your debt costs, this is a tactic Dave Ramsey famously despises. He claims it doesn’t actually work, arguing that the lower interest rate removes the pain of debt and can lead to people carry debt for longer.

However, the use of debt consolidation loans to pay down debt faster — and at a cheaper cost to the borrower — is undeniable.

Learn more about consolidation loans and loans to help pay down debt.

Debt consolidation loan options for Canadians include:

• Loans Canada: Debt consolidator with various options including personal loans, as well as a mortgage refinance option
• LoanConnect: Loans from $500 to $50,000
• Spring Financial: Competitive loan rates and the ability to apply and complete the process right from your mobile phone
• Fairstone: Canada’s leading non-bank lender with competitive rates for borrowers with fair to poor credit

Other debt consolidation options for Canadians: For those who want to pay down their debt quickly another option is to consolidate higher-interest debts using a low-interest credit card. By dropping your annual credit card interest rate from 22.99% to 12.99%, you can save more than $900 in interest costs (assuming you carry a $5,000 credit card balance and it takes three years to repay the loan). Good options for low-interest credit cards include:

• Scotiabank Value Visa
• MBNA True Line Mastercard
• MBNA True Line Gold Mastercard

Like any debt-solving hack, whether taking on a new, lower-interest loan really works, depends. It can be harder to keep track of multiple credit cards at once than pay off one bill each month. Plus, if you secure a lower interest rate on your loan than what you were grappling with on your credit cards, this can be a great opportunity to save hundreds or thousands of dollars on your debt load in the long run.

On the other hand, there could be additional costs involved with a new loan, such as origination fees—upfront fees a borrower pays in order to get the loan — prepayment penalties or late payment fees.

Using the Debt Snowball method to get out of debt

Rather than consolidate debt using a lower interest rate loan, Ramsey recommends using the snowball method. Using this debt repayment strategy, borrowers pay off their smallest debt (or account with the lowest balance) first and make only minimum payments on all their other outstanding debts.

This method of tackling debt works as it offers behaviourial incentives to the borrower. Paying off a debt is liberating and incentivizes the borrower to repeat the process — over and over, until all debt is repaid. However, tackling small debts, first, without any concern for interest rates can cost the borrower. Larger debts with higher interest rates go unpaid, sometimes for quite some time, and this adds to the overall cost and burden of the debt.

“What Dave Ramsey would say is, ‘I don’t care if paying down the highest-interest debt first is the cheapest, because if you give up midway through, that’s more expensive,’” James Choi, a finance professor at the Yale School of Management, told The Wall Street Journal. As such, Choi isn’t convinced that everyone should adopt the snowball method when tackling debt. And his skepticism may be justified. In a recent study by the University of British Columbia, researchers found that while the debt snowball method improved motivation, the debt avalanche method — paying your most expensive debt first — reduced repayment time by an average of four months.

While there’s little doubt that using the snowball method for tackling debt works, that doesn’t mean it’s the right solution for everyone.

So, what is the right solution, particularily when it comes to spending on those small indulgences?

What the health experts say

Research shows that when we focus on something that we believe is positive or affirming, this attention brings us joy and has a positive impact on our mental health.

“A little luxury is something that brings a spark of joy, beauty, or delight to your day. It is not something you need, but it is something that makes your day the tiniest bit more extraordinary,” explained Jillian Amodio, LMSW, Founder of Moms for Mental Health, in an interview with Verywellmind.com.

Over the last year, a number of surveys show that Canadians of all ages are feeling the pinch of the increased cost of living and, as a result, were making changes to how they spend money. This isn’t surprising since inflation has outpaced wage growth for the last few years. In a 2024 RBC report analysts showed how real wages in Canada were flat despite a 15% cumulative rise in core living expenses since 2021.

In the U.S., more than half (56%) said they’d have to make cuts to their household spending. Apparently, Canadians agree. In a 2025 Ipsos Reid poll, 61% of Canadians said they had cut back on dining out, with 49% delaying non-essential clothing or electronics purchases. These sentiments indicate a potential shift in what people consider essential. It appears that not everyone agrees on the relevance of little luxuries like buying a cup of coffee at the local barista.

“Little luxuries are personal and subjective. What feels indulgent to one person may not have the same effect on another," explained Robert Cuyler, PhD, and Chief Clinical Officer at Freespira, a U.S.-based private firm specializing in medication-free treatment of anxiety and panic attacks, in an interview with Verywellmind.com.

"The key is to find what works for you and make it a consistent part of your self-care routine. Remember, taking care of yourself is not selfish; it’s necessary for maintaining good mental health and being your best self for others,” Dr. Cuyler concludes.

— with files from Romana King and David Saric

Sources

1. Journal of Positive Psychology: Does savoring increase happiness? A daily dairy study, by Jose PE, Lim BT, Bryant FB (2012)

2. Verywellmind.com: Little Luxuries Can Make a Big Difference for Your Mental Health, by LaKeisha Fleming (May 6, 2024)

3. YouGov: Ballin’ on a budget: Little luxuries that Americans treat themselves to while on a budget, by Hoang Nguyen (Oct 10, 2023)

4. Ipsos Reid: Canadians Cut Back in 2023 and Plan to Continue Cuts in 2024, by Sean Simpson (Jan 1, 2024)

5. Verywellmind.com: Little Luxuries Can Make a Big Difference for Your Mental Health, by LaKeisha Fleming (May 6, 2024)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Elon Musk is one of the most influential entrepreneurs of our time, with ventures spanning from electric vehicles (EV) and space travel, to artificial intelligence (AI). But recently, Musk stepped into politics, and not every investor is happy about it.

Recently, a wave of protests, known as the “Tesla Takedown,” have been targeting Tesla dealerships across the US, Canada and Europe. The protests stem from concerns over Musk’s political ties and his involvement in shaping government policies, particularly through the Department of Government Efficiency (DOGE). While Tesla has always been a polarizing company, these protests have escalated to vandalism.

Now the question remains: Should investors put their money into Musk’s empire? Will Tesla face backlash? Can SpaceX continue to expand its dominance into intergalactic exploration? Will xAI emerge as a major player in artificial intelligence? Let’s break down whether investing in Musk’s companies is a move that could bring reward or far too much risk.

Tesla backlash

Tesla’s self-driving technology has been a cornerstone of its value proposition, but recent controversies are raising red flags for investors. The company has long insisted that camera-based vision is sufficient for autonomous driving, rejecting the use of LiDAR (Light Detection and Ranging) sensors. However, recent experiments have shown significant weaknesses in Tesla’s approach.

A test conducted by CleanTechnica on March 17, 2025, demonstrated how Tesla’s camera-based Full Self-Driving (FSD) system struggled in low-visibility conditions such as rain, fog and smoke. Meanwhile, LiDAR excels in these conditions.

On top of that, a massive recall of Cybertrucks was issued after reports that parts of the trim, including the truck’s stainless steel siding, can come loose or fall off while driving, further fuelling concerns about quality control and reliability.

Financially, this could impact Tesla’s market position. A 2024 survey by J.D. Power found that 74% of EV buyers consider advanced driver assistance systems a key factor in their purchasing decisions. If Tesla’s FSD falls behind competitors that adopt LiDAR, the company could lose a significant share of the growing autonomous vehicle market.

Meanwhile, shares have already shown volatility. Since December, Tesla has fallen 48%, making it one of the worst-performing large-cap stocks of the year.

SpaceX: A dominant, but private, space player

While Tesla faces challenges, SpaceX is thriving. The company recently completed another successful astronaut mission, reinforcing its reputation as the global leader in commercial spaceflight. More importantly, SpaceX’s Starlink satellite network is expanding, providing high-speed internet to remote locations worldwide.

That said, not everything is smooth sailing. Recently, a Starship test flight ended in an explosion during re-entry, highlighting the risks still inherent in the company’s ambitious development timeline.

Starlink’s growth has been staggering. Despite this success, SpaceX remains private, leaving retail investors unable to buy shares directly. However, there are indirect ways to invest. A BNN Bloomberg report revealed SpaceX’s inclusion in a little-known aerospace exchange-traded fund (ETF) triggered a surge in investor interest. The Procure Space ETF (UFO), which includes holdings tied to SpaceX’s business ecosystem, saw inflows increase by 28% in one week following the news.

For Canadian investors, ETFs provide a way to gain exposure to aerospace and satellite technology. Those interested in the sector should explore the best ETFs for Canadian investors that include companies linked to space innovation.

xAI and the Private Equity Dilemma

Musk’s AI company, xAI, recently made headlines for its chatbot, Grok, a direct competition to OpenAI’s ChatGPT. The company aims to revolutionize AI by focusing on truth-seeking algorithms rather than politically biased outputs. However, like SpaceX, xAI is private.

Some investors are trying to gain exposure through private equity platforms. Private market investing has surged, with firms such as Wealthsimple Private Markets offering access to high-growth startups for accredited investors. Wealthsimple allows Canadians to invest in private equity funds, though the minimum investment amounts are often high, and liquidity is limited.

Should you invest in Musk’s ventures?

Musk’s companies are undeniably exciting, but not all are easily accessible for investors. So if you’re considering investing in Musk-led ventures, here are the key takeaways to consider:

• Tesla is still a strong EV brand, but its self-driving approach is facing scrutiny. Investors should watch regulatory developments and competitive advancements in LiDAR.
• SpaceX dominates the space industry, but retail investors need to look at ETFs that include related companies.
• xAI is a potential AI disruptor, but remains private. Investors interested in AI may need to look at public alternatives like NVIDIA, or explore private market options through Wealthsimple.

Final thoughts: Is hype enough?

Elon Musk’s ventures are filled with promise, but investors must separate excitement from strategy. Investing in disruptive industries can be appealing, but understanding risk, access and market conditions is essential. Whether Tesla, SpaceX-related ETFs, or AI investments catch your interest, always diversify and invest wisely.

Wondering how to buy stocks in Canada? Start by choosing from one of the best investment apps, many of which are offered by Canada’s discount brokerages. Whether you’re building a portfolio from scratch or just looking to diversify, the best ETFs in Canada can be a simple, cost-effective way to get started.

Sources

1. CleanTechnica: Lidar vs. Cameras = A Giant Fail For Tesla

2. J.D. Power: Vehicle Alerts Cause Most Complaints About Advanced Driver Assistance Systems, J.D. Power Finds

3. BNN Bloomberg: SpaceX Addition Spurs Flood of New Cash Into Little-Known ETF

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

When it comes to the Calgary Stampede, it’s not just about rodeo thrills and western spirit. The Midway is where the true flavour fireworks happen. Every year, the food vendors outdo themselves with bold, creative and downright delicious creations, and 2025 is no exception. From July 4 to 13, 2025, prepare your taste buds for a whirlwind of wild combos, unexpected treats and classic favourites with a twist.

Here’s your insider’s guide to 12 must-try new Midway foods that’ll have you rushing to the food stalls faster than a bucking bronco.

1. Skittle dog

Think a classic corn dog just got hit with a sugar tornado. This colourful treat takes your standard battered hot dog and wraps it in a crunchy shell made of Skittles. Sweet, tangy and maybe just a little bit weird, the Skittle dog is a wild ride for your taste buds that’s part carnival fun, part candy crush. Perfect for anyone who’s ever wondered what it’d be like if dessert and dinner had a quirky lovechild.

2. Fruit Loops chicken burger

This burger breaks all the rules. Bite into crispy fried chicken piled high with a colourful crunch of Fruit Loops cereal. It’s the perfect mash-up of savoury and sweet, with every bite delivering a surprising pop of fruity fun. It might sound a little out there, but trust us: the Midway is the place to embrace the wildest flavour experiments and love every weird mouthful.

3. Doritos fried pizza slice on a stick

Pizza on a stick? Sign us up. Wrapped in Doritos and deep-fried? Now you’re just showing off. This Midway masterpiece is loud, messy, crunchy and totally unapologetic. If your snack choices lean chaotic in the best way, this one’s calling your name.

4. Spam-pede Bao

Spam has spent decades as the punchline of canned meat jokes, and yet, here it is, starring in one of the wildest Midway mashups of the year. The Spam-pede Bao wraps seared spam, garlicky shrimp, pineapple, cucumber, seaweed and a teriyaki drizzle in a soft bao bun. It’s sweet, salty, tropical, and somehow… it works? You might not be proud, but you’ll definitely go back for another bite.

5. Portuguese tart pineapple

The flaky, buttery crust of a Portuguese tart gets a sunshine twist with juicy pineapple baked inside. Sweet, tangy and rich, this treat combines the best of tropical fruit and traditional pastry for a dessert that’s both comforting and refreshingly different.

6. Wagyu exquisite poutine

Poutine’s already a classic, but this version definitely isn’t your usual late-night snack. Topped with rich Wagyu beef, gooey cheese curds and a generous pour of gravy, it’s got all the comfort of the original with a bit of luxury thrown in. Is it over-the-top? Absolutely. But if there’s ever a place to eat fancy beef on fries, it’s the Stampede.

7. PB&Jammin’ chicken

If you loved peanut butter and jam as a kid, wait till you try it with crispy fried chicken. This combo surprises with a creamy, nutty sauce sweetened with jam, layering rich savoury flavours with nostalgic sweetness. It’s comfort food with a playful twist, making it a standout for adventurous eaters who like their meals with a side of fun.

8. Bacon wrapped grilled cheesecake

Grilled cheese sandwiches just got a serious upgrade. This creation wraps ooey-gooey grilled cheese in crispy bacon and slices it like a cake. It’s a cheesy, smoky, crispy indulgence that’s as Instagram-worthy as it is delicious. Perfect for anyone who believes bacon makes everything better.

9. Apple cinnamon crumble perogies

Perogies are a Midway staple, but these sweet versions filled with warm apple and cinnamon bring dessert to the party. Topped with a buttery crumble, these perogies offer a comforting, nostalgic flavour perfect for those who love cozy sweets with a bit of Canadian flair.

10. Dill pickle mini donuts

No one asked for pickle-flavoured mini donuts, but clearly they should have. Sweet, salty, tangy, and weirdly good, they somehow walk the fine line between dessert and dare. It’s the kind of snack that’ll make you pause after the first bite… and then finish the whole bag.

11. Maple bacon cheesecake burger

This dessert-inspired burger leans hard into classic Canadian flavours, with creamy cheesecake swirled in maple syrup and topped with crispy bacon bits. Sweet, salty, rich and just the right amount of ridiculous, it’s the kind of indulgence that feels right at home on the Midway — and worth every bite.

12. Cowboy candy mango soft serve

This soft serve blends sweet, creamy mango with a spicy kick from candied jalapeños. The result is a refreshing dessert with a surprising twist, cool and sweet with just enough heat to keep things interesting. It’s a true Stampede original that proves soft serve doesn’t have to be boring.

So, whether you’re into sugar-crusted hot dogs, cereal-covered chicken or poutine with a side of luxury beef, the Stampede Midway has something that’ll make you laugh, cringe or straight-up fall in love. It’s a buffet of chaos in the best possible way, and honestly, isn’t that what Stampede’s all about? Show up hungry, stay curious and don’t be afraid to eat something that sounds like you really shouldn’t. From July 4 to 13, the Midway is where your taste buds run wild and your snack decisions get a little reckless, in the best way.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Moving is hard enough, from dealing with the logistics of transporting household items all the way to unpacking. But what if you were essentially forced to move and pay more in rent?

It’s a prospect students and their families say they face at the University of California, Santa Cruz.

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And they’re putting up a fight.

Who is affected?

A number of students with families are upset about a planned upgrade to housing at the school that will push them out of their current student apartments — which are offered at below-market rates — and into a new facility where they will pay 30% more in rent per month, according to ABC7 News Bay Area.

Local newspaper Lookout Santa Cruz reports the 200-unit family housing facility on the west side of campus is set to be demolished to make way for new undergraduate housing. The university could start moving out families in the fall. Students were informed of the rent increase in January.

“What was going through my head was that it’s $600 more a month, it’s like money coming directly from my paycheck, from the university, back into the university,” Nate Edenhofer, a teaching assistant, told ABC7 News in a story published April 29.

The complex visited by the broadcaster was old and run down, but residents insist many units remain livable.

“Here are four vacant units in a row, and every single one is a two-bedroom apartment that a family could be living in right now,” Aaron Chang, whose wife is a grad student, told ABC7 News while giving a tour of the area.

The university says it has a plan to increase student housing by 40% in the next five years.

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“The proposed rate increase is necessary to cover rising operational costs, including expenses associated with the new building, staff salaries and utilities” a spokesperson for the school told Lookout. Officials have repeatedly shot down requests to rescind the rent increase.

Chang and other tenants planned to hold a rally to protest rent hikes at the new facility, per ABC7 News, while Edenhofer was handing out posters that said “No rent hikes for student families” and asking fellow residents to display them in their windows.

How to budget for higher rent

Whether you’re forced to move into a place with higher rent, or your current landlord has decided to raise the price at your current home, it’s important to account for the additional costs.

First, take a look at how much the increase will be for each month so you have a clearer understanding of the budgeting changes you’ll need to make. Look at your current spending plan to see which other areas you may be able to cut back on. For example, is it possible to take public transportation a few times a week to cut down on gas? Or will cutting back on dining out once a week suffice?

It’s also possible that there’s no room to cut expenses in your budget. If this means you can’t cover your essential costs, you may need to make a plan on how to increase your income, whether it’s by taking on additional part-time work or starting a side hustle.

Taking on roommates could help lower costs. Assuming this is feasible, you can save because you’re splitting rent and utilities with others. Be sure to ask your landlord whether this is possible, and add roommates on your lease.

Moving to a more affordable apartment could make sense if any of the above options don’t work.

There may be some costs associated with moving, like setting aside funds for a security deposit and any applicable fees from breaking your current lease. Don’t forget moving costs, such as renting a truck and purchasing moving supplies.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Retiring with debt was once the exception. Now, it’s edging toward the norm. A recent survey from Royal LePage, conducted by Leger, reveals a sobering trend: Nearly 30% of Canadians planning to retire in the next two years expect to carry mortgage payments into retirement. Even more striking, 47% say they have no plans to downsize, despite soaring housing costs.

This shift marks more than a change in retirement plans. It’s a warning sign. Carrying debt into retirement has serious consequences for your long-term financial security, access to care and overall quality of life in your later years.

Why are more Canadians retiring with mortgage debt?

According to Statistics Canada, the average retirement age in Canada rose from 64.3 in 2020 to 65.3 in 2024. The housing market has also dramatically changed, particularly in urban centres such as Toronto and Vancouver, where prices have surged.

John Pasalis, president of Realosophy Realty, notes that this isn’t just about individual choice. “Many parents are faced with a difficult choice: borrow to help their kids, or see them move far away,” he told CTV News. He also points out that downsizing doesn’t always mean spending less: “Even though they are downsizing their space, many don’t end up spending less. But they’re choosing lifestyle: No stairs, no maintenance, freedom to travel.”

Stories behind the numbers: When retirement plans collide with real life

For many Canadians, the dream of a debt-free retirement is being replaced by a more sobering reality: A mortgage that outlasts their career.

Leon Budziszewski of Ottawa thought he had planned well — a paid-off home, a modest trip and savings lined up for retirement at 65. But when long COVID forced him out of work early, everything changed. “The math I used was sound, but life did not cooperate,” he told CTVNews.ca.

Cheryl Maxwell, who moved to Carman, MB, to prepare for retirement, now faces the possibility of never being mortgage-free. She described the impact bluntly in an email to CTVNews.ca: “It is unlikely my mortgage will be paid off during my lifetime.” For her, retirement now means budgeting to the penny, and possibly taking on part-time work just to stay afloat.

These personal stories echo a broader shift. With housing costs still high and interest rates unpredictable, many Canadians heading into retirement are doing so with more financial weight than previous generations — and fewer options for shedding it.

The hidden cost: Emotional strain and family pressure

Beyond the numbers, many older Canadians are carrying emotional burdens that don’t show up on financial statements.

Take Lynne Foster of Winnipeg. At 72, she’s still working full-time, not to support herself, but to cover expenses for six family members, including adult children and grandchildren who live in her home rent-free. “Here I am at 72, supporting everyone… and no one seems to care,” she wrote to CTVNews.ca, capturing the exhaustion that comes from putting others’ needs ahead of your own in retirement.

Whether it’s unexpected caregiving roles, family obligation or simply the rising cost of living, more retirees are discovering that financial independence is harder to achieve, and harder to maintain, than they once imagined.

What you can do if you’re facing retirement with debt

Retiring with a mortgage or other debt can feel overwhelming, especially when you’ve spent decades working toward the freedom of a debt-free retirement. But if you’re one of the growing number of Canadians facing this reality, you’re not alone, and there are ways to adapt.

Many people in this situation didn’t plan poorly. Life simply had other ideas. Health challenges, family responsibilities and the high cost of living have reshaped what retirement looks like. The good news? With thoughtful planning and a few key strategies, you can regain control of your financial future and protect your peace of mind.

Here’s what you can do to stay financially stable, and emotionally grounded, if you’re heading into retirement with debt:

• Reassess your budget and retirement timeline: Life doesn’t always follow the plan — just ask Leon Budziszewski, who was forced into early retirement by long COVID. Build flexibility into your retirement timeline and revisit your budget regularly. If needed, consider delaying retirement slightly or adjusting spending expectations to keep your financial footing secure.

• Consider downsizing carefully: Moving to a smaller home might sound like a simple way to cut costs, but as Pasalis points out, downsizing doesn’t always mean saving money — especially in high-cost cities. Instead, focus on the quality-of-life advantages, such as reduced upkeep, easier accessibility and greater flexibility to spend time on what matters most to you.

• Explore refinancing options: If you’re still carrying a mortgage as you approach retirement, it’s wise to review your refinancing options early. Lenders may prioritize stable income sources when assessing applications, which can be more challenging after leaving the workforce. Strengthening your financial profile with multiple income streams, such as part-time work, rental income or investment returns, can improve your chances of qualifying for better rates and terms.

• Build a safety net: Unexpected expenses — medical, housing or family-related — can quickly strain a fixed income. Prioritize building an emergency fund and ensure you have adequate insurance coverage. This financial cushion can prevent short-term setbacks from turning into long-term stress.

• Seek professional advice: Retirement planning is more complex than ever. A certified financial advisor can help you map out a plan that fits your personal situation, from mortgage payments to healthcare costs and estate planning.

• Plan for income after retirement: Many retirees, like Cheryl Maxwell, find they need to supplement their income with part-time work. Rather than seeing this as a setback, treat it as an opportunity for a phased retirement, easing into your next chapter while keeping financial pressure at bay.

What this means for your retirement security

Carrying mortgage debt into retirement isn’t automatically a mistake — for some, it’s a deliberate decision driven by lifestyle preferences or financial strategy. But it does come with risks. When unexpected health challenges or family responsibilities arise, debt can quickly become a heavy burden, putting your long-term financial security at risk.

Retirement today rarely unfolds exactly as planned. Instead, it requires flexibility, resilience and a willingness to adapt to changing circumstances. The key is staying informed and proactive, making thoughtful choices that balance your financial needs with your desire for comfort and stability. Ultimately, successful retirement planning means managing trade-offs in a way that safeguards both your wallet and your peace of mind.

Sources

1. Royal LaPage: The new real estate reality for retirees: Exiting the workforce with mortgage debt (May 27, 2025)

2. Statistics Canada: Retirement age by class of worker, annual

3. CTV News: ‘I might never pay it off’: Some Canadians retire still in debt (June 2, 2025)

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Those looking for a quick bite of McDonald’s in the heart of downtown Chicago might have to look elsewhere.

Six locations in close proximity within and around the city’s iconic downtown neighborhood — the Loop — have closed, according to CBS News Chicago. Now, there are only four left in the central business district. And they’re not the only commercial spaces to shut down.

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However, Michael Edwards, President and CEO of the Chicago Loop Alliance, doesn’t view the closures as a bad omen. In fact, he believes the area is seeing an economic rebound.

“First quarter of this year, a million people came down,” Edwards told the local broadcaster in a story published May 19, “$280 million in economic impact.”

He added: “Every day, there’s something new and improved.”

Downtown foot traffic on weekends is higher than pre-pandemic levels, reports CBS News Chicago. So, why are some businesses not seeing the economic benefits of staying in the area?

What’s going on in the Loop

High rent may be a hindrance for local businesses. Many commercial spaces in the Loop currently rent between $23 and $50 per square foot each year, LoopNet shows, which can translate into paying hundreds of thousands of dollars annually for the space alone.

Sprinkle in additional costs like renovations, utilities, hiring staff and other overhead expenses, and it becomes a pricey venture to run a business in the Loop. Edwards says the area tends to attract large national retailers, but he notes many seem to be downsizing.

When asked about the restaurant closures, CBS News Chicago says McDonald’s didn’t give a definitive reason why they shut down. An “outside source” told the news outlet one of the locations may have closed because of crime and tensions with homeless people.

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According to the National Restaurant Association, food and labor costs for the average restaurant have risen 35% in the last five years. Rising costs are eating into pre-tax margins, which is around 5% for a typical restaurant.

But the price of doing business in the Loop isn’t scaring off everybody. A Mexican restaurant, Momento, recently opened its doors, per CBS News Chicago, and Amorino, a gelato joint, is set to open a second location in the area. All are owned by Christopher Roldan, who expressed a lot of faith in the district.

“From all of the 300 [Amorino] locations, 19 countries, this one in Chicago is the number one in sales,” Roldan told the broadcaster. “We have proof that this area works.”

Does consumer sentiment have to do with the McD’s closings?

A survey published by LendingTree last year found that while 3-in-4 Americans would typically munch on fast food at least once a week, 62% reported eating it less often due to rising prices. In fact, 78% of survey respondents viewed fast food as a luxury because it has become more expensive. Half also said they view it as a luxury because they’re struggling financially.

Same-store sales in the U.S. fell around 3.6% in the first quarter of 2025 at McDonald’s, which is the lowest for the restaurant chain since 2020, according to multiple news outlets. McDonald’s CEO Christopher Kempczinski said visits to fast food restaurants were down “nearly double digits” among low- and middle-income consumers so far this year compared to early 2024.

Despite this, McDonald’s announced on May 12 it plans to hire 375,000 workers across the country this summer, and seeks to add 900 new locations by 2027. It’s not known if any new locations will be brought back to the Loop.

In the meantime, residents, workers and visitors in the Loop may have to reach for different meal options in the area.

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Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. Subscribe for free.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.