Are you considering stepping into the world of homeownership? This episode is packed with insights every first-time homebuyer needs. Doug Hoyes and Ted Michalos discuss why a declining market might benefit new buyers, the emotional traps leading to risky financial decisions, and the true cost of homeownership – beyond the mortgage. Learn how unexpected expenses (from land transfer taxes to home repairs) can derail your budget if you’re not prepared, the biggest regrets homeowners face, and how to avoid being “burned” by your first purchase.

00:00 - Why a declining market can be an opportunity for new homebuyers
02:30 - The emotional reasons people want to own a home over renting
04:45 - The biggest emotional mistake of buying a house
10:40 - The mortgage is just the tip of the iceberg for home costs
16:00 - Emergency fund vs. line of credit for home maintenance
18:00 - The inevitability of things needing repair
19:00 - Land transfer tax, and so much more
21:00 - The many other costs of buying a home: lawyer fees, moving, and HOAs
23:00 - The biggest regrets new homeowners have
27:00 - How to avoid being "burned" by buying a house
29:00 - The pressure of "keeping up with the Joneses”


A House Is Not An Investment If You Can’t Afford It – Debt Free in 30 Episode

“What to do if I can’t pay my mortgage?” Hoyes Michalos YouTube Channel

“I can’t afford my mortgage renewal, now what?” – Hoyes Michalos FAQ

Sign Up for the Monthly Debt Free Digest


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.

Staying financially stable in Canada has never been harder. Even when you’re working, budgeting, and “doing everything right,” rising insolvencies, higher debt loads, and a cooling housing market are leaving many Canadians struggling to stay afloat in 2025.

If you’ve ever wondered why it feels impossible to get ahead financially (even when you’re trying your best!?), this episode helps explain the challenges in today’s economy and offers practical strategies to help Canadians move forward.

0:00 – Season 12 kicks off, Doug Hoyes and Ted Michalos discuss the future of DFI30
2:00 – Canada’s economy today: rising insolvencies and financial strain
4:00 – The impact of higher unemployment and growing uncertainty
7:15 – Why home equity isn’t the financial safety net it once was
10:50 – How financial exhaustion affects mental health and overall wellness
13:00 – Breaking the stigma: addressing shame around debt
14:30 – Key warning signs that you may have too much debt
17:00 – Why many Canadians underestimate how much debt they carry
20:00 – First steps to take when debt feels unmanageable
23:30 – Why working more hours won’t solve financial problems
24:20 – How consumer proposals help Canadians get back on track


Indicators of Financial Vulnerabilities – Household Credit Performance Chart

Who’s Filing Insolvency in Canada and Why? Joe Debtor Bankruptcy Study

Free Canadian Credit Repair Resources

Hoyes Michalos YouTube Channel

Sign Up for the Monthly Debt Free Digest

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

Looking to save more and spend smarter? This episode is packed with practical, expert-backed tips - from insider grocery hacks and avoiding hidden fees to smarter banking strategies. Learn how simple shifts, like opening a second bank account or using preloaded credit cards, can help you take control of your money and reach your financial goals faster.

(01:00) Avoiding hidden service charges
(04:00) Top Canadian grocery tips: Snacks vs. Groceries with The Food Professor
(05:40) How preventive costs can save you big
(09:45) Why you should open a second bank account
(10:30) More grocery hacks to cut your bill
(15:00) The payoff of investing in insurance
(17:50) Top 3 shopping tips to save money
(20:00) Why a home isn’t always an investment: Renting vs. owning
(24:00) The benefits of preloaded credit cards with digital banks
(28:00) The importance of diversifying your money

Free Canadian Credit Repair Resources

10 Tips for Dealing With Collection Agencies

Ontario Consumer Proposal and Bankruptcy FAQ

Hoyes Michalos YouTube Channel

Sign Up for the Monthly Debt Free Digest

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.