Canadians Are Selling Their Lottery Dream Homes and It Makes Perfect Sense

Publish: 03.06.2017

Winning a lottery is generally considered to be bliss and a once-in-a-lifetime occurrence.

Joy of winning with odds stacked firmly against you and is unimaginable, but once you mount down from the cloud nine, reality can be eye-opening.

Such a scenario is starting to hit more and more Hospital Home Lottery winners in New Brunswick, with no less than nine of them having already sold their dream homes and even for hundreds of thousands of dollars under value.

Why doesn’t this strike us as a surprise?

Lottery winners are displaying shrewd personal finance management through it and a commendable level-headedness. Having realized a dream is at most times hard to maintain, people have started to sell their dream houses as they are becoming unable to run them.

A winner from a few years back reported that total insurance, property tax, heating costs and bill amounted to around $2,625 per month, which turned out to be more than they could handle.

“It would be considered a dream to have a home like that, but it’s not necessarily realistic in terms of cost to maintain it,” she said.

With cost of ownership often exceeding the rents, Canadians are starting to sell their dream houses and downsize into more affordable dwellings they can manage properly and without it affecting their budget to a significant amount.

One of the latest winners, 80-year-old Shirley Barton, who got a $900,000 home in Rothersay in December, resold her house in March for $565,000 becoming the ninth winner in a row to unload her dream prize.

Most people, they want to get clear of it. ” a prize like that is wonderful. It’s a big thrill. [But] it’s expensive. You’ve really got to think about that and I don’t think people do when they buy these tickets.”, she confesses.