The hidden cost of free

Winning a dream home in a lottery comes at a price for Markham, Ont. resident Kit Ling Kwan.



From the February/March 2012 issue of the magazine.


A lucky Markham, Ont. resident, Kit Ling Kwan, recently won the Princess Margaret Welcome Home Sweepstakes dream home: a gorgeous, fully furnished $3.99-million mansion in Oakville, Ont. But if Kwan actually moves in, she may find that maintaining her dream home is a nightmare.

Each year, she’ll  pay:

Property tax: $30,700

Insurance: $5,000

Utilities: $7,100

Total annual expenses: $42,800

4 comments on “The hidden cost of free

  1. Finance the home for $800,000. Invest that money at a 4%Yield, and it will be more than enough to pay for the annual fees.


  2. If their current home is worth less. Sell the current home and monetize the tax free proceeds. Move into the lottery home and use the cash proceeds from the sale of their current home to finance the expenses on the new home for a year, i.e., make the new home their permanent residence. After a year sell the lottery home to monetize the value of the new home tax free.


  3. You call winning a $3.99M home a nightmare????? I would like to have nightmare like that!


    • I think you misread the article. It does not say winning a $3.99m home a nightmare, but it says maintaining the home is a nightmare.


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