So my wife and I had this idea of visiting friends in Toronto later this month and staying in a hotel downtown. Silly us.
A look at hotel prices on one travel site this week showed the cheapest room available at a three- or four-star property downtown cost $579 per night, including taxes. A nice bunch of additional choices at the low end of the cost scale were available in the $650 range.
We decided to pass on those prices. What we’re doing instead is using guest rooms at condo buildings where family and friends live. The cost: $75 or so per night.
It’s not unusual for high-rise condos to have guest rooms where guests of owners can stay. Owners book the rooms, which in my experience are set up like hotel rooms with fully equipped bathrooms, comfortable beds, wireless internet service and air conditioning. Many condos also have no-cost guest parking, so the cost is a true value.
I can say from personal experience that before COVID, it was almost always possible to find downtown Toronto hotels in the $200 range per night. Today’s prices reflect both inflation and the travel industry’s attempt to recoup money lost during the pandemic. As noted by Globe personal finance reporter Erica Alini, Airbnb prices are nearly as expensive as hotels.
Hotels are doing what they feel they need to do with their pricing in summer 2022. We’re doing what we need to do as well. That means saying no to $579 per night for hotels in downtown Toronto and making alternative arrangements.
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Rob’s personal finance reading list
‘The housing market has failed me’
One young woman’s utterly depressing story about trying to find a place to rent in Toronto. This situation was on my mind when I wrote recently about the financial damage being done to young people by the rental market.
How to avoid the airline luggage tax
Tips for travelling light so you can use carry-on luggage and avoid the cost of checking a suitcase. You may be able to use an Aeroplan credit card to get a first bag checked free on Air Canada.
Inflation hits the dating scene
Thoughts on how to manage inflation’s impact on the cost of dating – drinks, restaurants and activities all cost more these days.
Aeroplan’s new flight chart
Changes are coming Sept.1 for the number of Aeroplan points needed to fly to some destinations. Most of the changes are small hikes in the amount of points needed to redeem for flights.”
Ask Rob
Q: What is the best no-fee money-back credit card?
A: Here are some lists of best no-fee credit cards, including those offering cashback as a reward.
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length and clarity.
Today’s financial tool
Given all the interest in guaranteed investment certificates there days – literally and figuratively – I thought this primer on taxation of GICs would be helpful.
The Money-Free Zone
I’ve heard Tift Merritt described as a country soul artist, and that works for me. Highest rating to her song Stray Paper, which might be Number One on the list of songs I’ve put most often on a running mix. The groove at the end is fantastic.
From the Twitterverse
A family friend asked about the best no-fee bank accounts for Gen Z. To get the wisest possible range of views, I checked in with what I like to call my Twitter focus group.
In case you missed these Globe and Mail personal finance-related stories
- The important financial steps to take after a spouse dies
- Airbnb almost as expensive as a hotel, figures show, as growing fees prompt user outrage
- Two westerners, two different reasons for driving a Ford F-150 Lightning
More Rob Carrick and money coverage
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Even more coverage from Rob Carrick:
- 🎧 Catch up on Stress Test: Is the middle class dead for millennials and Gen Z? • Gas prices are soaring. Are electric vehicles an affordable solution? • Crypto is booming, but should you invest? • How are young Canadians dealing with soaring rents? • Inflation is squeezing our finances. What can we do about it? • Is a hot housing market squeezing Canadians out of their small towns?
- ✔️ The housing file: How bad is housing affordability? Even a crash won't help • Sell the family home to lock in profit and then rent? Better not • Why young adults can't afford houses: Hard work got you more in the past than it does now • Five reasons you should not buy a house till you're at least 30 • Now more than ever, owning a house is not a retirement plan
- 📈 Investing: The 2022 ETF buyer's guide: Best Canadian equity funds • The 2022 Globe and Mail digital broker ranking: Does the zero-commission revolution flip the script on who's best? • With bonds sinking, conservative investors are waking up to risks they never saw coming • A five-step plan for dealing with the sad fact that almost every investment is falling lately • The best financial advice in advance of retirement? Work on your marriage • One-year GICs are the best deal in town for safety seekers • What to do if the financial plan you paid thousands for disappoints
- 💰 Your money: Are you prepared for the pandemic wealth boom to blow up in our faces? • This hard-working 24-year-old is nailing it financially. But where's the happiness? • Who should and shouldn't worry about the wave of rate increases this year, and what every stressed-out borrower should do right now • Don't make this potentially costly assumption about the CPP Survivor's pension
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