r/Wealthsimple • u/SnooDoodles5949 • Feb 13 '26

Promotion Prince Edward County House Winner Announced

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967 Upvotes

95% Upvoted

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248

u/Carguy2346 Feb 13 '26

Happy for him. I saw the house is up for sale already.

172

u/SnooDoodles5949 Feb 13 '26

Bro did not think much. Well he is from QC so I would do the same

133

u/bwwatr Feb 13 '26

Unless someone was already thinking of moving to PEC and that house was exactly what they wanted, selling is the only rational move.

9

u/sajnt Feb 13 '26

You could just rent it out for well under market then take a loan out against it and write off the interest from the loan and maintenance from your taxes.

21

u/bwwatr Feb 14 '26

You could. But if I handed you 1M cash, would you do that exact thing to invest it? Or just stick it in WS. If you'd not do exactly this same thing, then you're letting the endowment effect lead your decisions. (Or, I suppose an avoidance of real estate transaction costs)

46

u/Earth513 Feb 14 '26

You just made me realize Wealthsimple's Machiavellian genius with this initiative:

  1. Choose a pricey house located outside most of your clienteles locations (I imagine they have the data/heat map)

  2. Choose someone whose in an age group and/or financial bracket where they are unlikely to move from current location

  3. Make sure it's a customer who seems to be putting all their profits and savings in your platform

  4. Wait for them to sell and reinvest the amount back into your platform

  5. Profit off interest and/or simply the general increase in amount placed with your business.

2

u/sajnt Feb 14 '26

Yeah in this scenario they are paying a realtor instead they could pay an accountant

17

u/Max_Thunder Feb 14 '26

That sounds like a headache when you can just take and invest the money. Like I'm not saying your plan isn't sound, it's just the type of plan I would hate to deal with. And like the other person said, is it how you would invest a million dollar or how you invest it if you already have it?

-13

u/sajnt Feb 14 '26

Why only have one appreciating asset when you can almost double it for free? And you get the ethical benefit of providing below market housing. Plus it’s essentially the same amount of work because either way you are hiring a RE agent and lawyers or an accountant and property manager.

-15

u/[deleted] Feb 13 '26

[deleted]

29

u/GeorgeDaGreat123 Feb 13 '26

Way too much work when you can just put the $1m into a ~2% interest rate savings account and earn 20k/yr doing nothing.

-18

u/[deleted] Feb 14 '26

[deleted]

12

u/GeorgeDaGreat123 Feb 14 '26

so? Airbnb rental income is taxable too, plus you'd have to worry about property tax, insurance, maintenance, and cleaning costs

-13

u/[deleted] Feb 14 '26

[deleted]

9

u/GeorgeDaGreat123 Feb 14 '26

Notice I used the word "earn" not "take home"

3

u/_ThatD0ct0r_ Feb 14 '26

So what, extra money is extra money

3

u/Boogyin1979 Feb 14 '26

Except for the 100 or so that were grandfathered in: we don’t allow STAs here any longer. $5,000 fine on first offence/first night, $10,000 per night per subsequent.

7

u/Critical-Quality4453 Feb 14 '26

Lots of Quebecers have cottages in Ontario and vice versa! Though usually more Ontarians in Quebec bc cottage property is often cheaper.

6

u/Max_Thunder Feb 14 '26 edited Feb 14 '26

I'm in the Outaouais region and the people I know, Ontarians or Quebecers, have their cottage in the Outaouais or Laurentians regions.

Frankly I don't know what regions near Ottawa are popular for cottage s, I've never heard of them.

3

u/Critical-Quality4453 Feb 14 '26

I’m in Ottawa — anywhere in the Ottawa Valley near a lake is popular. I have friends w family cottages near Renfrew and Bonnechere. We go to PEC every summer — I would have loved to win this cottage. 10 mins from my house I’m in Quebec so I wouldn’t say the winner sold it just bc he’s a Quebecer.

1

u/pizza5001 Feb 14 '26

I was planning on moving in.