City living carries a high cost for seniors

We have moved to Peterborough from the Durham Region. Peterborough is a great city, especially for seniors. Housing prices are less expensive than the GTA.

We are pensioners and are setting our budget. Our housing plan is wide, including Condos, semidetached, and singles.

Utility fees are (estimated per month): Electricity: $150 – $200; Heating (gas/oil) - $200; Property insurance - $200; Phone, cable, internet - $200; Property maintenance - $100; Property taxes $400. Total monthly operating costs = $1,300 per month or $15,600 a year. (after tax dollars.) Condo fees are an additional $300 - $500 per month.

These costs do not include food, medicine, a car gas and insurance, gifts, travel or entertainment. On top of home operating costs, home ownership is another whole issue.

Example: A $400,000 dollar home. A 30-year fixed-rate mortgage at 4 per cent costs $1,900 a month or $22,800 a year (after tax dollars). Note that the $400,000 home price includes the $45,000 Peterborough city development charges (hidden in the price). The interest costs for the mortgage is $284, 000 (after tax dollars).

Surprisingly, most politicians and leaders, municipal, provincial and federal are promising to create “affordable housing.” How? John R. O’Toole, Krogh Rd.