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Covid-19 Could Change Your Life for the Better

Covid-19 Could Change Your Life for the Better

July 29, 2020

Bad news sometimes turns out to be good news, writes Peter Watson.

For many, the Covid-19 pandemic will change your life in ways you could not have imagined.

Sometimes change can have a negative impact, but it can also lead to positive results.

This article will focus on the positive.

Some will be able to lower their housing costs and increase the quality of life.

Many in our province complete their daily pilgrimage to Toronto or the GTA for employment. The commute time for some can be one hour or more each way.

If you work in a tall building your commute time in an elevator respecting social distancing can take one hour or more. You go to work and leave. That’s two trips in the elevator.

Go out for lunch. That’s two more trips. Time in an elevator can suddenly become a significant part of your commute.

That additional elevator time added to the time getting to the building because of where you live means a large chunk of your workday has nothing to do with work.

The pandemic has shown us the old way of working is not necessarily the best. Technology has changed that.

Group and in-person meetings were quickly replaced with Zoom meetings done from your house with the friendly background sounds of children and dogs. Suddenly we have a new normal.

The role of the physical office is changed forever. Businesses realize they can reduce costs by eliminating some or all of the real estate expenses of renting space.

Workers understand the potential of eliminating the commute to work. Suddenly there is an opportunity to upgrade your housing options and reduce costs.

Some families will relocate to towns further away from where they work. Lower real estate costs, larger house, more property and more time with the family versus commuting.

Lots of positive change will grow from this dangerous illness.

Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through