Originally posted by Xtrema
If your rental is giving you low return or even losses, you are probably buying some peace of mind and spoil yourself with a bigger place.
Financially, you are looking at more expenses by going bigger (taxes, mortgage interests, utilities) and less income.
If you can afford it, I would just keep the rental and upgrade your starter home.
Rental is being sold for peace of mind. It’s a pain in the ass (when its not going good) and it’s a drain on finances and cash flow on a monthly/yearly basis all while you gain ‘equity’ which does nothing for cash flow (until you sell). Its also pushing 8 years old and has needed some upkeep and will continue to need more upkeep. I’m over it.Originally posted by ercchry
Ah, depends on your risk tolerance and your faith in this city... the $300-500k range (condos excluded) have held well, while that higher bracket has dropped a decent amount and has more potential for a rebound... besides the glaring and obvious economical issues the only other negative I could see is with the tightening of lending rules, sliding down payment, no insurance over $1m, harder qualifying, etc for sure has had a roll in this too and might hurt a full recovery
I'd say this has to be a lifestyle choice, and piece of mind (cause rentals are stressful)
Will have >20% down payment for new place, plan on being in that house forever (or at least a hell of a long time, which everyone says but I realize that never happens lol).
Do you think the $600-$800k market really has much more downward movement compared to the rest of the market? Unless everything goes sideways in Calgary I don’t think so but who really fucking knows.