Quote (duffman316 @ Apr 21 2023 09:47pm)

Are you a fan of Dave Ramsey

Quote (Budgeting @ Apr 21 2023 01:18pm)

I am in this dilemma right now as we've moved to surrounding GTA and bought a home last year for around 780k + land transfer/closing costs takes us to 800k. Appreciated value right now is 1050k, but, my mtg is approx 600k at 6% right now cause I went variable. Within 5 yrs that interest cost is 180k which eats into my gains. The home would need to appreciate even more to offset those costs.

It was new build with no assignment sale clause (my fault for not looking into what else was available or considering a 1-2 yr old new build) and we originally purchased in 2020 during covid. The builder delayed our closing so we got fucked on rates (lost my rate gaurentee at <3%).

We were looking more southwestern ontario (where our commercial property is) but the price sprawl has hit those areas as well which is making it difficult. the only reason we have a mtg is because we invested our funds into a commercial property that is doing really well and took no outside help from parents.

However, if the GTA is going to move in teh direction of New york or London (Eng) in terms of more and more population, then there is still potential for even greater gains to rely on.

Quote (duffman316 @ Apr 21 2023 03:55pm)

A fellow Canadian 😃

That interest would have me curled up in fetal position.