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When does it make sense to sell real estate in a larger city and buy in a smaller one?
– moneysense.ca
Q. I am currently living in Saint John, NB, and renting ($1,450 a month + Internet—very expensive for this little town). I also own a condo in Burlington, Ont., worth about $500,000, which I have been renting out for the past two years. With income taxes factored in, the rent just covers carrying costs.
Recently, my tenant gave notice, and I started a permanently remote job—so I have essentially no geographic ties, and I’ve become very fond of Saint John. I’ve been thinking that if I sold my condo, I could be mortgage-free here. But people keep warning me that if I leave the real estate market in Ontario, I will never get back in.
With inflated housing prices, higher taxes and historically slower real-estate turn around, is buying in New Brunswick a wise investment? As a single homeowner with an income of $80,000 per year, I am extremely limited in Southern Ontario.
–Alison
A. Although the decision to buy in Saint John and sell in Burlington are related, Alison, I would be inclined to consider the two independently…
Recently, my tenant gave notice, and I started a permanently remote job—so I have essentially no geographic ties, and I’ve become very fond of Saint John. I’ve been thinking that if I sold my condo, I could be mortgage-free here. But people keep warning me that if I leave the real estate market in Ontario, I will never get back in.
With inflated housing prices, higher taxes and historically slower real-estate turn around, is buying in New Brunswick a wise investment? As a single homeowner with an income of $80,000 per year, I am extremely limited in Southern Ontario.
–Alison
A. Although the decision to buy in Saint John and sell in Burlington are related, Alison, I would be inclined to consider the two independently…
